Liability Insurance Terms & Definitions - Glossary
Malpractice insurance policy details can be confusing, overwhelming, or may even seem unnecessary.
Below is a list of liability insurance coverage terms that you should familiarize yourself with as you research insurance coverage options.
Assault Upon You – covers expenses which can incur from a bodily injury or damage to your personal property resulting from an assault while traveling to and from their place of employment.
Assets – a resource with economic value, whether that be completely monetary or a material resource.
Biomedical Defense – coverage that protects against claims alleging bodily injury or damage arising from biomedical waste.
Damages Incurred – charges or punishment that you are obligated to pay as a result of a malpractice dispute before malpractice insurance benefits are paid out.
Deductible – the amount of money you must pay before the insurance company will finance a claim.
Deposition Fee Coverage – financial assistance for fees that result from a deposition that the insured is required to attend.
Employment Practices Liability – a type of liability insurance that covers wrongful acts arising from the employment process, including wrongful termination, discrimination, sexual harassment, and retaliation.
Extended Reporting Period – also known as tail coverage, extends coverage for incidents that happened during the time you had your policy when a claim is filed after the policy is expired or canceled.
A – E
F – M
First Aid Coverage – financial help to the insured for expenses incurred in the event of an emergency that requires immediate attention. Expenses can cover things such as the cost of an ambulance or emergency medical procedures.
Good Samaritan Coverage – protects an insured who offers help in an emergency situation while off duty. Protects from liability claims if an injury or accident occurs.
HIPAA Defense – covers expenses that result from HIPAA infractions.
Incident – an event or occurrence that spurred a liability or medical malpractice claim.
Insurance Claim – a request for benefit compensation as a result of a covered incident.
Insurance Policy – a contract between an insurer and the insured which details what the insurer is legally obligated to pay if an incident were to arise.
Liable / Liability – legal responsibility for an action.
License Defense Coverage – assists you with expenses incurred from protecting your professional license due to an investigation or proceeding originating from a malpractice claim.
Loss of Earnings Coverage – provides assistance for lost wages, costs, and expenses due to required attendance at a trial, hearing, or arbitration proceeding as a defendant.
Malpractice Insurance – also known as liability insurance, malpractice insurance is designed to protect professionals from claims of negligence or improper treatment.
Medical Payment Coverage – reimburses third parties for medical expenses incurred to treat injuries sustained arising from business activities.
Negligence – the failure to exercise care that is reasonably expected.
Premium – monthly or annual payment amount the insured pays for malpractice insurance.
Professional Liability Insurance – also known as malpractice insurance, provides you with financial and legal protection from injuries and damages to patients and or property.
Risk Management – the process of mitigating the chances of something going wrong.
Sexual Misconduct Coverage – provides indemnity to the insured for improper sexual misconduct claims including assault, harassment, defamation, or improper handling of misconduct allegations.
Workplace / Premises Liability – protects landowners and tenants when someone gets hurt on their property due to dangerous conditions.
N – Z
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