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Professional Liability For Medical Laboratories
Medical laboratories provide important services to the general public and to the physicians, clinics and hospitals that they contract with. The results of medical lab tests are often extremely important to the person who is being tested. If mistakes are made in the lab, or if customers believe mistakes are made, your company may suffer severe financial consequences from the legal actions taken. Protect yourself with medical laboratories professional liability insurance.
Medical laboratories professional liability insurance is also known as malpractice insurance coverage. This insurance helps protect you from suffering severe financial hardships when allegations of mistakes are brought against your company. Even if you are not at fault for the claims made against your company, you will still have to spend a lot of time and money to legally defend yourself.
For example, many companies require employees to be drug tested regularly. If your lab makes a mistake in processing and gets a false positive result, the company may fire their employee for drug use. That person may sue your company for losses in wages, pain and suffering, reputation damages and more. Medical laboratories professional liability helps protect your company from lawsuits of this sort.
Depending upon the level of coverage you choose, your medical laboratories professional liability policy will pay for the legal expenses that arise when lawsuits are filed. If applicable, it can also pay for legal judgments, settlements and awards.