Products and Services
Traditional Insurance
In general and simplified terms, professional liability insurance protects you, your group, and/or your entity, as a professional, against claims made by your patients alleging that you were negligent in providing or failing to provide your professional services. This coverage is sometimes called “malpractice insurance”.
You are a professional and therefore you have standards that you are held to and must uphold. This status as a professional is a valuable asset. However, we are also all human and may commit an unintentional act, error or omission when working with others. Simply stated, professional liability insurance policies offer coverage provided by a pooling of other professionals in the same category of risk to spread the risk among the group. Anyone in the group who may commit a wrongful act or work in high risk practices pays a premium based on the exposure that individual introduces to the pool. A wrongful act generally is described as an actual or alleged unintentional negligent act, error or omission.
Fifth Avenue will provide a risk analysis of each individual or group and present it to the insurance carriers for a quote on your behalf. In Oklahoma, physicians are required to carry professional liability insurance to protect against allegations of malpractice. This is perhaps the most important insurance a physician will own. There are a number of plans available for professional liability coverage, and limits variety of insurance carriers to offer all the coverage options available to you.