What insurance type must every health care provider carry in Colorado?

In Colorado, every health care provider is required to carry professional liability insurance, commonly known as malpractice insurance. This type of insurance protects healthcare professionals against claims of negligence, errors, or omissions in the provision of their services. It is crucial because it ensures that healthcare providers have financial protection in the event of a lawsuit or claim related to their professional actions.

Professional liability insurance helps maintain quality care in the healthcare system because it allows providers to focus on patient care without the constant worry of potential legal actions against them. Without this form of coverage, healthcare providers would be personally liable for potentially high legal costs and settlements that could arise from malpractice claims, jeopardizing their financial stability and the availability of medical services in the community.

Other types of insurance mentioned, such as health insurance, general liability insurance, and property insurance, serve different purposes. Health insurance pertains to coverage for patients, general liability insurance covers non-professional risks, and property insurance protects against physical damages to property. These do not fulfill the specific legal requirement for health care providers to mitigate the risks associated with their professional responsibilities. Thus, professional liability insurance is mandated to ensure that providers can uphold their practice and serve the public effectively.