If you are a healthcare provider, you likely know that your profession carries a fair amount of risk. So, whether your state requires you have medical liability insurance or not, it is wise to purchase the best possible coverage you can. In this blog, we will look at the different types of medical liability insurance policies and how they protect you and your practice.
Why Are There Different Kinds of Medical Liability Insurance Policies?
Medical liability, or medical malpractice, can happen in most any healthcare setting. Whether you practice alone, in a group, in a medical center or hospital or other setting, patient harm–or perceived harm–is a constant risk.
Accordingly, physicians and other professional health care providers, such as physical therapists and nurse practitioners, pay for customized malpractice insurance. Coverage is customized because the types and amounts of liability insurance needed depend on your professional specialty, geographic location (state), scope of practice, and numerous other factors.
Even the type of neighborhood in which a doctor delivers care impacts what insurers call risk. The risk for medical malpractice claims can increase in densely populated areas or in locales which lack an adequate number of healthcare providers.
When it comes to selecting insurance, it’s not a simple, quick decision. Healthcare providers must consider their own individual needs when choosing the right coverage. Even things such as personal assets and income, equipment used, number of employees, continuing education and more factor into the right medical liability insurance.
What Are Occurrence and Claims-made Medical Liability Insurance Policies?
There are two main types of medical liability insurance policies which healthcare professionals can choose. These include occurrence policies and claims-made policies.
Occurrence-based policies provide coverage for all incidents which happen during the time period in which the policy is active. This means that even if a claim is made after the policy has expired, the policyholder is protected. An occurrence policy is usually more expensive because it offers more comprehensive coverage.
On the other hand, claims-made policies only cover incidents that occur while the policy is active AND are reported expeditiously within the policy period. Claims-made policies feature rates which are less expensive than occurrence policies. However, because they carry more risk, most insurance experts recommend tail coverage be added to claims-made policies.
What is Tail Coverage?
Tail coverage, or extended reporting endorsement, covers the healthcare provider after the policy has expired but a claim is still made by a patient. Tail coverage is very helpful when a physician is close to retirement. Most reputable insurance carriers will recommend tail coverage when a doctor is ages 55 and up or within five years of retirement.
How Can I Choose the Right Medical Liability Insurance?
The best advice we can give you regarding choosing malpractice insurance is this: do not do it alone. The practice of modern medicine is too complex and our society too litigious to simply choose protection without knowing your risks and what insurance products are available to you.
At eQuoteMD, our insurance representatives are knowledgeable and experienced in counseling healthcare providers. We serve providers in every medical specialty and in every state. Our experts can help you assess your specific risks and recommend a tailored insurance policy which gives you the peace of mind you deserve.
We carefully research the market and negotiate quotes and policy features from reputable and financially stable insurance carriers. We don’t offer policies which are cut-rate or rubber-stamped. Rather, we discuss your risks, practice goals, patient profiles and office policies to determine what you need and what you can afford.
Contact eQuoteMD About Medical Liability Insurance
Let eQuoteMD help you navigate the complexities of choosing medical liability coverage. We have more than 25 years in the field, networking with top insurance companies across the United States. We know we can give you the best possible protection at a rate which fits your budget.
Call our St. Louis, MO, office today at (855) 823-5283 to learn more about our company and to request a customized quote, or request an online quote here. We look forward to being of service to you
