Do you know the differences between occurrence and claims-made medical malpractice insurance policies? As a general surgeon desiring premiere coverage at the best possible cost, you should understand the differences. In this eQuoteMD blog, we will outline the distinctives of both kinds of insurance policies, so you choose the coverage which benefits you most.
What Is an Occurrence Malpractice Insurance Policy?
An occurrence medical malpractice insurance policy covers medical incidents which occur during the insurance policy coverage period. The policyholder is protected regardless of when the malpractice claim or lawsuit is filed–even months to years after the supposed incident occurred.
In other words, if perceived injury or negligent care happens while the policy is in effect–even if a malpractice claim is not filed right away–you still will be covered. This type of policy provides long-term coverage and can protect you even after you retire.
What Is a Claims-made Malpractice Insurance Policy?
On the other hand, a claims-made malpractice insurance policy only covers medical malpractice claims made during the active policy period. If an incident occurs while the policy is in effect, but a claim is not filed until after the policy expires, you will not be protected.
This may be a risk that a general surgeon should not take. Medical malpractice claims can result in substantial monetary damages. Without proper malpractice insurance coverage, you could be personally liable for the monetary damages awarded to a plaintiff in a malpractice case.
However, you should also know that this type of medical malpractice insurance policy tends to have lower premiums. So, claims-made insurance policies are more affordable in the short term. Lower premiums can be attractive to general surgeons just beginning their practices as they may not have substantial income to draw upon to pay for malpractice insurance.
What Is Tail Coverage?
It is important to note that with a claims-made policy, you also have the option to purchase tail coverage. Tail coverage extends your malpractice protection for a certain time period after the actual insurance policy expires. This can be beneficial if you plan on retiring, working part time or leaving your group practice for another employment situation.
However, as general surgeons grow in experience and start to earn more income, they may want to consider increasing their coverage limits or switching to occurrence policies. This will provide greater protection in case of claims or litigation.
What Else Should a General Surgeon Consider When Purchasing Medical Malpractice Insurance?
Another factor to consider when choosing medical malpractice insurance as a general surgeon is scope of coverage. This includes not only claims related to surgical procedures per se but also other areas of practice such as:
- Consultations
- Medical advice
- Telehealth visits
- Post-operative care
In addition, general surgeons should make sure their insurance policies adequately cover any potential damages awarded in a court case. Damages can include legal fees, settlements (payouts from the insurance company) or judgements. Even punitive damages in some cases may be covered.
These various damages are called ultimate net losses, and they can really add up to a substantial amount. So, it is always better to be over-insured than under-insured. You want to protect your hard-earned assets, income and reputation as a general surgeon.
eQuoteMD Helps General Surgeons Choose the Right Medical Malpractice Insurance
At eQuoteMD, our experienced team of insurance representatives shop for the best medical malpractice insurance policies at affordable rates. We work with healthcare providers, including general surgeons, in all 50 states and in every medical specialty. We help them decide for themselves what coverage limits and options will best suit their valuable practices.
We know we can help you get the protection you deserve at competitive rates. So, please call our St. Louis, MO, office today to arrange a personalized consultation with one of our team members. Bring all your questions. We have the knowledge you need to make an informed decision regarding your best medical malpractice insurance coverage.
Call us at (855) 823-5283 or request a medical malpractice insurance quote online here. You will find eQuoteMD to be one of your best advocates as we partner together in medical malpractice protection.
