What is Medical Malpractice Insurance?
Another name for medical malpractice insurance is Medical Professional Liability Insurance. It is a must for every health care professional, even one practicing locum tenens.
Why Should I Have Medical Malpractice Insurance?
Because even the most capable, most knowledgeable professional can make a mistake, it is essential that you are protected against the possibility of that mistake happening. Believe it or not, professionals that work and make absolutely no error at all can be sued by a disgruntled patient.
What is “Tail Coverage”?
Tail coverage is an extended reporting endorsement that your insurance carrier offers, giving you the option to extend your coverage after the termination of a policy that was claims-made. Tail coverage is necessary when you cannot secure priors from a new insurance carrier. It is wise to obtain tail coverage in order to protect yourself from personal exposure if you have a claims-made policy.
What is a “Claims-Made” Policy?
A claims-made policy in medical malpractice insurance is one that affords the coverage to claims or lawsuits reported while the policy was in effect. If the claim is made after your policy has expired, nothing will help you unless you have purchased the tail coverage.
What is an “Occurrence” Policy?
Coverage given for a claim that occurs while your medical malpractice insurance policy is in place, regardless of when it is reported to your insurance company. Each year that your occurrence policy is renewed, you are given new limits. The old limits still defend claims from incidents that occurred during years prior.
Are There Obligations Under My Policy?
There are different conditions that you must meet, depending on the medical malpractice insurance policy. Failure to meet the conditions will result in a termination of insurance contract by your provider. The majority of the time, the conditions include paying the premium and notifying the carrier of the claims or of any changes in your practice.
Are There Limits to My Policy?
Your medical malpractice insurance policy should specify the highest amount they will pay for any one claim, and the highest amount they will pay per year. The limits that are needed should be discussed before becoming insured with the carrier. Common limits in the United States for the amount of indemnity coverage are $1,000,000 per individual claim, and $3,000,000 for all claims.
Are There Exclusions to My Policy?
Of course, and your medical malpractice insurance policy will cover the specifics in detail. The typical exclusions include fraudulent acts, criminal activity, sexual misconduct, specific procedures, or practicing in certain locations.
Not all insurance companies and medical malpractice policies are the same. Choosing the correct medical malpractice insurance policy can have positive long-term effects on the future of your medical practice. It is important that you understand what medical malpractice insurance is and the types of coverage available to you. Mint Physician Staffing is happy to answer any further questions you have regarding medical malpractice insurance – contact us today!
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