It’s no secret that the practice of medicine is a high-risk profession. Medical malpractice lawsuits can be costly and damaging, both financially and to one’s reputation. That’s why it’s so important for doctors to have adequate malpractice insurance coverage.
But what happens if you are sued after your liability insurance policy has lapsed or you’ve retired? Let’s discuss what malpractice insurance tail coverage is, how it can help you even after your policy has expired, who qualifies for it, and tips on how and where to find the policy that’s best for you.
Do I Need Medical Malpractice Insurance Tail Coverage?
Tail coverage, also known as extended reporting period coverage, is insurance that covers doctors who are sued for medical malpractice after their regular malpractice insurance policy has expired. It may take years for medical complications to arise in a patient, so tail coverage is important for medical doctors who want to protect themselves from any potential lawsuits that may occur after their regular policy has ended.
Do You Qualify for Tail Malpractice Insurance?
In order for your insurance policy to qualify for extension with tail insurance, the policy must be a claims-made policy, not an occurrence policy. Either the policy expired, or you retired from practicing medicine in order to qualify for tail coverage. If your policy ended because of missed payments, however, you cannot buy tail insurance.
Tail coverage is normally purchased during the grace period after the original malpractice policy has ended, which is usually 30-60 days. However, it is recommended to buy tail coverage as soon as the original policy ends, as any open claims after the original policy ends can affect what kinds of tail coverage you are eligible for and the costs of the coverage.
Tail Insurance Coverage Liability Limits
When purchasing tail malpractice insurance, it’s important to be aware of the financial liability limits. This is the maximum amount that the policy will pay out for any one claim.
You will want to choose a policy with limits that are high enough to cover any potential damages for which you may be legally liable. Tail coverage liability limits are usually the same as the liability limit for the original claims-made policy, but some policies allow physicians to purchase higher limits for tail coverage.
Tips on How to Find the Right Medical Liability Policy for You
When shopping for a claims-made policy that allows tail coverage, it’s key to find a policy that fits your needs. Here are some factors to consider:
- The amount of coverage: Make sure you are comfortable with the amount of coverage the policy provides, and that it complies with the requirements of the state/hospital in which you practice.
- The deductible: Most malpractice insurance tail policies have a deductible, which is the amount you will have to pay out-of-pocket before the insurance company covers the rest of the claim. Be sure to ask about the deductible amount before purchasing a liability insurance tail coverage policy.
- The premiums: Medical malpractice tail insurance coverage premiums are generally much lower than regular malpractice premiums. There is typically a tradeoff between higher deductibles and lower premiums, so be sure to consider your options.
- The length of the policy: Most medical liability insurance tail policies last for one or two years, but you may wish to buy a policy that covers you for a longer period of time.
- The company: When purchasing tail coverage, it’s important to choose a reputable insurance company that has a good track record.
Tail Coverage for Medical Malpractice Insurance
If you’re looking for quality medical malpractice tail insurance coverage, eQuoteMD can help you. We are experts in medical liability insurance for doctors, and our network of companies extends to all 50 states and all medical specialties.
We are a brokerage agency that is independent of the insurance companies in our network, so we are able to advocate for our clients to make sure they get the best coverage possible.
For more information on tail malpractice insurance, call us today at (855) 823-5283 or fill out our online form to get a quote today. We look forward to helping you find the best liability insurance for you!