Choosing the right medical malpractice insurance company is crucial when starting your own medical practice. Not only is it important to find a company with representatives you can rely on, but it’s vital to find a company that can provide you with comprehensive liability protection now more than ever before.
Let’s discuss choosing the right medical malpractice insurance company for you and your individual needs, including essential medical malpractice insurance terminology and what to ask your companies of choice before making your final decision.
Know Your Medical Malpractice Insurance Terminology
Before choosing a medical malpractice insurance company that’s right for you, it’s important to understand the basics of what the company is and which types of insurance coverage they offer. Let’s go over some of the key terminologies you’re going to need to know when considering a medical malpractice insurance company.
- Stock insurance company. This for-profit corporation has stockholders who have invested capital into their company. The goal of a stock insurance company is to enhance the stockholders’ wealth.
- Mutual insurance company. This type of insurance company does not have any stockholders. The company is, instead, owned by its policyholders.
- Claims-made policy. This type of insurance offers coverage that is limited to liability for claims that are reported while the policy is enforced.
- Occurrence policy. This type of insurance offers coverage for any incident that occurs while the policy is enforced, regardless of when the claim was reported.
- Tail coverage. This type of coverage protects a physician from all claims that arise while the policy was in effect but was reported following the termination date of the policy.
When choosing a medical malpractice company that’s right for you, it’s important to go to a source in which you can compare and contrast stock insurance companies, mutual insurance companies, and other medical malpractice insurance companies, so you can see the benefits and drawbacks of each.
eQuoteMD offers the largest network of medical malpractice insurance companies in the nation, allowing physicians and providers alike to view their options and choose the liability insurance that best benefits their needs.
Questions to Ask About Your Medical Malpractice Insurance Company
Now that you know your medical malpractice insurance terminology, you need to start asking your medical malpractice insurance companies of choice a few questions to ensure they are providing you with the specific services you need. Here are our top three questions to ask about each medical malpractice insurance company to get the highest-quality information that can drive your decision.
1. If a claim is filed against me, how will the insurer defend me?
It’s no secret that the medical industry is complex in many ways. Physicians like you want to have the peace of mind that their medical malpractice insurance company is going to provide them with the coverage and support they need when a claim is filed against them. It’s important to note that litigation is a long process and may be drawn out. Ask your insurance company the average time the claims process takes and what you can expect during that process.
2. Does the insurer keep up with advancements and changes in the medical field, as well as the needs of doctors like me?
The medical industry is constantly changing and evolving as technology grows. You want to ensure your medical malpractice insurance company is going to grow and evolve with you as time goes on. Ask your medical malpractice insurance companies of choice about their innovative solutions for insurance coverage in a variety of different claims situations. Some other key pieces of coverage to look out for include cyber-attacks and data breaches, and HIPAA violations.
3. What tools and resources does the insurer offer?
Your medical malpractice insurance company should be a one-stop shop for any questions you have about keeping your practice safe and reducing risk in the long term. Ask your medical malpractice insurance companies of choice about which online resources they provide for physicians in terms of risk management, patient safety, health literacy tools, and more.
Medical Malpractice Insurance Company Near Me
At eQuoteMD, we understand the importance and urgency of choosing the right medical malpractice insurance company for your medical practice. That’s why we are proud to offer a wide range of resources to help physicians and providers alike find the perfect medical malpractice insurance company for them at an affordable rate.