Just as any physician needs excellent malpractice insurance, so do general surgeons–in fact, they need it more so than other healthcare providers because of the substantial risks surgery usually involves. Here are some guidelines general surgeons should follow to safeguard their assets, ability to practice, and their reputation.
Use an Insurance Broker
When considering physician malpractice insurance, use an insurance broker rather than an individual agent. Agents are employed by specific insurance companies, so they will offer products which only those entities underwrite. Your best malpractice insurance options start with experienced insurance brokers who research and obtain customized coverage for doctors at the most competitive rates possible.
Pick an Insurance Carrier Based on Quality Service and Policy Features
The cheapest malpractice insurance premiums do not necessarily come with the best coverage. General surgeons and other healthcare providers should look for insurance companies which are financially stable and have a long track record of quality service to the medical community. In general, the more policies a company underwrites, the more that company is growing. An A plus rating indicates financial strength and overall success and longevity.
However, be cautious before signing anything with any malpractice insurance carrier. Again, this is where a broker who knows the companies well can help you select the best company with the coverage at the most competitive rate and will explain the policy and fully answer your questions.
Know the Difference Between Claims-made and Occurrence Policies
Claims-made policies cover incidents reported during the policy period only. Occurrence policies cover incidents which happened during the policy period but may not have been reported until long afterwards. Claims-made insurance is less costly, but often, tail-insurance is recommended to cover when a surgeon retires or leaves a hospital or medical group.
Know exactly what you are purchasing. Talk through your current employment status and future plans with your insurance broker. Again, don’t go with the least expensive option simply because it costs less. Select the best insurance company and then choose the most affordable policy with the coverage which protects you and your practice the best.
Discuss Policy Features with Your Insurance Broker
For instance, does the policy feature consent to settle by the physician? This gives you, the general surgeon, the right to know if the person suing you wishes to settle. You, and you alone, must authorize the carrier to settle out of court.
Another example is something called pure losses. Does your insurance policy cover only the monetary damages the patient is trying to obtain? These are pure losses. Or, does the policy state that the carrier will pay ultimate losses which include legal costs and other monetary reimbursements in addition to what the patient has been awarded or will settle for?
General Surgeon Malpractice Insurance From eQuote MD
At eQuoteMD, we proudly serve a long list of physicians who specialize in general surgery, pediatrics, neurology, and many other specialties. We extend our services to all fifty states, offering excellent insurance coverage with the features that benefit doctors most.
Call eQuoteMDat (855)823-5283to learn more about how we can help protect you and your general surgery practiceor request a personalized quote here. We look forward to working with you!