Selection of professional medical liability insurance coverage is one of the most critical administrative choices healthcare providers make. Today’s medical environment is complex, leaving physicians open to malpractice litigation and possible loss of income, assets and reputation. Keep reading to learn about your medical liability insurance options.
What Is Professional Medical Liability Insurance?
Also called malpractice insurance, medical liability insurance protects physicians and other providers in the event of:
- Substandard care (such as misdiagnoses) which causes patient harm
- Negligence
- Damage to property
- Patient pain and suffering
Real or perceived patient harm leads to a staggering number of medical malpractice claims each year in the United States. About one out of every two American doctors 55 years or older have been sued at least once during their practice tenures.
Malpractice suits leave providers liable for a patient’s medical costs. Also, doctors may have to pay substantial legal costs associated with their defenses.
Providers purchase medical liability insurance from carriers of their choice. Optimally, they decide on the best possible coverage at affordable rates with the advice of an insurance broker. Brokers, such as those at eQuoteMD, network with a number of A++ list companies across the country and negotiate coverage options and rates.
What Are My Options for Medical Liability Coverage?
This is a bottom-line question we frequently hear at eQuoteMD.
There are many options for coverage.
Policy limits can range from hundreds of thousands to millions of dollars. The particular features of your insurance policy will depend on a number of factors, including:
- Location–urban or rural setting, population density, patient demographics and more
- Specialty
- State – some states, such as New York, do not require physicians carry malpractice insurancein order to practice
- Personal claims history
- Number of employees
- Facility
- Group or private practice setting
- Income level and amount of personal assets
- Whether or not telehealth visits are part of the practice
In addition, the most common types of professional medical liability insurance policies include:
- Claims-made policies, which cover incidents which happen within the policy period
- Occurrence policies, which cover incidents which happen within the policy period but the claim may be filed at a later date
Claims-made policies tend to be more affordable and may be suitable for a provider just starting out in practice. Most physicians who purchase claims-made policies investigate tail coverage.
Tail coverage protects a provider during retirement or when they move from facility to facility. Also, tail coverage covers physicians when they move from private to group practice. Extended reporting is another term for tail coverage.
What Are Endorsements and Riders?
Regardless of the type of medical liability insurance offered, healthcare providers consider their options and choose a policy which best fits their individual needs and risks. In addition to tail coverage, additional endorsements and riders can be added to a policy to provide further protection.
One such endorsement is known as “consent to settle.” This option allows the provider to have a say in whether or not to accept a settlement offer from the insurance company.
Another kind of endorsement is “defense outside the limits.” This option provides coverage for legal fees and expenses in addition to the policy’s limit.
Professional Medical Liability Insurance Policy Reviews
Finally, providers should maintain continuous insurance coverage throughout their careers. Gaps in coverage leave a provider vulnerable to unexpected lawsuits and financial strain.
Also, regularly review and update policies. A once-a-year review at renewal time is standard. You and your insurance representative can discuss changes to your practice which may impact how much or what kind of coverage options you need.
Professional Medical Liability Insurance Near Me
In St. Louis, MO, the insurance experts at eQuoteMD provide their clients with customized medical malpractice policy features which make sense for their individual needs, location and more. If you want to understand your options, we recommend you call us at (855) 823-5283 or request a quote here.
As insurance brokers with more than 25 years in the business, we know the market and the healthcare professions in detail. We can help you get the right protection at the lowest possible cost. Call us soon.
