Medical Malpractice Insurance FAQ
At eQouteMD, we want to make sure we cater to your every inquire. Below are some common questions we get and hopefully will help answer any inquiries you may have without the hassle of having to seek a representative.
After you have submitted your quote request form, one of eQuoteMD’s representatives will immediately evaluate the request regarding your medical malpractice insurance coverage needs. Once your needs have been established, the request will be sent to one of eQuoteMD’s expert network liability insurance representatives who will contact you as soon as possible via phone or email.
You may not necessarily need to purchase a tail before switching coverage to another company. Depending on your situation (i.e. specialty, geographic location, etc.), in most instances your new company can pick up prior acts back to your retroactive date and therefore, eliminate the need for purchasing a tail endorsement. However, keep in mind, that to avoid a gap in coverage, you must either purchase tail or your new company needs to pick up prior acts; else you could be left bare, without coverage for a period. Speak with one of eQuoteMD’s professional consultants to get answers that pertain to your specific situation.
Yes. You are able to switch your coverage mid-term if you choose. If the premium savings with a new company outweigh the cancellation penalties you may incur with your current company, you should definitely consider it as an option.
eQuoteMD is not a medical malpractice insurance carrier. Therefore, eQuoteMD does not actually provide health care professionals with their medical liability coverage. Our extensive network of expert and professional liability insurance representatives have access to top carriers within all 50 states. These representatives have the ability to solve any and all of your medical liability needs. There are no restrictions as to what type of medical malpractice coverage is available to you — regardless of specialty, practice, group, clinic, or facility. eQuoteMD will be able to find you the appropriate coverage to match your unique needs as a doctor.
Most medical malpractice insurance carriers have an age requirement and a required consecutive length of time you have been insured with them before issuing a free retirement tail. Check with each company, as they each have their own requirements. One thing you need to keep in mind is that typically, the company defines retirement as no longer rendering, directly or indirectly, all medical services. Many physicians that are leaving a private practice but going to work as a hospital employee believe this constitutes “retiring”, when in fact it does not, based on the definition used by most companies. Check with your company before making assumptions about your retirement tail, as you do not want to do anything that would jeopardize your tail coverage.
If you have ancillary health care providers working for you, especially advanced practice nurses, you need to make sure they have appropriate coverage in place, whether it be on your medical professional liability policy or their own individual policy. Not only is it important for them in the event they are named in a lawsuit, but the supervising physician or surgeon and /or the employing corporation has a vicarious liability exposure that needs to be addressed, as well. Whether it’s a W2 employee or a 1099 Independent Contractor can make a difference in the manner in which a company will provide coverage. Please check with your current and/ or prospective medical liability insurance carrier to find out what information you need to provide in order for them to properly insure your exposure.
When a doctor leaves a group, they will typically get coverage from their new group or on their own. Or in some instances, they may purchase tail from the group’s carrier, depending on the situation. Keep in mind, whenever a physician leaves their corporate employer, the corporation continues to have a medical malpractice exposure based on the acts of that physician for the period of time the doctor worked there. Some medical liability insurance company’s policy forms automatically provide this coverage for departed physicians, some will issue an endorsement when the physician actually leaves, and there may be a premium charge. Check with your company to find out what their underwriting guidelines are in these situations.
With claims made coverage, the medical malpractice insurance company currently insuring you when a malpractice claim is made against you is the company that will respond to your defense and indemnification. The medical incident that led to the claim must have occurred after the retroactive date listed on the medical liability insurance policy. This is why it is important when you change medical malpractice insurance carriers that you either purchase a tail endorsement from the carrier you are leaving or have your new insurance company pick up your prior acts.
The proper terminology for the term “tail” is Extended Reporting Endorsement. A tail endorsement is something you typically purchase when you cancel a claim made policy. It gives you an extended period of time in which to report malpractice claims where the medical incident occurred during the time you had an active policy in force. Sometimes, you can purchase stand-alone tails or replacement tails from medical malpractice insurance carriers other than the company that was previously insuring you and/or your practice.
You can elect to have a deductible put on your medical liability policy which will sometimes result in a premium savings. Keep in mind, if you do have a deductible, it can apply to indemnity only, but with some companies, it can apply immediately to defense costs as well as indemnity. Make sure you understand how the deductible applies. Medical malpractice insurance companies will also sometimes mandate deductibles in the event of questionable loss history.
Because medical malpractice claims are at an all-time low, medical malpractice insurance costs have dropped over 40%. While rates are higher in some parts of New Jersey, Illinois, and some other states, the rates that physicians are paying are down across the board.
If you want to get a specific rate, you can get a free quote today.
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