Doctors, Which Medical Malpractice Insurance Is Right For You?
Posted: Wednesday, May 19, 2010
by Maria Palma
Freelance Writer
As a physician, you probably understand the importance of having the right medical malpractice insurance coverage. Although insurance is not required in all states, it should still be an important consideration for physicians - especially now living in a very litigious society.
Currently, there are many states that do require physicians to carry a minimum amount of coverage. Furthermore, most hospitals do require that physicians on their staffs have malpractice insurance, plus health plans typically call for it when they contract with a physician.
Claims-Made Coverage - This type of medical malpractice insurance covers incidents that happen while the policy is active. A claim has to be filed while the policy is active or the incident will not be covered. If a doctor decides to cancel his/her policy or switches insurance carriers, the policy will not cover any future claims - even if the incident occurred during the policy period. Generally speaking, a claim consists of a written demand, but may also include a written or verbal announcements of a claim.
Prior Acts - This is also known as "nose" coverage; A type of supplemental coverage that covers any claims that may arise when your claims-made policy is cancelled or non-renewed.
Tail Coverage - This type of supplemental coverage is available when your claims-made policy is canceled or non-renewed. Tail coverage continues insurance protection under your claims-made policy for claims that may come up in the future, but happened while your policy was still active.
Occurrence Coverage - This type of medical malpractice insurance offers permanent coverage for incidents that occur during the policy period, even if they are reported after the policy expires or is canceled. Occurrence coverage is generally more expensive than the other types of insurance because it is hard to determine future liability or claims.
Defending a medical malpractice claim can be headache and financial burden for any physician. After all, just one single claim can ruin a physician's career and financial stability. This fact alone should justify the cost incurred for medical malpractice insurance.
If you do have malpractice insurance, it's important to know what kind of protection your policy provides. Make sure to review your current policy, plus it doesn't hurt to do some shopping around to get more affordable rates.
About the Author
Maria Palma is a freelance writer and internet marketer dedicated to helping businesses expand their online presence. If you are seeking physician malpractice insurance, you can request a free malpractice insurance quote online.
This Article has been viewed 176 times. (Not updated in real-time.)
No comments yet.We want your comments! If you can read this, you don't have javascript enabled, so you can't use this comment system. Please enable javascript.