Medical malpractice insurance will protect surgeons, physicians, and other medical professionals in the case of a client filing a claim against you. Some patients might be unhappy with the results of a procedure, while others might come after you months or even years afterward due to arising discomfort. Either way, it’s important to be protected against such claims. Such a policy is required by law in most states.
Malpractice claims are stressful and distracting for physicians. A good malpractice insurer standing beside you can help immensely by providing good communication, investigation, and defense.
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At Guardian Brokers, Ltd., we work closely with you to choose a malpractice insurer. We’ll take the time to learn about your practice and how it could be affected by claims, before designing a personalized plan that covers your every need.
No matter the size of your firm, Guardian Brokers, Ltd. offers plans and products that work for you.
What Types of Insurance Should Medical Providers Consider?
Medical Malpractice Insurance
As mentioned, most states require your firm to have medical liability insurance to operate legally. That said, there are two different types of medical malpractice insurance policy forms to consider: claims-made and occurrence.
A claims-made policy will cover you for claims that are both made and reported during the current policy period. These policies typically have a prior acts date or retroactive date which allows you to report claims for incidents dating back to when you first obtained uninterrupted malpractice coverage. It’s important to continually renew a claims-made policy or you risk having no coverage for any work done. If you fail to renew or are canceled you should have the option to purchase a ‘tail’ or ‘extended reporting period.’ The tail allows you a predetermined length of time in which to report claims for work done from the prior acts date through the policy expiration.
Keep in mind that some suits can occur months or even years after the service, so a tail is critical in cases where the coverage will stop such as retirement or cancellation.
An occurrence-based policy will protect your firm from any malpractice suits filed against you while your insurance policy has expired, but if the act occurred while you were insured. Say you’re no longer practicing, but a previous client attempts to sue. An occurrence-based policy would protect you against that.
However, keep in mind that this insurance is more expensive than claims-made due to its extensive coverage and is often not available.
Medical malpractice insurance excludes intentional/criminal acts, punitive damages, and sexual misconduct.