Three Questions on which Medical Malpractice Insurance Policy to TakeTerohan Nula July 9, 2014 0 COMMENTS
Medical malpractice insurance is perhaps the single most important financial cover you should have. The healthcare service industry does not accept anything below standard. As a medical practitioner, you are duty-bound to deliver the best possible service to your patients. There are situations, however, that may hinder your capability to give exceptional healthcare, which could lead to legal consequences and severe damage to your reputation.
A medical malpractice lawsuit is financially draining. When you are named in a legal suit, you may have to pay for the damages and lawyer fees, among others. This is the reason you must have sufficient financial protection. Before deciding on an insurance option, it is best to have a comprehensive understanding of such solutions.
Here are some of the key questions that can help you decide which medical malpractice insurance to take:
Are all insurance policies the same?
Keep in mind that not all policies are the same. There will always be major differences in policies that carriers offer. For example, a package may include coverage for ancillary persona while another does not. According to medical malpractice insurance providers in Florida like GraceyBacker.com, all medical professionals should read all the terms included in the policy and see which one suits their practice best.
Which is better between claims-made and occurrence insurance policy?
A claims-made policy provides coverage for claims made while the policy is in force. This means, any claims made after the policy has expired might not be covered. You may purchase “tail” coverage to extend the financial protection.
Occurrence policy, on the other hand, provides still coverage if a claim is made on an action done while the policy is in effect. You will be covered even when you cancel the policy, so long as the incident happened during the policy’s timeframe.
As the two works differently, one policy might work for you while the other may not, and vice versa. Be sure to determine which one fits your situation better.
How much insurance do I need to have?
It depends on a number of factors, which include income and assets. The rule of thumb, however, is to get as much as what you can afford. It is better to be protected financially, especially in such a demanding industry, as noted by the Journal of Clinical Oncology.
Medical malpractice is avoidable. But when you get named in one, you would be thankful you have your practice and your reputation covered with a good insurance policy.