CoverMD FAQs

Usually, if you have just one or two previous claims this will NOT disqualify you from receiving quotes from other companies. Presently, malpractice insurance companies are better educated and open to considering the medical facts pertaining to previous claims. By utilizing the expertise and knowledge of a malpractice insurance professional, it is possible to document previous claim events to get your side of the story shown. Being represented by a top-rated malpractice insurance professional who has your interest with multiple companies is a much more practical option than fighting it alone, or only speaking with a single company.

Claims-Made Coverage gives protection against claims that take place and are documented while the policy is active (coverage period).

Occurrence Insurance is a specific policy where the insured is protected for any occurring incidents (or previously occurred) during the time the policy is (or was) active, no matter when the incident is documented or becomes a claim. 

Occurrence and claims-made are much different from one another when it comes to structuring your malpractice insurance’s purchase. Selecting the incorrect form of coverage is an error that is frequently committed with a bad outcome. One is not superior to the other, they just have their own differences. Similar to how there are different options to finance a real estate transaction, one has a fixed cost and the other possesses a variable rate. Deciding which one is best for your practice is vital. There is not a lone, specific choice that will apply to every single physician and provider. Typically, occurrence is more costly. Claims-made coverage tends to have more cost-effective advantages, however, it shouldn’t be used by physicians with a practice profile that falls into one of four important areas.

Contact us to receive a free, no-obligation medical malpractice insurance quote and receive reputable, knowledgeable advice on when the best time is to buy occurrence as well as when the best time is to take the claims made coverage form.

In the malpractice insurance industry there does not exist a standardization, so in order to buy the right malpractice insurance, it requires the reputable advice of an experienced malpractice professional. All businesses will claim they’re the best, however, most of them are new to the industry and make unfulfilled promises. Having the lowest available price can be a desperate form of marketing, poor financial structure, or subpar coverage. Language for policies also varies widely. What is protected under one policy may not be protected by another business. A common example of this is the coverage, or lack thereof, in clinical trials. 

Making a change from one business to another to record a false savings can end up being irreparable coverage gaps that can later impact you negatively if a claim arises. Only engage in deals with a malpractice advisor who is knowledgeable, proven, and experienced who represents only your interests, not the company.

Each company has a different underwriting process, so every company’s rates would vary based on multiple specialties. Thus, it is wise to remarket your insurance when it comes time for renewal to consider other available options. 

Due to tort reform changes in most states and other options like Claims Free Discounts that some malpractice insurance companies offer, it is vital to explore and shop around to determine if there may be a better plan or rate available for your needs.

The most important thing when choosing a company is financial health. Throughout history, it’s repeatedly been confirmed that putting a priority on low cost over financial strength usually results in the purchase of insurance that is likely “worth-less”. Insurance exists in order to provide peace of mind and security. Thus, insurance that is “worth-less” and possibly uncollectable when you need it is not practical. It’s important to have a company with strong financial support to battle for you in the courtroom as opposed to being pressured into settling.

Most of the time, it does not. A lot of insurance carriers do not cover the procedures done at a med spa. Receive a free quote for medical spa malpractice insurance here.

At this time, we don’t offer the ability to request a quote for externship malpractice insurance.

Tail coverage is a type of insurance that’s supplemental and covers accidents that took place during the “active” period of a claims-made policy, but are not made as claims against someone who is insured and is not reported by the insurer by the time the claims-made policy is terminated.

Receive a free quote for tail insurance here.