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1. |
I've had a past claim so am I stuck with my present malpractice insurance company?
If I make a switch will I have trouble getting future insurance or end up paying
a surcharge? |
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In most cases, having one or two past claims will NOT disqualify you from
getting quotes from alternative companies. Today, malpractice insurance companies
are much more informed and willing to consider the medical facts surrounding past
claims. With the expert guidance of an experienced malpractice insurance professional
it is possible to document past claim events so that your side of the story is taken
into consideration. Having an experienced malpractice insurance professional who
will represent your interest with many companies is much more secure than
going it alone, or engaging in a dialogue with only one company.
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2. |
Is occurrence coverage always better than the claims made form of coverage? |
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Occurrence and claims made are two very different ways to structure the purchase
of your malpractice insurance. Choosing the wrong form of coverage is a mistake
that is often made with disastrous results. One form is not better than the other
- they are just different. Just like there are different ways to finance the purchase
of real estate, one has a fixed cost while the other has a variable rate. Determining
the right one for your practice is the key. There is no one single right choice
that will fit all physicians and providers. Generally occurrence is more expensive.
Claims made coverage can have major cost saving advantages, but should never be
purchased by physicians whose practice profile falls into one of four key areas.
Request your free no-obligation malpractice quote and get factual expert advice
on when it's best to buy occurrence and when it's best to take the claims made coverage
form.
Note: You can choose to have your rate indication emailed directly to you.
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3. |
Should I always choose the lowest price when purchasing malpractice insurance? |
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There is absolutely no standardization within the malpractice insurance industry
so buying the right malpractice insurance requires the expert advice of a knowledgeable
malpractice professional. All companies claim to be the best but many companies
are new and make untested promises. Having the lowest price may actually be a sign
of desperate marketing, weak financial structure, or inferior coverage. Policy language
varies widely. What is covered under one policy may not be covered by another company.
A prime example is the coverage, or lack of coverage, for clinical trials.
Switching from one company to another to capture a false savings can result in irreparable
coverage gaps that can come back to haunt you in the event of a claim. Deal only
with a proven, knowledgeable and experienced malpractice advisor who represents
only your interests, not the company.
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4. |
Am I at the mercy of the insurance companies and their annual rate increases or
do I have a choice? |
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Every company will underwrite differently which means each company's rates would
vary for the various specialties. Therefore, it makes good business sense to remarket
your insurance at renewal to see the available options. |
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5. |
Do all companies defend claims with the same manner of expertise? |
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Financial health is, by far, the single most important criteria when choosing a
company. History has repeatedly confirmed that prioritizing low cost above financial
strength often results in the purchase of insurance that is predictably "worth-less".
The purpose of insurance is to provide security and peace of mind. Therefore, "worth-less"
insurance that may be uncollectible when you need it most is no bargain. You will
want to have a company with the financial backing to continue to fight for you in
the court room rather than pressure you to settle.
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6. |
What is the difference between Occurrence Insurance and Claims-Made Coverage? |
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Occurrence Insurance is a type of policy in which the insured is covered
for any incident that occurs (or occurred) while the policy is (or was) in force,
regardless of when the incident is reported or when it becomes a claim.
Claims-Made Coverage provides protection for claims that occur and are reported
while the policy is in effect (coverage period).
For more information on these and other malpractice insurance terms please visit
our Medical Malpractice Insurance
Terms & Definitions page.
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7. |
Will my physician medical malpractice insurance cover procedures I perform at a
med spa? |
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In most cases it will not. Many insurance carriers do not cover the medical
procedures performed at a medical spa. For more information visit our
med spa malpractice insurance FAQ page.
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8. |
Does CoverMD.com offer quotes on malpractice insurance for Nurses, Nurse Practitioners
or Physician Assistants? |
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Currently we do not offer the ability to request a malpractice insurance
quote for these occupations. For more information and malpractice quote requests
we suggest going to the Nurse Service
Organization website. Online professional liability quotes are available
for nurses, nurse practitioners.
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9. |
Does CoverMD.com offer quotes on malpractice insurance for student doctors? |
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Unfortunately we do not offer the ability to request a malpractice insurance
quote for students.
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Free Medical Malpractice
Quote - Click Here |
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