How to Choose Liability Insurance That Benefit You

Purchasing coverage for your practice is a necessary and important task. When considering liability coverage, it’s important to consider all aspects of the decision. How will your insurance company advocate for you and your practice? What should you consider when looking into liability coverage? Should you choose lower rates or higher coverage? While this can seem daunting, it’s important to answer these questions in the best possible way to benefit you and your practice.

There are a multitude of considerations when it comes to choosing and purchasing liability coverage. Finding a reputable, fully licensed and stable liability insurance company is vital. Look for a company that specializes in coverage for your field. For example, CARE provides physician focused, agent oriented coverage that is affordable for healthcare professionals, including but not limited to physicians, nurse practitioners, physical therapists, physician assistants, registered nurses, etc. 

A common mistake when healthcare professionals choose coverage is choosing the cheapest plan without understanding the cost benefits ratio. Don’t assume the least expensive priced insurance is what you should purchase. Inexpensive coverage may mean limited protection. Just like with other insurance policies, less expensive plans may reduce coverage such as putting limits to coverage of legal costs your company builds.

There are also multiple types of coverage to consider. Occurrence based coverage vs claims based coverage can result in vastly different costs and coverage issues. Try to choose a policy that applies to your practice best. Choose a company that will assist you not only during the process of choosing the best policy for you, but who will also assist in any case coverage is needed. CARE is physician focused, agent oriented, and equipped with prudent underwriters and assertive counselors who will assist you during the claims defense process.  

Another question to consider is the level of coverage provided by your employer. If you are insured by employer, agency, or an institutional policy find out to what extent this coverage protects you as an individual. You may want to consider getting coverage for yourself in addition to your employer’s coverage. Individual policies generally provide broader definitions of coverage, have fewer exclusions, include full separate limits for defending board complaints, and mitigate any divergence between the needs of the employer and those of the employee when a claim or complaint is filed.

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Once you’ve decided to purchase liability coverage, you should understand the benefits to you and your practice that comes with affordable, satisfactory coverage. Contact us at CARE today to find a policy that will cover your practice, and let us put your worries to rest.

Footnotes:

  1. https://acadia-pro.com/3-things-consider-purchasing-professional-liability-insurance/
  2. https://care-ins.com/about/overview/
  3. https://www.trustinsurance.com/resources/articles/5-things-to-consider-before-you-purchase-professional-liability-insurance#:~:text=Find%20a%20reputable%20insurance%20company,has%20competent%20and%20convenient%20customer
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