Choosing insurance for your practice is a big decision in many ways. That decision isn’t cheap, and can have huge financial implications for many years to come. The cost associated with risk mitigation can be substantial. Insurers spend a considerable amount of money investigating and defending claims before a suit ever makes it to court. Such an important decision is stressful, demanding, and time consuming.
Buying a policy is not a static, singular event, but rather a set of decisions that evolves with your practice. It’s a good idea to evaluate your coverage annually, including a quick check of the competition. Take a look at your practice’s history over the past year, taking note of whether any significant changes you’ve made might affect your malpractice coverage needs.
It’s important to know your state’s malpractice insurance minimum requirements (if applicable) before purchasing a policy. Also consider your own asset protection needs, which may vary greatly based on your risk-aversion mentality. It might be in your best interest to work with a professional consultant to determine the appropriate type and amount of coverage for your particular situation.
As a professional in the health care industry, you know that the territory comes with its own set of challenges. A simple professional liability policy will not provide adequate coverage for you and your staff. Specific policies encompass a number of nuances, including generic vs. specific language, types of claims covered, and policy effective vs. claims dates. Additional coverages that are available can range from legal, data security, and regulatory liability coverage too.
Lastly, when reviewing a policy, pay attention to the following elements:
- Specific coverage details
- Conditions, exclusions
- Financial limitations
- Policy definitions
- Subcontractor liability
- Litigation-related costs
- Reporting period (claims made vs. claims occurrence)
Contact us today. We would be happy to educate you about your coverage options to ensure your coverage provides peace of mind for you and your practice.