When it comes to safeguarding your medical practice and ensuring peace of mind, having the right medical malpractice insurance is essential. However, understanding the nuances of your policy can be as intricate as the medical procedures you perform. Here are some crucial aspects of medmal malpractice insurance, helping you make informed decisions about your coverage.
1. Coverage Limit: Depending on the provider, the coverage limit may vary, typically ranging from $1 million per occurrence / $3 million aggregate, up to $2 million per occurrence / $6 million aggregate. Higher limits may be available, but usually at a higher cost.
2. Definition of Claim: This can vary significantly by the policy. You will need to check your policy terms to understand what is considered a claim.
3. Coverage for Tail and Prior Acts: Tail coverage, also known as Extended Reporting Period (ERP) coverage, allows the insured to report claims that are made after the policy expires. Prior Acts coverage, also known as “nose” coverage, covers services rendered before the policy start date. Not all insurance policies include these coverages and you may need to purchase them separately.
4. Coverage for Defense Costs: Many malpractice insurance policies include coverage for defense costs, but this can depend on the policy. Some policies may subtract defense costs from the policy limits, reducing the amount available to pay claims.
5. Insurer's History: Each insurance company has its own track record for handling claims. You may want to research online or speak to colleagues to find out more about the insurer's reputation and history.
6. Deductibles and Copayments: Policies can vary greatly on this front. Some may have no deductible, while others may have high deductibles. This is something you would need to check directly with the insurance provider.
7. Coverage for Birth Injuries: Generally, a comprehensive obstetric malpractice policy should cover claims related to birth injuries, but it's essential to verify this with the insurer.
8. Consent to Settle Clause: This varies by policy. Some insurance policies require your consent before settling a claim, while others may have a “hammer clause,” which allows the insurer to settle a claim even if you don't agree.
9. Premium Determination: Several factors could influence the premium, such as your specialty, geographical location, past claim history, and the coverage limit and deductible you choose.
10. Coverage for Vicarious Liability: Many policies cover vicarious liability, but you should confirm this directly with the insurer, especially if you employ or supervise other healthcare providers.
11. Policy Cancellation Terms: These will be outlined in your policy document. Typically, either the insured or insurer can cancel the policy with written notice, but terms can vary.
12. Coverage for Telemedicine: As telemedicine becomes more common, many insurers are starting to include it in their coverage. However, you should verify this directly with the insurer.
13. Risk Management Support: Many insurers offer risk management resources, such as webinars, courses, or consultations, to help reduce the risk of claims. You would need to check with the insurer to see what they offer.
Please keep in mind that this is a general guideline and does not cover specific policy details. Always consult with your insurance broker or provider to understand the specifics of your policy.
Contact SelectFirst Insurance today for help with your Medmal insurance. Call (888) 966-3881 or Email us at firstname.lastname@example.org.