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Safeguarding Your Practice: 12 Questions to Ensure the Right Medical Malpractice Insurance

Updated: Sep 21, 2023


When shopping for medical malpractice insurance, doctors should consider asking the following questions to ensure they choose the best policy for their needs:


SelectFirst Insurance Safeguarding Your Practice Medmal Insurance

1. What are the limits of liability for the policy? This represents the maximum amount the insurer will pay for a claim or in total per policy term.


2. What kind of policy is it: claims-made or occurrence? A claims-made policy covers claims only if the policy is in effect both when the incident occurred and when the claim is made. An occurrence policy covers any claim for an event that took place during the period of coverage, even if the claim itself is filed after the policy lapses.


3. Is tail coverage provided? Tail coverage protects doctors from claims made after the policy period ends.


4. What does the policy cover? It's important to understand what specific acts or types of claims are covered.


5. What exclusions or limitations does the policy have? Every policy will have certain scenarios that it does not cover. Doctors should understand these to avoid surprises later.


6. How much is the deductible? This is the amount that the doctor will have to pay out of pocket before the insurer begins to pay.


7. Does the policy cover legal defense costs? If a claim goes to trial, the costs can be substantial.


8. How are premiums determined? Factors can include the doctor's specialty, location, claim history, and more.


9. What is the insurer's financial stability? Doctors will want to choose a financially stable insurer to ensure that they can pay out on claims.


10. Does the policy cover telemedicine or other specific aspects of my practice? As medicine evolves, it's important for doctors to ensure that their insurance covers the specific services they offer.


11. Does the insurance company offer risk management resources or training? Some companies provide resources to help doctors avoid malpractice claims.


12. How does the insurer handle claims? Doctors will want to know about the insurer's process for defending against claims, including their track record of settling versus going to trial.


Remember, doctors should consult with a trusted advisor or insurance professional to ensure they fully understand the terms of their policy before making a final decision.


Contact SelectFirst Insurance today for help with your Medmal insurance. Call (888) 966-3881 or Email us at info@selectfirstinsurance.com.


Disclaimer: The information provided on this blog is for general informational purposes only. The blog's content is not intended as legal, financial, or professional advice. By accessing this blog, you acknowledge and accept these terms of use and any additional terms and conditions that may appear on this blog from time to time.


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Contact SelectFirst Insurance today for help with your Medmal insurance. Call (888) 966-3881or Email us at info@selectfirstinsurance.com.

 

Disclaimer: The information provided on this blog is for general informational purposes only. The blog's content is not intended as legal, financial, or professional advice. By accessing this blog, you acknowledge and accept these terms of use and any additional terms and conditions that may appear on this blog from time to time.

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