Physicians Insurance: Choosing the Right Policy
The statistics alone are enough to give any physician or dentist pause. According to a study cited in a February 2013 Forbes article:
- A physician can expect to have a medical malpractice claim opened about every 7 years;
- Some specialists will spend nearly a third of their career dealing with open claims; and
- The average physician spends nearly 51 months over a 40-year career dealing with malpractice claims.
And it shouldn’t surprise you that any claim, no matter the outcome, is an expensive claim. As the Insurance Information Institute reported in 2011, “medical malpractice cost increases have outpaced other tort areas, rising at an average of 10.0 percent a year, compared with 7.5 percent for all other tort costs.”
In this famously litigious culture, malpractice claims hang like a sword over your practice – no matter how accomplished, respected or experienced you are. Even if you never considered physicians insurance before, weighing the features and the benefits of insurance against the risk of going without can help you make a more informed decision.
Choosing the Right Physicians Insurance Policy
Physicians insurance typically takes three basic forms:
- Physicians Malpractice Insurance addresses the inherent risk of administering to patients by covering a physician for alleged errors in diagnostics or treatment. These policies, known as med-mal, generally cover claims for perceived medical errors or neglect and defense costs. Significantly, med-mal policies fill in the coverage gaps left by general liability insurance.
- Stand Alone Physicians Tail provides retroactive physicians insurance protection against malpractice claims. “Tail” refers to a policy that permits a physician to report claims that are made against him after a policy has expired or been canceled, if the alleged act that gave rise to the claim took place during the active period of the policy. A reliable insurer can offer you stand-alone physicians tail coverage for one year, three years, five years, or even unlimited reporting periods.
- Dental Malpractice Insurance addresses the specific needs of dental providers who offer general, surgical, orthodontic, cosmetic and other procedures. The kinds of suits brought against dentists can include alleged errors in treatment or technique, and complaints about follow-up or referral. As with physicians, a malpractice suit brought against a dentist is an expensive proposition.
Join Forces with a Reputable Partner
The fear of a malpractice suit – now or in the future – need not slow your practice or drain your budget. Using the dentist and physicians insurance policies offered by Insurance Innovations, a trusted partner of leading insurance carriers for more than 12 years, you can find fast access to quotes, options and advice both online and from a dedicated staff.
Call Us Toll-Free: 888.871.9096 or Contact Us Online to see how comprehensive coverage delivers peace of mind.