Finding medical malpractice insurance is one thing, but using it is quite another. You must coordinate with your insurance agency, but policy details and state regulations limit their ability to help you. Read ahead to learn what state has damage caps on medical malpractice insurance.
What Are Damage Caps?
Damage caps relate to all kinds of personal injury lawsuits. They are state-specific limits on non-economic damages awarded in legal cases. Non-economic damages, as the name implies, are indemnities stemming from a plaintiff’s injury, pain, and suffering, as opposed to financial losses they sustain. Damage caps exist since non-economic damages relate to subjective calculations in court. If the case gets to a jury, lawyers can influence this group of peers to consider higher payouts. Damage caps prevent personal injury cases from overcompensating plaintiffs while allowing for any amount up to the maximum.
How Do They Affect Medical Professionals?
Damage caps are common in medical malpractice suits since medical circumstances often lead to severe consequences. Though the penal system may allow for the maximum amount, the cap sets a limit to how much medical professionals must pay. Damage caps essentially protect the defendant from unduly large recompense. This is good news for medical professionals from MDs to NPs.
Where Are They in Effect?
Every state has its own purview to decide their damage caps. You will need to visit your state government’s website or contact local officials for the most accurate and up-to-date information. However, nearly half of all the states in the US have established damage caps. Research your situation and understand whether your state sets limits. If you cannot find the information you need, reach out to local contacts or your insurance agency.
Know what state has damage caps on medical malpractice insurance so you can adequately prepare your assets and adjust your insurance policy. For example, if you need more protection on a nurse practitioner liability insurance policy, reach out to our insurance professionals at Baxter & Associates for more information.
No matter what realm of medicine you work in, you need professional liability protection. For medical professionals, this typically means a medical malpractice insurance policy. Here are a few tips for evaluating a medical malpractice insurance policy.
Understand What Malpractice Insurance Is
The first step in policy evaluation is research. You must know what medical malpractice insurance is to adequately assess it. Malpractice insurance is a form of professional liability insurance tailormade for medical professionals. These policies cover doctors, nurse practitioners, and certified registered nurse anesthetists alike in legal matters. The nature of medicine opens practicing professionals to claims made by patients about inadequate, incompetent, or malicious care. If you receive a claim from a patient, your insurance will help cover the costs as delineated in your specific policy.
Find Your Policy Type
When you evaluate insurance, you must know what kind of policy you want or have. Medical malpractice insurance typically comes in two formats: occurrence policies and claims-made policies, each with its specific parameters.
Occurrence Policy
Occurrence policies provide coverage based on the timing of the incident in question. If a patient makes a claim regarding something which occurred while under your policy, you will receive coverage, even if you no longer pay for the insurance. Since the incident happened beforehand while paying for the insurance, you will reap the benefits of the policy.
Claims-made Policy
Claims-made policies provide coverage based on the timing of the incident and claim. As the name implies, claims-made policies focus on the time when the claim appeared. This malpractice insurance policy type only covers you if both the claim and the incident happen while insured. Unlike occurrence policies, you lose any retroactive coverage once you end the policy.
See What It Covers
Knowing the type of insurance helps you ascertain whether the policy is within normal boundaries for its type. However, you also should see what the policy specifically covers. Since insurance largely involves finances, you must know exactly how many dollars the policy covers. As with all insurances, medical malpractice insurance coverages vary by location, professional role, policy type, and provider. The best course of action is to contact insurance providers and ask them for details. If you have any questions about what your coverages should include, reach out to our team of insurance professionals at Baxter & Associates.
When you call an insurance agent, you will want to ask about specific coverage items such as the defense costs. During any malpractice case, you will likely have extensive legal fees, attorney fees, and expert witness fees, not to mention court costs. Defense coverage will list exactly what they cover and how much they back you financially. Also, ask them about their liability limits. Though they likely have tiers depending on your premiums, it is important to know their baseline limits. This way, you can compare offers to find the best rates for the most coverage.
Know What They Expect of You
Insurance is a two-way street. It requires your insurance provider to show up when you need them, but it also expects you to consistently pay for and renew your policy month after month. Like all services you pay for, you should evaluate how the insurance works for you professionally and determine if there are better financial solutions available. However, the expectations on you do not end at the premiums and fees.
You also need to provide critical information to the insurer such as your consent to settle. This agreement is critical to understand as a medical professional. In the event a patient makes a claim against you, the option exists to consent to settle the case with a financial or equivalent payout. Your insurance provider covers you monetarily, so they may want to determine how much to pay and how they conduct the transactions. A consent to settle agreement either establishes your consent as necessary to settle or allows the insurer to settle on your behalf. Depending on your reputation and circumstances, you may or may not want this as part of the deal so be sure to know what insurance agencies expect of you.
Research Their Reputation
When you select an insurance provider, research their reputation. Though most insurers would not stay in business without a decent reputation at best, you must know how they measure up. Dig deep into their history with clients and directly ask insurance agents to discuss how they handle claims. When you know more about their track record, you can either move on or rest assured you chose well. As you research their reputation and company information, also check for any discounts or promotions, they could help you save money in the long haul.
Ask Other Medical Professionals
There are thousands of medical professionals who have insurance, so reach out to a few trusted medical friends and mentors to see what they think about a particular agency or policy. If you know local medical professionals, ask them for recommendations, and see what works for your situation. For example, if you are a nurse practitioner moving to a new state and switching policies, research a malpractice insurance plan for nurse practitioners like ours at Baxter & Associates and ask medical workers in your new region about who they use.
Make a Decision
After all the evaluation and consideration, you must decide on a policy. This can be hard to do when faced with similar options at similar rates, but go with the agency you trust most. Whoever you believe you can rely on in financial and legal distress is who you should select. If you find yourself wanting different coverage in the future, you can either look to increase your premiums or locate better options elsewhere.
Use these tips for evaluating a medical malpractice insurance policy and find the best solution for your needs. Our insurance team at Baxter & Associates can help you find the right policy for your specialization and practice today!
All insurance serves to cover clients for various financial disputes they could face in their personal lives or in the workplace. Whether you are in a car accident or receive a malpractice claim, insurance helps you avoid financial ruin. When looking for insurance, you should know how to differentiate between policy types. Here is the difference between general vs professional liability insurance.
What Is General Liability Insurance?
As the name implies, general liability insurance is a broader form of insurance compared to the professional type. Typically, general liability insurance covers a business or corporation from physical risk and property damage liabilities. When bodily injuries occur on your premises or you cause damage to another person’s property, people can file a claim against you. Depending on your industry, these policies can cover you for injuries as well as slander and copyright infringement.
What Is Professional Liability Insurance?
Professional liability insurance hits closer to the personal side of insurance rather than the corporate. This insurance type covers risks such as negligence and malpractice in delivering your services. Claims in this realm typically revolve around a physical injury or financial loss. For example, medical malpractice insurance for dentists is a professional dental liability insurance policy that covers malpractice and negligence claims.
How Do I Choose?
One company or person may choose to have both general and professional liability insurances. Since they cover different scenarios, it is up to you to choose the insurance you want. If you choose general liability insurance, you are protecting your business from broader issues in business operations. However, if you choose professional liability insurance, you are protecting yourself from errors and omissions in your own services. It may be wise to have your own professional policy while leaving the general one to your employer. If you are a business or practice owner, try taking policies out for both in order to cover all your bases.
Know the difference between general vs professional liability insurance so you can adequately protect your business and personal assets. If you have any questions about these insurance types or would like to find the right policy for your situation, reach out to our insurance professionals at Baxter & Associates today.
In medicine, there is always the possibility of a mistake. Your years of training and focus pay off with most of your patients. However, there is the off chance that your medical advice, treatment, or procedure ends up harming a patient in unforeseen ways. Under these circumstances, it is important for medical professionals of all types to have the appropriate insurance coverage. Without it, you could be in serious financial and professional trouble. To start your journey into the insurance world, here is who needs medical malpractice insurance and why it is so important.
A Brief Description of Medical Malpractice Insurance
What is medical malpractice insurance? This particular form of insurance is no stranger to the majority of physicians and medical professionals practicing in the United States. However, if you are entering the field or looking for your first job in medicine, you may not know about these policies. At its core, medical malpractice insurance is a form of professional liability malpractice insurance for medical professionals. This insurance provides certain coverages—each provider dictates the specific amounts and terms—for medical professionals if they come under fire.
Who Needs Medical Malpractice Insurance?
The world of medicine is as deep as it is wide; there are dozens and dozens of specializations, trainings, and roles. But the reality is that almost anyone who plays a part in the diagnosis, treatment, operation, and care of a patient is responsible and liable to some degree. So, the short answer is everyone! Even if it is to just cover your bases professionally, obtaining medical malpractice insurance is critical to the longevity of each medical professional’s career. If you or someone you know is looking for medical malpractice insurance, reach out to our team here at Baxter & Associates. Here is a comprehensive list of the people who must have this type of insurance.
Physicians and Surgeons
The larger the scope of work, the higher the stakes of medical liability. You may expect that at the uppermost levels of the medical field, physicians and surgeons diagnose, operate, and treat hundreds of people with some of the most invasive and detailed plans. Though MDs and DOs are essential to the medical process, their job descriptions leave them open to serious risks. Medical malpractice insurance is essential for these people due to the intensity of their work. Physicians, doctors, and surgeons all need adequate coverage to secure a long and prosperous medical career.
Nurse Practitioners
The role of nurse practitioners is contingent upon the state wherein they practice. However, they are one of the few medical professionals who work in similar leagues as full-fledged doctors and physicians—a degree available to NPs is a Doctorate in Nursing Practice, or DNP. Nurse practitioners, like all medical professionals of their grade, work with patients every step of the way. Their job functions expose them to many scenarios where patients could file a claim against them in the future if any harm occurs. So, it is best for NPs and ARNPs to obtain the proper medical malpractice insurance ahead of time.
Certified Registered Nurse Anesthetists
CRNAs or Certified Registered Nurse Anesthetists are integral to the success of surgical operations. They are responsible for selecting anesthetics, administering them, monitoring patients, and awakening them from anesthesia-induced sleep. Anesthesia is complex and CRNAs must tailor each vial and dosage to their patient’s needs. Going under can be scary for patients and anesthesia does not always work in its intended capacity. Though CRNAs extensively train and practice in their field, the fact of the matter is that anesthesia is sometimes fickle and causes psychological or physical damage to a patient. Certified Registered Nurse Anesthetists must find malpractice coverage that suits their needs. Without it, they could face serious financial and legal issues.
Physician Assistants
Physician Assistants live in the space between physicians and nurses. They do not have the same level of education and responsibility as a doctor, but they do work in considerably similar capacities. Because they work in tandem with a physician and even serve as a patient’s primary healthcare provider, PAs are at risk of legal claims of malpractice. With the right physician assistant malpractice insurance, PAs can continue their work with peace of mind.
Podiatrists
Turning to a few special medical positions, podiatrists are at the top of the list. As medical professionals who work with feet, podiatrists are an essential part of the medical system. For many people, their feet are critical to their capacity to work and live, so any malpractice issues could cause life-long disability. Podiatrists should obtain podiatry malpractice insurance to protect their practice and continue serving people’s foot-related needs.
Dentists
Dentists are another medical professional who deals with particular parts of the body—namely the mouth. Dentists should find professional dental liability insurance to cover their practice and career. Without it, an injured patient could file a claim against them resulting in serious damages.
Chiropractors
Chiropractors work with the human body in ways many other medical professionals do not. They adjust and manipulate the structure of people’s bodies to alleviate pain and misalignments. Though they may not perform surgery or prescribe drugs, they do move patients’ bodies in ways that could result in damage and injury. Chiropractor professional liability insurance is the way to go for chiropractors who want to head off any legal claims.
Knowing who needs medical malpractice insurance equips you to find the right solution for your professional goals. With focused research, budgeting, and planning, you can secure insurance that will cover you for your entire career and ensure a bright future for your vocational journey. If you have questions about any of these insurance types or want more information about one of our tailor-made policies, reach out to us at Baxter & Associates today.
The world of medicine is vast, with thousands of people in hundreds of specializations, including chiropractors. Here is what you should know about the importance of malpractice insurance for chiropractors.
No One Is Risk-Free
You may be the most passionate chiropractor in the world and work with the most practiced precision. But there may come a time when a client makes a claim against you, and you have to handle a time-consuming and financially draining problem. Passion and perfection are not sufficient protections against the will of an allegedly harmed patient—no one is risk-free. Chiropractors need to obtain medical malpractice insurance specific to their branch of medicine.
Safeguard Your Career
Malpractice insurance for chiropractors is critical for long-term stability. Your medical career not only depends on the quality of your work and the credibility of your experience, but also on your financial liquidity over time. If you do not have enough assets to continue practicing your work, you are essentially out of business. Claims against chiropractors and other medical professionals can end up in court with hefty settlements. Whether you cover for lawyer fees, court fees, or settlement payments, you will shell out a significant amount of money—so much so that many people cannot bounce back from such losses. Safeguard your career today with insurance that fits your needs and budget.
Protect Yourself Now
There is no sense in waiting for a claim to come across your desk. It is best to acquire insurance now for anything that could happen tomorrow. Patients and their lawyers typically take time to write and file a claim against you. Research your options for insurance coverage and reach out to a trained insurance professional today like those on our staff here at Baxter & Associates.
We cannot overstate the importance of malpractice insurance for chiropractors. If you have any questions about chiropractic malpractice insurance or would like to speak to an agent today, contact us at Baxter & Associates.
The history of medical malpractice law in the U.S. is long and complex, but some shining moments truly shifted the tide. Medical professionals must adhere to ethics codes.
Here is more on the foundation of modern medical malpractice law.
The Beginning
The very first medical malpractice case in the United States took place in 1794. The plaintiff’s wife died at the hands of a doctor who claimed he performed a proper operation. The husband won the case, marking the beginning of medical malpractice law in the U.S. In the centuries since then, medical malpractice cases have increased, as have the number of lawyers working in this field of law.
Into the Courts
The state is usually the entity with authority over medical malpractice law as opposed to the federal government, so these cases are filed in a state trial court. Because of the division between all states, each jurisdiction has a slightly different way of handling various malpractice issues based on the history of local rulings. Though there is a foundational common law, the state legislature provides minor modifications.
Medical Malpractice Today
Standardization has made medical malpractice law today much different than how it was in the 1700s. All medical professionals interacting with patients should have protection from these cases. Whether you are a surgeon, pediatrician, or nurse practitioner, liability insurance is critical to safeguarding your career. Though it all began with one case, it is estimated that almost 17,000 medical malpractice cases are filed each year in this country. Malpractice law has even reached public view with celebrity cases like the ones of Michael Jackson, Julie Andrews, and Elvis Presley.
Understanding the history of medical malpractice law shows us how this type of litigation came to impact medical professionals in the United States. If you have any questions about medical malpractice or are looking for malpractice insurance options, contact us at Baxter & Associates today.
The best thing to do when it comes to medical malpractice insurance is to conduct thorough research. Every question has an answer with a little help and digging. To start your journey into the insurance world, here is medical malpractice insurance: the basics.
What Is Medical Malpractice Insurance?
Medical malpractice insurance for healthcare professionals is a type of insurance that covers medical professionals and their practices from claims of malpractice or negligence. It is no secret that practicing medicine involves artful interpretation and application. In most cases, medical professionals have extensive training and are capable of collecting information, making diagnoses, crafting treatments, writing prescriptions, and generally practicing medicine. But there are many places in the medical process where something can go wrong. Patients are able to file a claim of malpractice or negligence against their care providers under a variety of circumstances, and this is where malpractice insurance comes in.
Who Does It Benefit?
Malpractice insurance protects and supports medical professionals, safeguarding their careers. In their day-to-day lives, doctors and nurses have copious amounts of work to complete—practicing medicine is no small ordeal. That is why malpractice insurance can come in handy when a claim arises. If you are under a policy, and the situation meets the terms of that policy, you will receive coverage for indemnity payments, court costs, and damages associated with a lawsuit. By having the financial side of the equation taken care of, you can focus on the other problems at hand.
Why Would I Need It?
You may be a part of a larger practice or hospital that offers malpractice insurance. However, you need to be careful and read the fine print about these policies. Many of them will not cover you in certain circumstances, leaving you with large payments and no support. That is why securing your own malpractice insurance can save you from the headaches of pecuniary burdens. If you have questions about what kind of policy you need, reach out to one of our insurance professionals here at Baxter & Associates.
Also, consider talking with a trusted friend or fellow medical professional—they may be able to offer personal insights into malpractice insurance. When it comes to malpractice insurance, the simple answer is this: you have nothing to gain and everything to lose by not covering your risk. Furthermore, the majority of insurance agencies have insurance agent errors and omissions insurance, which protects them from further fallout. By having this double-backed system of insurance, you will be more than ready to handle whatever comes your way.
Types of Malpractice Insurance
Medical malpractice insurance typically consists of two main categories: occurrence and claims-made policies. Both policy types provide coverage for many kinds of medical professionals but with different perspectives. Occurrence policies will cover you if a patient makes a claim about an alleged incident of malpractice, regardless of the filing date of the claim. The great part about occurrence policies is that you will receive coverage for claims made against you even after your policy has expired. For example, if a patient files a claim in June of 2020 for an incident that took place in March, but your policy expired in May of 2020, you will still receive coverage. Because the incident in question happened while you were paying for the policy, the insurance will still be in effect.
Conversely, claims-made malpractice insurance will cover you only if the incident and the claim happen while under the policy. If we look at the above example, the incident took place while under the policy, but the claim’s filing date was afterward. Under claims-made malpractice insurance, because one of those actions occurred while you weren’t paying for the policy, you will not receive coverage.
Another part of medical malpractice insurance is tail or nose insurance. These are policy add-ons that provide coverage while you are in transition. If you are moving jobs, changing insurers, or taking a leave of absence, you may need to update your policy to ensure continual coverage. On the one hand, tail coverage is added onto the end of your current policy—hence the name “tail.” On the other hand, nose coverage is attached to the beginning of your new policy. In both cases, you are simply covering all your bases so that there are no gaps in your protection.
What Happens When I Need It?
As a medical professional, you focus on healing people and ameliorating their pain. However, there are times when a claim comes against you, and you need help. If a claim comes to you, this means the patient and their lawyer have already met and drafted this document. The first thing you should do is to contact your insurance provider. They will know the details of your policy in more detail than anyone else. Even if they are not able to take any action at that point, alerting them to the situation and maintaining a clear line of communication is important. Your insurer should also be able to recommend your next steps, which will likely include consulting with a lawyer and making contact with all parties involved.
Where Do I Find the Coverage I Need?
If you are looking for medical malpractice insurance, the best thing to do is to contact an insurance agent directly. They will be able to direct you to the type of policy that best fits your medical role and financial capacity. Before you interact with an insurance professional, have a few things prepared. Set a budget, and know roughly what amount you can pay for insurance. Do research ahead of time to understand what the standard payment amount is for your role and location. Because insurance requirements and costs differ by state, seeing where you fit into the grand scheme of things is necessary. Also, ask the insurance agent about their agency’s experience supporting clients when claims arise. Inquiring about their track record will help you get a better picture of what happens and if they are competent to handle your insurance. If you have any questions about medical malpractice insurance, contact us at Baxter & Associates to find a policy that works for you.
Learning the basics of medical malpractice insurance can prepare you for a long and successful career in medicine. Get the right coverage and protect yourself from unnecessary harm so that you can offer consistently high-quality care without extra burdens.
When you look for medical malpractice insurance, you need to be aware of how your policies operate and what to do in the event of a claim. Here is how CRNA malpractice insurance works.
What Is CRNA Malpractice Insurance?
CRNA malpractice insurance is a type of coverage tailored to Certified Registered Nurse Anesthetists. Medical malpractice insurance consists of two basic categories: occurrence and claims-made policies. With occurrence malpractice insurance, you have coverage for any claims of negligence or malpractice incidents during the time of the policy. Regardless of when the claim is made—even after your policy is expired—if the incident happened while you were paying for the policy, you are covered.
With claims-made malpractice insurance, you have coverage only when the incident in question and the claim occur within the time of the policy. So, if both the incident and the claim do not happen while under the policy, you will not receive coverage.
What Happens When I Need It?
When a patient or client makes a claim against you by alleging medical negligence or malpractice, you need to get in contact with your insurance provider immediately. They will have the most accurate information regarding your plan and options. However, the general procedure involves filing a claim, communication between all parties—including the CRNA, patient, insurance companies, and lawyers—and resolution. The resolution of a claim can take the form of a settlement, a full-fledged lawsuit, or even a simple ending where the case is dropped.
How Do I Find a Policy?
Before any claims occur or you find yourself in a difficult situation, find a policy that works for you. Insurance is all about managing your personal and professional risk. CRNAs interact with patients frequently and offer important medical care, so your insurer should be ready to handle the issues that come up in these encounters. If you have any questions or need CRNA malpractice insurance, contact an insurance professional on our team here at Baxter and Associates today.
Understanding how CRNA malpractice insurance works can save you time and money when beginning a new policy. Find the best option for your situation so you can enjoy a long and prosperous career helping others.
Those who work in medicine are familiar with the innermost workings of the human body. However, they also need to be familiar with the other aspects of practicing medicine, such as insurance. Though dozens of medical professionals interact with patients, the question remains: Do nurse practitioners need medical malpractice insurance?
The Simple Answer—Yes
Malpractice insurance for nurse practitioners is a necessity. Nurse practitioners provide a substantial amount of patient care and have extensive interaction with those in their care. Because of this contact, there are ample opportunities for something to potentially go wrong or about which a patient may file a claim. As with all insurance, the most important thing to consider is the amount of risk involved in a situation and whether you want to do anything about it. As an NP, you face a significant risk that a patient may make a claim against you, and you must decide for yourself if you will take on this risk.
Why Do Nurse Practitioners Need To Be Covered?
Nurse practitioners need to be covered by a personal malpractice policy because the insurance policies of their employers may not also cover them. Though certain employers have inclusive insurance, many NPs do not realize the limitations of their employer’s coverage when it comes to their position. And it goes without saying that being stuck with a claim without insurance can cost a nurse practitioner significant amounts of money, time, and even their professional reputation.
What Kinds of Policies Exist?
When it comes to medical malpractice insurance, there are two main types: occurrence and claims-made policies. Occurrence policies provide coverage when the date of the incident in question falls within the time of the policy. So if you recently stopped paying for your policy but receive a claim for something that happened when your policy was in effect, you would be covered. With claims-made policies, you are covered when the date of the incident and the date of the claim both fall within the time of the policy. So you must be paying for your policy when the incident in question occurred and when the claim is made against you. Nurse practitioners, as with all medical professionals, must decide which policy they feel works best for them.
To ask the question again, do nurse practitioners need medical malpractice insurance? Yes. There is always the possibility of a claim being made against a medical professional, and NPs are not excluded. If you are looking for a malpractice insurance plan for nurse practitioners, contact one of our insurance professionals here at Baxter and Associates LLC for more information about our programs.
The world of insurance can be nebulous and frustrating, especially when you need simplified information fast. As a medical professional, you’ll find particularities in insurance policies that you need to grasp when setting up a contract. Here is a quick guide on how physician assistant malpractice insurance works.
What Is a Physician Assistant?
A physician assistant, also known as a PA, is a medical professional who works closely with a physician or doctor. Under the direction or supervision of a physician, a physician assistant provides and often orchestrates patient care. Though they do not share the full scope of responsibilities that a physician does, they are highly trained and deeply involved in the medical treatment process.
In the United States, the scope of a physician assistant’s practice varies by state. However, it is often the case that PAs are able to work quite independently. Their part in the treatment process includes collecting patient medical histories, performing certain physical exams, ordering and interpreting tests, diagnosing injuries and illnesses, and prescribing medications. Many PAs have their own independent practices, though this does depend on where a physician assistant practices medicine. Altogether, physician assistants are a critical part of the medical field and interact directly with patients. Because of this, they need to be covered by the right insurance.
Why Do PAs Need To Be Insured?
Physician assistants, like other medical professionals, work to provide patients with proper care and treatment. PAs have significant interactions with their patients each day, amounting to hundreds of patients over thousands of hours. Each one of these encounters is subject to be retroactively examined upon the filing of a claim. This is why physician assistant medical malpractice insurance is so critical—it provides coverage for any claims made against a PA that calls a particular incident into question.
Though the majority of physician assistants—and all other types of medical workers, for that matter—work tirelessly to provide quality care, there are times when something goes wrong. It is best to have the coverage you need when these scenarios arise. If you receive a claim and do not have insurance, you could be looking at immense amounts of money and paperwork to handle it on your own.
What Kinds of Policies Exist?
The amount of coverage you want will determine the type of policy you choose. Understanding the different kinds of medical malpractice insurance can be complicated, but it ultimately boils down to the timing of the claim and the policy. The three main types you need to know about are occurrence, claims-made, and tail or nose coverage.
Occurrence malpractice policies insure you as a medical professional against incidents that happen during your policy coverage. Regardless of when the claim itself is made, if the incident in question occurred while you were paying for and under the coverage of your policy, you are insured. For example, an incident occurs in October of 2019, and you were paying for an occurrence policy at that time. However, your policy ends at the conclusion of 2019, and a claim is made in February of 2020 regarding that incident. You are not currently paying for that insurance coverage, but because the incident happened while you were covered, the policy holds. The logic behind this insurance type hinges on the reality that claims often take time to process, and months can pass between something happening and a claim being made concerning it.
Claims-made malpractice policies are nearly the opposite of occurrence coverage. Claims-made insurance covers you only if the incident and the claim happen within the duration of the policy. Unlike an occurrence policy, the timing of the claim itself matters. Take the previous example. Though you paid for your policy at the time of the incident, you were no longer under the policy when the claim was made. Therefore, with a claims-made policy, you would not be covered for that claim. Despite many medical professionals preferring occurrence policies, claims-made coverage is often cheaper and more widely available. It is also required for practicing medicine in several states.
Tail coverage and nose coverage refer to the malpractice insurance you need when between employers, changing insurers, or taking a leave of absence. Though it is not a long-term policy like the primary insurance options of occurrence and claims-made, this malpractice insurance type is important to understand. When in any of these transition scenarios, you are technically without formal coverage. Depending on the policy you have, this could be a precarious situation if a claim is made during that time. Tail or nose coverage is an addition you can make to your current or upcoming policy that protects you when in the interim. Tail coverage can be added on to the end of your current policy to supplement your protection. Conversely, nose coverage (also known as retroactive coverage or prior acts coverage) can be chosen from your new insurance carrier to ensure claims that happen prior to the official start date of your new policy do not go uncovered. Typically, nose coverage is less expensive than tail coverage, but you may need to take advantage of one or the other at some point in your career.
How Do I Choose?
Your insurance policy reflects the amount of risk you are willing to take on both personally and professionally. This matters because, depending on how much you regularly pay to your insurer, you may be held accountable for more or less down the road. That’s why there are several essential tips for choosing physician assistant liability insurance. The first things to check into are state and federal regulations or requirements. Because physician assistants’ scope of practice varies from state to state, you may be responsible to have a certain policy type or coverage limit. Also, ask other local PAs and see what options they have chosen. You may be able to receive some sound advice from medical professionals who have gone through the selection process. For the most accurate and up-to-date insurance information, reach out to an insurance professional like the ones on our team here at Baxter and Associates LLC.
This guide on how physician assistant malpractice insurance works provides you with the basics you need to set up a policy. If you want more information or are looking to purchase a physician assistant malpractice policy, contact one of our insurance professionals at Baxter and Associates LLC today!
