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Tips for Choosing Chiropractic Malpractice Insurance

Choosing insurance for any aspect of your life or work can be confusing. You do not want to end up with more than you need, but you also do not want to be open to any significant risk in the future. Especially when it comes to medical malpractice claims, you want to be prepared for anything that could happen. To help you figure out what you need, here are a few tips for choosing chiropractic malpractice insurance.

Occurrence vs Claims-Made Policy

One of the most important choices when it comes to medical malpractice insurance is the general type of insurance you choose. Occurrence and claims-made policies are the two main types of insurance available, offering different kinds of coverage. Occurrence policies provide coverage for any malpractice claims made about an incident during the time of the policy. Even if your policy is expired or canceled, you are able to get support because the incident occurred during the time of your previous policy coverage. Claims-made policies provide coverage only when the claim and the incident both took place while the policy was in effect.

Coverage Limits

Each type of policy comes with its own set of limits. Whether this is an occurrence policy or a claims-made one, you will need to determine the limits of the insurance you are considering. This really comes down to the amount of risk and financial responsibility you are willing to take on in the event of a malpractice claim. When you talk with an insurance professional, be sure to ask about the specifics of the coverage provided and the limit after which you would be held responsible to pay.

Finding the Right Rate

Occurrence and claims-made policies come at differing prices. Occurrence policies are generally more expensive; however, they do generally provide more coverage. But occurrence insurance is not available in all states, so speak with an insurance professional about the options you have and the pricing for each one. Go into the conversation with an idea of how much you are willing and able to spend on insurance from month to month. This will help you as you discuss the rates available for chiropractors in your area. Contact us here at Baxter and Associates LLC to get a quote for chiropractic malpractice insurance that fits your needs.

Finding the right insurance is essential to ensuring the longevity and security of your medical practice. Use these tips for choosing chiropractic malpractice insurance to guide you toward the right policy.

Occurrence vs. Claims-Made Malpractice Insurance

When getting into the world of medical malpractice insurance, there are many special coverages you can purchase. Despite the customized policies you may be seeking, there are two general types of medical malpractice insurance to compare: occurrence vs claims-made malpractice insurance.

What is Occurrence Malpractice Insurance?

An occurrence malpractice insurance policy will pay a claim if a potential incident occurred during the time of your coverage. Even if your policy is expired or canceled, an occurrence policy will cover you if the incident in question happened while under the policy. For example, if you canceled your occurrence policy in January 2020 then received a claim about an incident from December 2019—the month before, while you were still under the policy—you would be covered even though you currently do not pay for the policy.

What is Claims-Made Malpractice Insurance?

A claims-made malpractice insurance policy is basically the opposite of an occurrence policy. You must be paying for the policy and be covered by it at the time of the incident and the time the malpractice claim is filed. If you take the previous example, though you were covered at the time of the incident, you are not covered at the time of the filing. So, you would not be able to use the policy because you are not currently engaged in it. That is, unless you purchase a tail policy for claims that are reported after the policy is not longer active.

How Do They Compare?

The key difference is in the timing—the critical distinction is the coverage provided when a potential incident occurs and when a claim is filed. An occurrence policy is usually preferred by healthcare professionals; however, it is not available in all states and is often more expensive than a comparable claims-made policy. When deciding what option is best for your practice, make sure to compare prices, consider what kind of claims are common in your specialization, and what choice similar practices in your area have selected.

Choosing occurrence vs claims-made malpractice insurance can be difficult, but there are certain benefits and limiting factors to consider with each. No matter the type of coverage you are looking for, get in touch with an insurance professional at Baxter and Associates LLC to discuss malpractice insurance for healthcare professionals.