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.
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.