© Copyright 2019 American College of Physicians. Medical malpractice insurance is a type of professional liability that protects health care professionals from liability causing in bodily injury, medical expenses and property damage. There are others, such as claims-paid, modified occurrence, and so on, but they are less common and are typically a hybrid of two or more of the types we’ve discussed. The optimal type and amount of insurance you need to meet your state’s malpractice insurance minimum requirements and for adequate personal and practice asset protection may vary greatly based on your individual circumstances. Medical malpractice is a type of liability insurance for physicians and healthcare providers. Obviously, this is good for doctors in that it precludes the need for nose or tail coverage (see below), however, because of the inherent difficulty and risk associated with projecting future claims reported, the insurer has to charge more. An agent can compare policies from multiple medical malpractice insurance companies and help you review several different medical malpractice insurance quotes. by Neil Goodman. On some policies, if the doctor simply alerts the insurer to a possible claim, or a suspected future claim, that claim is then covered should it arise, even after the termination of the policy. A physician who starts a … Policies typically cover a range of expenses associated with defending and settling malpractice suits, including attorney fees, court costs, arbitration and settlement costs, medical damages, and punitive and compensatory damages. Claims-made policies (combined with prior acts coverage or an appropriate retroactive date) avoid these complications by allowing a claim made to be covered by the doctor’s current insurer. Under an occurrence policy, the insurer will cover any claim arising out of an incident that occurred while the policy was in place, regardless of when the claim is actually made. If you are entering a private practice, remember that in addition to medical liability claims, medical practices also face potential claims associated with other medically-associated risks such as cyber liability and regulatory requirements such as compliance with the Health Insurance Portability and Accountability Act (HIPAA). The reason claims-made policies came into being, and have since become the most popular type of policy, is because they avoid many of the complications that can be associated with trying to file a claim with a previous insurer. 3 Types of Medical Malpractice Insurance Policies. This insurance covers your exposure to liability arising from your profession, including allegations of malpractice. For employed physicians, medical liability coverage is typically offered as part of a group plan purchased by the employing hospital or health system. Medical malpractice insurance usually falls into two categories: Occurrence-Based Policy; Claims-Made Policy Medical malpractice insurance is a type of professional liability insurance for … In other words, once the policy is terminated, a claim arising out of the policy period is not covered. Otherwise known as professional liability insurance, it helps protect medical practices from legal consequences in the unfortunate event that you are sued by a patient. 0 | July 24th, 2013. Some medical malpractice policies may cover these types of exposures; if not, separate policies to protect against these risks are usually available. Of course, under a claims-made policy you may have noticed that there is a potential for a gap in coverage. Let’s break down the different types of malpractice insurance to help you figure out what the best type for you. An occurrence policy is the same type of policy carried for a car or a home. Researching a topic? Within the scope of medical malpractice claims, there are four different areas where lawsuits are likely to be filed. Not only can a broker help you determine which policy will provide you with the best coverage at the best value, but he can also insure that you are always covered and that no potential liability falls through the cracks in terms of your coverage. The two most common types of medical malpractice insurance coverage are claims-made and occurrence-made policies. 800-ACP-1915 (800-227-1915) or 215-351-2600. Medical liability insurance is required in almost all states and most medical systems as a requirement to practice. It is also important to know the amount of coverage for each occurrence and all claims that may be made against you. Tags: broker, Captive Insurance Company, claims made, mutual company, occurrence, Risk Retention Group, RRG, stock company, Surplus Lines, types of malpractice insurance | Comments: 0 | March 18th, 2016 Physicians work very hard to achieve success in their profession. Medical malpractice can be either occurrence-based or claims-made. Discerning which type of policy is right for you can be a challenge, which is why the help of a trusted broker is so valuable. In this blog post, we make sense of Occurrence Policies and Claims-Made Policies. Often when switching carriers this type of policy will be offered by the new insurer to offset the cost and risk of the move. It is also important to understand the finer details of your medical malpractice coverage. Options for purchasing medical malpractice insurance. Malpractice insurance can be obtained through a private insurer, through an employer, or through organizations, such as medical risk retention groups … Two Types of Insurance: What Does Malpractice Insurance Cover? These policies assign payment of a claim to when it occurred. According to a report published by the Institute of Medicine in 2006, as many as … In addition to occurrence policies, claims-made policies are the other primary form of broad medical professional liability insurance and are the most common types of malpractice policies issued. Get answers now. But there are only a few types of malpractice coverage. Typically, the first year premiums on a claims-made policy are relatively minimum (as the period of time during which an incident could occur and a claim arise are minimal) with the premiums increasing at a graduated rate over the course of 5-7 years, after which the risk is deemed mature and premiums level off. 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