Tens of thousands of medical malpractice claims are filed each year in the U.S. While no physician likes to think that he or she will be named as a defendant at some point, in today’s litigious society, it’s entirely possible. Comprehensive healthcare liability insurance is an absolute must for all practitioners. When evaluating medical malpractice insurance companies near Palm Beach, the following questions may arise.
Why Should Physicians Purchase Their Own Liability Coverage?
In some cases, having healthcare liability insurance through the hospital or facility is sufficient. However, you may wish to purchase additional coverage for yourself, depending on a number of factors. First, given the likelihood of a claim occurring at some point during your career, it only makes sense to protect yourself with affordable malpractice insurance that goes above and beyond what your hospital offers. Second, you may want to change employers at some point or your current facility may close, in which case having your own policy offers portability. And third, the coverage your hospital offers may provide inadequate coverage.
How Should I Choose an Insurance Company?
It’s a good idea to choose an independent agency that specializes in medical malpractice insurance. Select an agency that is well established in the field, such as one that has been in business for at least a couple of decades. Your agency should work with financially stable carriers with top ratings.
What Will My Policy Cover?
The answer to this question varies depending on your particular policy. There are different types of coverage options, such as claims-made and “tail” coverage. It’s always a good idea to read a policy before purchasing it or to have an attorney help you understand it. Generally, healthcare liability insurance will cover settlements, damages, and court costs.
What Information May be Reported?
In the event that a claim is filed against you and your healthcare liability insurance company makes a payment to the plaintiff, the insurance company is required to report the payment to the National Practitioner Data Bank.
What are Policy Limits?
You’ll notice that your insurance policy has an individual limit and an aggregate limit. The individual limit is the maximum amount that will be paid for any particular claim. The aggregate limit is the maximum payout for all of the claims within the term of the policy.