Medical Malpractice Insurance Has Different Types: Know The Best That Fit Your Needs
A thorough understanding of the different types of medical malpractice insurance is necessary to ensure a physician receives the coverage needed. Blindly purchasing coverage may mean higher than necessary premiums or lower than necessary coverage.
Deciding on physician liability insurance depends on location and the type of medical specialties in question. There are two distinct types of physician insurance available: claims-made and occurrence.
Claims-made - This is least expensive and most widely used type of medical professional liability insurance. This type of policy only covers claims filed while the policy is active. The policy will specify a period of time whereas the policy retroactively covers claims made during the policy period. Usually, the first few years of a claims-made policy are the least expensive. Premiums tend to increase each year until the maximum amount, which is comparable to an occurrence premium.
Policies with retroactive dates that correspond with policy commencement dates usually entail a lower malpractice insurance quote. Such a situation would occur with a doctor just starting out, or an established doctor that is changing from one claims-made policy with a €tail€ (extended reporting coverage), to another or that previously had an occurrence policy.
Occurrence - This is the more expensive and most broadly covered type of malpractice insurance. In some localities and for some specialties, securing this type of physician liability insurance can be difficult. With occurrence insurance, any event that triggers a claim is covered. This is especially true if the event occurred during the coverage period. A claim may be filed after the coverage has been discontinued, and it will still be covered.
When choosing a doctor liability insurance policy, it is important to leave no caps in coverage when switching policies. A visit to magmutual.com can provide all the information needed to make an informed decision.
As the largest medical professional liability insurer in the southeastern states we serve, and the eighth largest in the U.S., the business decisions we make are driven by the needs of our physician policyholder-owners - not by stockholders. And with a Board of Directors comprised of physicians, our commitment to providing unwavering defense of the personal and professional reputations of our policyholders, superior customer service and innovative business, financial and insurance solutions to help those in the medical community meet their professional, business and personal goals will never change.
With a physician Board of Directors, physician underwriting and claims committees, local claims offices, a comprehensive risk management program and GA non-assessable medical professional liability policy, MagMutual provides superior service and coverage you won't find anywhere else.
Deciding on physician liability insurance depends on location and the type of medical specialties in question. There are two distinct types of physician insurance available: claims-made and occurrence.
Claims-made - This is least expensive and most widely used type of medical professional liability insurance. This type of policy only covers claims filed while the policy is active. The policy will specify a period of time whereas the policy retroactively covers claims made during the policy period. Usually, the first few years of a claims-made policy are the least expensive. Premiums tend to increase each year until the maximum amount, which is comparable to an occurrence premium.
Policies with retroactive dates that correspond with policy commencement dates usually entail a lower malpractice insurance quote. Such a situation would occur with a doctor just starting out, or an established doctor that is changing from one claims-made policy with a €tail€ (extended reporting coverage), to another or that previously had an occurrence policy.
Occurrence - This is the more expensive and most broadly covered type of malpractice insurance. In some localities and for some specialties, securing this type of physician liability insurance can be difficult. With occurrence insurance, any event that triggers a claim is covered. This is especially true if the event occurred during the coverage period. A claim may be filed after the coverage has been discontinued, and it will still be covered.
When choosing a doctor liability insurance policy, it is important to leave no caps in coverage when switching policies. A visit to magmutual.com can provide all the information needed to make an informed decision.
As the largest medical professional liability insurer in the southeastern states we serve, and the eighth largest in the U.S., the business decisions we make are driven by the needs of our physician policyholder-owners - not by stockholders. And with a Board of Directors comprised of physicians, our commitment to providing unwavering defense of the personal and professional reputations of our policyholders, superior customer service and innovative business, financial and insurance solutions to help those in the medical community meet their professional, business and personal goals will never change.
With a physician Board of Directors, physician underwriting and claims committees, local claims offices, a comprehensive risk management program and GA non-assessable medical professional liability policy, MagMutual provides superior service and coverage you won't find anywhere else.
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