What Doctors Should Know Before Purchasing Professional Liability Insurance

Published: 07th July 2010
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Professional liability insurance is something that every medical professional should consider when starting their career. Even though insurance is not mandatory in every state, it should still be a concern considering the type of society that we live in today. Medical professionals are taking a huge risk if they don't protect themselves with insurance.

If you are considering purchasing malpractice insurance, here are a few things you should know before committing to a policy:

Not all medical professional liability insurance policies are the same. If anything, you should know what is covered and what is excluded in policy. Some insurance providers will only cover direct patient care and will not cover care outside of a certain geographical area. There are other policies that will cover all work-related functions or activities outside of patient care such as supervision of residents, committee work, or volunteer work. It's important to let your insurance broker or insurance carrier know all the different types of activities you will be performing and to find a policy that suits your specific needs. Remember that every medical professional is different, so every insurance policy will be different.

Another thing that you should know about insurance companies is that they vary in the services that they provide. Just because one company offers a certain policy doesn't mean another company is going to offer the same thing.

Be aware that medical professional liability insurance falls into three categories: claims-made, occurrence and claims-paid coverage. The most common type of policy is claims-made coverage. Claims-made policies cover a physician for any claims that are reported to the insurance carrier during the policy period.

Find out what happens if a claim is filed. This is something that your insurance broker or carrier should walk you through because every process is different.

When comparing premiums, take into account the details of the policies and the services of the carriers to be sure they are the same. If a rate is really low compared with those of other companies, find out why.

Medical malpractice insurance is not something that you want to think about, but it can make a significant difference in your career as a professional. Having insurance just gives you a little peace of mind knowing that if the unexpected were to happen, you would be covered.

Maria Palma is a freelance writer and blogger helping businesses expand their online presence. Request a free quote for physician malpractice insurance.

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