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Recommendations for Physicians on Choosing the Best Medical Malpractice Insurance:
- Understand Your Needs:
- Specialty & Location: Recognize that premiums vary based on your specialty and the state you practice in. For instance, certain specialties might be at a higher risk for lawsuits, and some states have higher malpractice payouts due to their tort laws.
- Scope of Practice: Ensure the policy covers all the procedures you'll be performing.
- Research the Insurance Company:
- Financial Stability: Check the company's rating on A.M. Best's system. Aim for insurers with at least an 'A' rating to ensure they can cover claims.
- Reputation: Look for reviews or ask colleagues about their experiences with potential insurers.
- Local Presence: Companies with a strong network of local defense attorneys can be advantageous in case of lawsuits.
- Understand Policy Types:
- Claims-made vs. Occurrence: Decide whether you want a policy that covers claims made during the policy period (claims-made) or one that covers any incident that happened during the policy period, regardless of when the claim is made (occurrence). If unsure, consider the convertible claims-made policy for flexibility.
- Coverage Details:
- Coverage Limits: Ensure the policy's coverage limits align with the typical lawsuit amounts in your specialty and state.
- Nose and Tail Coverage: If you're switching policies or retiring, consider these coverages to protect against claims from past incidents.
- Exclusions: Double-check that the policy doesn't exclude any procedures you perform.
- Additional Features:
- Consent to Settle Clause: This ensures you have a say in whether a claim against you is settled.
- Defense Costs: Opt for policies where defense costs are "outside" the policy limits, ensuring maximum coverage for claims.
- Cyber Liability: With the rise of electronic health records, consider policies that offer cyber liability coverage.
- Seek Expert Advice:
- Engage a Broker: A knowledgeable broker can provide quotes from multiple carriers, helping you compare options. Ensure they are licensed and ask about their experience and affiliations.
- Consult Colleagues: Peer recommendations can be invaluable. Discuss with colleagues about their insurance choices and experiences.
- Look for Discounts:
- Many companies offer discounts for various reasons, such as being claim-free, part-time work, risk management participation, and more. Ensure you're leveraging these to reduce your premiums.
- Stay Updated on Tort Reforms:
- Tort laws and reforms can impact malpractice insurance. Stay informed about changes in your state, as they can influence premiums and coverage needs.