As a newly practicing physician, you are entering a new world of learning, experience, and patient care. While years of medical training and a genuine desire to help those people in need of medical care will help guide you, it is important that all physicians protect themselves with a medical malpractice insurance policy. Since this is your first time purchasing this type of insurance, it is important to gain as much information as you can to help you with your selection.
Direct vs Broker
Decide whether you want to purchase your policy directly from an insurance company or through a broker. Either option will provide you with the coverage you need, but they do offer different experiences. With a direct agent, you will only be able to get information about the policies their insurance company offers. Yet, a broker will be able to shop around between different companies to find the best option.
Liability Limits
Be mindful of the liability limits any policy you consider has in place. In the event of a claim, this is the maximum amount of money that the insurance company will pay on behalf of the physician. If a physician chooses a policy with a low liability limit, they may have to pay a part of the judgment on their own. Additionally, the risks associated with the specialty of the physician should always be considered when selecting this limit.
Physician vs Practice
Always pay attention to whether or not the policy is linked to you as a physician or the practice at which you work. Verifying this information is important to ensure you are always protected. In the event, you leave the practice, and the malpractice policy is attached to the practice, you will not be covered. A physician policy that travels with you is often ideal.
Defense Options
You should also pay attention to what defense options the policy offers. Generally, medical malpractice policies will cover the cost of defending a malpractice claim, such as attorney fees. However, some will include this expense within the liability cap, and some offer a separate coverage option to cover defense fees. Just so that you understand what your coverage offers, find out this information.
Remember, the medical malpractice insurance policy you purchase is just as important as the care you provide your patients. Be sure to apply these tips and take your time to find the appropriate policy for your needs.
