Home Law What To Look For When Buying Medical Malpractice Insurance: A Quick Guide For Doctors

What To Look For When Buying Medical Malpractice Insurance: A Quick Guide For Doctors

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Did you know that around three out of 10 physicians have faced a medical liability lawsuit at one point in their careers? It’s an experience that is both stressful and costly. This is why it’s a must for medical practitioners (e.g. Physicians, nurses, etc.) to get medical malpractice insurance maryland — this will provide the much-needed financial safety net and legal support in the event that such a claim will be filed against them.

There are different policies under this type of insurance. And many providers claim that what they offer is the most comprehensive one out there. If you’re a doctor planning to get insured, we’ve compiled four of the most important things you should consider in this article. Read on to find out.

The type of policy. Basically, there are two types of medical malpractice insurance coverage — claims-made and occurrence. The former, which is the more common one, covers medical malpractice allegations that were made and reported while the policy is still in effect. The latter, on the other hand, covers those events that transpired while the policy is in effect, notwithstanding when a claim is filed. When you avail the former, you may also need to buy a so-called “tail coverage,” which protects physicians from malpractice claims involving the services they rendered in their previous workplace.

The premium you will pay. The policy premium of a medical malpractice insurance Maryland is hugely dependent on the policy owner’s location, specialty, as well as risk history. Some states have generally lower premiums compared to others. If you opt to intentionally avail other benefits like dividend payments, you will have to pay higher premiums. What’s important is it fits your budget and you’re guaranteed to get the best value of the coverage you’re paying for.

The financial strength of your provider. For an insurance provider to cover the claims that their clients might have, they should have financial stability. And one way of determining your prospective provider’s financial strength is looking into their ratings (typically, you should look for an A rating or better). When doing your research, also check if their rating has been consistent or has dramatically decreased in recent times. Never choose a provider with a poor rating — as ratings give a good glimpse of how a particular insurance company is doing and how capable it can be to sustain long-term operations.

They way they handle claims. Companies that provide medical malpractice insurance Maryland has different ways of handling the claims of their policy owners. This is why it’s important to inquire about the scope of work of your provider. Will they be the ones to give consent when the other party asks for settlement? How do they determine how strong the merits are of a certain claim? Apart from their process, you should also be mindful of how consistent they are in delivering their work. Check their trial outcome figures as well as their network of or access to reputable medical malpractice lawyers.

If you are a health practitioner looking for a medical malpractice insurance maryland, contact us today at Insurance Brokers of Maryland. Let us help you find the best deal and policy to protect you against possible claims in the future.

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