When physicians are faced with shopping a current professional liability policy or purchasing a new policy, they will be presented options from many different types of carriers that each has advantages and disadvantages. Often, the needs of the physician and his or her practice will lend itself to a specific type of insurance carrier. In this article, we will provide insight into the different kinds of companies and what they can offer to the healthcare…
Depending on your current professional liability coverage program, your options for reducing your 2015 premiums could be limited. If you are one of the thousands of physicians in this situation, you may be liable for next year’s entire annual assessment unless you take action now. In some cases, you must give notice by October 31st that you intend to opt out of the 2015 assessment even though your coverage does not renew until December 31st….
The majority of professional liability insurance policies today are written on a claims-made basis. That means you, the physician, are protected by the insurance company providing coverage at the time the claim is made against you. The other, less common form is an occurrence policy. This means you, the physician, are protected by the insurance company providing coverage at the time the incident occurs, regardless of when the claim is made. While these are the…
The primary reason for purchasing malpractice insurance is to protect yourself from a financial loss in the event of a claim being filed against you. Therefore, your number one concern should be whether or not an insurance company is capable of properly defending you. Questions to ask your broker about potential insurance carriers are: Is the carrier financially sound? You can obtain NAIC reports from your broker to review each carrier’s financials from the previous…
Perhaps you received a letter in the mail offering you cheaper coverage than what you currently have, but you are in the middle of your current policy period. Or maybe you just renewed with your current company and feel you may be stuck with that policy, even if you have found a better rate. Physicians and practice managers often have questions regarding switching their coverage mid-policy period. There are typically several questions and concerns that…
With the number of Physician Assistants projected to grow 39% by the 2018, the need for individual Physician Assistant malpractice insurance coverage is growing exponentially as well. While it is true that the supervising physician is responsible for the actions of their Physician Assistant, this does not absolve the Physician Assistant of individual liability should a malpractice claim arise. In fact, when there is a medical malpractice settlement or judgment, the average indemnity payment for…
Recently, MagMutual, a medical liability insurance company governed by the Medical Association of Georgia, has invested $50 million dollars in new patient safety initiatives. The investment came as a result of a net gain in MagMutual’s profits resulting from an overall reduction in claim activity against its insured’s since 2005. The company currently insures over 18,000 physicians in Georgia and will utilize all of their historical claim data to develop statistical analyses in an effort…
As a result of an increased number of lawsuits involving medical malpractice due to poor risk management practices, many professional liability carriers are now offering multiple opportunities for physicians to learn best practices while also earning credits toward their premium. The training focuses on quality assurance through identifying risk, minimizing risk, and reducing the impact when losses occur.1 By implementing strategies for improving existing methods, both the physician and the carrier benefit by reducing the…
In addition to full-time physicians, many group practices employ physicians that work part-time. When this is the case, arranging a slot policy for those physicians may be the most convenient and cost effective route. The way slot coverage works is on a “full-time equivalency” (FTE) basis. This means that the premium for the “slot” is based on how many hours, collectively, the part-time physicians will be working in a week. For example, if there are…
An experienced malpractice agent has access to multiple carriers – giving you multiple options and can save you a lot of money. A good, experienced malpractice insurance agent will provide you with all of your available options at renewal every year along with his/her recommendations. An experienced malpractice agent works on your behalf with the insurance carriers—to insure that your best interests are being served. An experienced malpractice agent strives to have the best possible…
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