Medical Malpractice Insurance
At The Insurance Center of North Jersey, we work with all kinds of medical providers to help them find robust and affordable medical malpractice insurance. Besides serving doctors, we also work with dentists, nurses, physicians, and other healthcare professionals. Some of our clients purchase individual coverage and some need to cover an entire practice. Either way, we work hard to find the right solution from a top-rated local company.
What is Medical Malpractice Insurance?
This is a kind of professional liability insurance offered to people who work in the healthcare field. It covers the insured individual in the event a patient claims that the professional’s negligence or purposeful actions caused harm. Today, most healthcare workers know that the risk of getting sued isn’t trivial. There are plenty of lawyers who specialize in medical malpractice cases. In the United States, billions of dollars get spent every year on these kinds of lawsuits.
Of course, a physician, nurse, or other kind of healthcare provider might believe that they always follow the rules and take good care of their patients. Sadly, the utmost vigilance might not stop a patient from filing a suit with the courts or a complaint with a professional association. Malpractice defense lawyers also cost money. Even entirely innocent people may have to pay for a defense or appeal, and this type of coverage can also provide money for costs associated with the defense against a complaint.
Types of Medical Malpractice Insurance Policies
This kind of coverage is a bit more complex than it seems at first glance. Just as there are many different kinds of healthcare workers, there are different kinds of malpractice policies. It’s important to understand these three basic choices:
- Occurrence: These policies cover events that occurred when the coverage was in force even if the policy has expired before the claim was made. Occurrence policies usually cost the most.
- Claims-made: These are more common today, probably because they are cheaper than occurrence policies. However, they will only cover claims that are made if you are covered by the same insurer at the date of the incident and the date of the actual claim.
- Tail insurance: This is a kind of protection that covers claims that won’t be handled by a claims-made insurer because the covered person has switched insurance companies between the incident and the claim. It gets purchased by health providers who are switching from a claims-made plan to another plan.
The statute of limitations for particular malpractice complaints could vary by the state and type of offense. Still, it’s quite common that the actual complaint will get made months or even years after the incident that generated it. That’s why it’s very important to understand how these different types of coverage work. Not understanding how claims-made insurance works, for example, could leave hardworking healthcare professionals vulnerable to paying for lawsuits and the cost of defense out of their own pocket. It could even leave them at risk for bankruptcy.
Work With Us to Buy Medical Malpractice Insurance
The brokers here at The Insurance Center of North Jersey understand how different kinds of professional liability policies work. They will take the time to also understand your unique needs and what kind of policy you have currently or had in the past. This allows our experienced agents to suggest the right balance of benefits and premiums for each client. As an independent insurance agency, we can also work with you to find the most competitive rates from high-quality local insurance companies.