Advanced Professional Services & Claims made Malpractice Insurance:
What is claims made Malpractice insurance? This coverage is different than what people generally expect from their insurance policy.
Claims made malpractice insurance will extend to claims that were brought forth for a duration of time that the policy was active.
The importance of Claims made malpractice insurance is that it does need to be in effect when the lawsuit is also submitted for the claim as well. Unlike typical policies for malpractice liability insurance, claims made coverage is a longer term with a lower premium that gradually increases over time.
While this is sometimes beneficial for providers who are recently new to practicing medicine, this coverage can become less desirable because of the inflation portion of the conditions.
Still, a claims made malpractice insurance policy is one of the most common policies as they are perpetual and continuous in terms of their coverages.
Different Types of Malpractice Insurance
There are a variety of different types of malpractice insurance because there is such a variety of medicine being practiced.
With the options that are available to clients in medicine in today’s day and age with digital appointments and new diagnostic visits, there’s also an ever-increasing opportunity for error and negligence.
While you’re confident in the way that you’re able to conduct your practice, there are likely other providers who can be found negligent in certain procedures, leaving your medical practice open to litigation.
With a claims based malpractice insurance policy, there is coverage for the time that the claim was “based” on. These types of policies are also often referred to as claims made malpractice policies.
A Claims Based Malpractice Insurance Policy
Looking at policy contract types can be challenging especially if you’ve never worked as a medical malpractice underwriter.
When you’re looking into a medical malpractice policy, you may notice that it is worded as a “claims based malpractice insurance.”
The claims based malpractice insurance is the most commonly used contract type in the market and it is generally the most affordable, especially at the beginning.
While the cost of premium generally does rise year over year, this coverage is extensive and will keep you covered even if a claim is filed for an incident 2 years ago when you initiated the policy coverage.
With a claims based malpractice insurance, you’ll have more coverage longer with continuity which helps if 5 years after an outpatient procedure, a patient attempts to file suit for medical malpractice.
Advanced Professional Solutions is here to assist in finding the right contract for the right coverage for you.
Contacting us, we can lead you to the best of the business that won’t let you down when you need a medical malpractice policy that you can rely on. Finding out how much better your medical malpractice policy can be is easy.
Contact Advanced Professional Services today to determine the best plan for you.