When is Medical Malpractice Tail Coverage Useful?
The subject of medical malpractice tail coverage is not a topic that anyone in the medical field enjoys talking about.
Medical malpractice tail coverage is a necessity, required by either law or by the place of employment or both.
While insurance plans, costs, limits, and policy options vary by state, specialty fields, and places of employment, there is one general rule in medical tail coverage
Medical tail coverage is put into one of two categories.
● An “Occurrence” policy
● A “Claims Made” policy
If you or your employer carries an “Occurrence” policy then you’re lucky enough to have a truly comprehensive medical malpractice insurance tail coverage policy.
In reality, a “Claims Made” policy is more popular due to its lower cost.
A “Claims Made” coverage plan has the ability to move with you and carries lower premiums.
The downside of this policy is that if the insurance policy has expired, been canceled or you have moved or retired then there’s no coverage available in the case of a malpractice suit.
While not all professions are at high risk for malpractice insurance, there is always a risk in the medical profession.
The best protection for medical professionals is to purchase medical malpractice tail coverage.
How Does Medical Tail Coverage Work?
Malpractice tail coverage gives the policyholder the ability to the flexibility of the “Claims Made” policy, keep coverage current, and is less expensive than an “Occurrence” policy.
So what is medical tail coverage?
How important is it?
Is it affordable?
Advanced Professional Services are experts in medical malpractice insurance tail coverage and explain in straightforward terms what medical malpractice tail coverage is and how it protects you, the options available, and what the cost is.
Medical Tail Coverage is also known as an “extended reporting endorsement.”
Here are some other key facts about medical malpractice tail coverage that you should know:
1. Nose coverage is not the same as medical tail coverage.
2. Medical malpractice insurance tail coverage is necessary because the vast majority of hospitals, clinics, and insurers don’t offer “Occurrence” coverage, as they used to in the past. The rise of “Claims Made” policies has resulted in the need for medical malpractice insurance tail coverage.
3. Medical malpractice tail coverage can be expensive in the short term, but not having this coverage can cost a lot more in the case of a claim that’s not otherwise covered.
4. Medical tail coverage can be free in certain situations.
Making Sure You Understand Medical Malpractice Insurance Tail Coverage
Advanced Professional Services are independent insurance agents who are experienced specialists who use our years of experience to ensure the best, optimal, and most affordable insurance options are available to our clients.
We are dedicated to getting our policyholders the best value and a highly tailored insurance plan, bringing educational and friendly service to every person we do business with.
Advanced Professional Services agents will explain the specifics and options available with medical malpractice insurance tail coverage, what you will be paying for, and the payouts that our medical tail coverage policies offer.
One of the most common questions people ask us is “How much should I pay for this medical malpractice insurance tail coverage?”
Another relevant question is “ Does medical malpractice insurance tail coverage only have one option or are there choices?”
The answer to the second question is yes.
Medical malpractice tail coverage options and the amount of purchase has changed in recent years.
As far as the cost of these insurance policies, the answer is calculated the same as any other insurance policy quote.
Ask an Advanced Professional Services insurance specialist about the value of tail malpractice coverage, learn about the difference between long term and short term coverage options, and if your current insurance is adequate to protect you in situations that may arise.
We have a long list of discounts and a large depth of coverage options for all of our clients and are always available for a free quote.
We are known for our trademark quality service and have established a cornerstone of good relationships in the community.
Have Advanced Professional Services in your corner and how tail malpractice insurance policies can protect your livelihood.