Understanding Malpractice Tail Coverage
In the medical field, there are hundreds of types of professions in dozens of practices and specialties.
Nevertheless, tail malpractice insurance is a wise investment for any individual in the field of medicine.
Tail malpractice insurance is mandatory for many states and almost all hospitals and medical insurance plans.
The good news is that your employer will likely carry a malpractice tail insurance plan.
The bad news is that the policy is usually bare-bones and not necessarily the right coverage for every employee nor every situation.
Malpractice insurance has a lot of moving parts and seems complicated but, insurance is broken down into two policies: “Occurrence Claims” policies and “Claims Made” policies.
A majority of hospitals, clinics, government-run medical facilities opt for a “Claims Made” policy because it’s less expensive, but this policy can leave a window where a claimant in a suit has no protection at all.
This is where tail malpractice insurance comes in.
What is Malpractice Tail Insurance?
Tail coverage is an extension or addition to a “Claims Made” policy that extends a reporting period for a claim that is filed after the policy has expired or was canceled, you have a new policy, have moved, or have retired.
For this reason, malpractice tail insurance is also referred to as an extended reporting period.
The vast majority of health care systems and hospitals are self-insured and don’t provide a “prior acts” policy and will require a malpractice tail insurance policy to be purchased by the individual.
There are even a few states that will bar you from practicing medicine without some type of tail malpractice insurance.
The friendly, knowledgeable insurance brokers at Advanced Professional Services know how important malpractice tail insurance is.
We also know how to get the best price for tail malpractice insurance, know the different tail insurance policies available, and the nuances of the different options.
By calling Advanced Professional Services you have a specialist in your corner whose sole focus is to find the optimal malpractice tail insurance for your specific needs.
Our malpractice tail coverage specialists educate our clients on the fundamentals of cost and policy options, long-term malpractice tail coverage benefits, and the difference between tail malpractice insurance and malpractice tail coverage
The Cost of Tail Malpractice Insurance
Even though malpractice tail coverage is pretty much a necessity, it hasn’t been cost-effective or comes with very many options.
Thankfully, that’s changed recently.
With the advance of stand-alone tail malpractice insurance policy options, the ability to purchase lower limits of liability, and the option to purchase a limited malpractice tail insurance coverage policy, medical professionals now have options for coverage and cost.
Advanced Professional Services customer service agents are dedicated to providing optimal, cost-effective insurance, and focus on the needs of our clients, not the insurance companies.
That promise of quality certainly extends to finding the best and most affordable malpractice tail coverage, along with guiding you through what options fit your specific profession.
What else should you know about malpractice tail insurance?
● Tail coverage is not nose coverage. Nose coverage is an addition to a “Claims Made” policy but it requires the current policy to stay active.
● Malpractice tail coverage is not required if you have an “Occurrence” based policy.
● Advanced Professional Services offers the best rates for all insurance policies, including tail coverage.
● Whether long term or short term tail coverage is applicable depends on the type of risk involved.
Advanced Professional Services has great malpractice insurance options that aren’t limited to tail coverage policies, such as cybersecurity liability, HIPAA violations, and extended coverage, among others.
Quotes are always free and we’re happy to answer any questions or concerns.
So, don’t wait, and don’t assume the coverage you have now is the right protection.
Let one of our professionals advise you on choosing the right malpractice insurance and tail coverage or any other policy.
Call now and know that you have the best experts on your side.