By understanding these key facts, you’re well-equipped to navigate the landscape of malpractice tail coverage. Remember, this information empowers you to make informed decisions to secure the best coverage at a competitive rate, ensuring long-term protection throughout your medical career.
7 Secrets To Help You Make Informed Decisions About Malpractice Tail Coverage
Malpractice insurance is a doctor’s safety net, but what happens when your claims-made policy ends? Here’s where malpractice tail coverage steps in. This crucial add-on protects you from claims filed after your primary policy expires, for incidents that occurred while the policy was active. Understanding the lesser known details of tail coverage empowers you to make informed decisions about this essential protection.
Even if you don’t partner with us, these secrets will help you find the best coverage at the best price.
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1. Shop Around for Tail Coverage:
While your current carrier might offer tail coverage, you’re not limited to them. Explore options from a variety of reputable (A-rated) insurers. By shopping around, you have the potential to secure a more competitive rate.
2. Consider Lifetime Coverage:
Short-term tail policies might seem appealing due to lower upfront costs. However, these may leave you exposed later in your career. A lifetime tail policy offers comprehensive protection over the long term, providing valuable peace of mind.
3. Match or Increase Your Coverage Limits:
Ensure your tail coverage limits are equal to or even higher than your current malpractice policy. This ensures you have sufficient protection for any future claims arising from your covered practice period.
4. Explore Third-Party Payment Options:
In some cases, your employer or another party might be obligated to cover the cost of your tail coverage. Review any relevant agreements you have before making a purchase.
5. Protect Yourself from Out-of-Pocket Costs:
Even if malpractice tail coverage isn’t mandatory in your state or by your employer, it’s a wise investment. It safeguards you from the potentially significant financial burden of uncovered claims in the future.
6. Check the Insurer’s Financial Rating:
Before purchasing a tail policy, it’s vital to verify the insurer’s financial strength. A financially secure insurer provides greater peace of mind, knowing they’ll be there to fulfill their obligations in the event of a claim.
7. Don’t Miss the Grace Period:
Most insurers offer a grace period (typically 30 days) after your policy cancellation to purchase tail coverage without penalty. Missing this window may limit your options or make securing tail coverage more expensive.
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