Most FAQs Regarding Doctor Liability Coverage, Part 2

Physicians Filling Out PaperworkWe recently started a new series on the blog where we answer our doctors’ most frequently asked questions regarding doctor liability coverage. While we face many different kinds of questions every day, there are a handful that are repeatedly asked by almost all of our clients. So, today we would like to answer two more of those questions.

More FAQs Regarding Doctor Liability Coverage:

1. How long is the length of the policy and do I have any options?

Because the turnover in medicine is so high, relative to other professions, we are constantly asked about the length of the policy and whether a shortened policy is available. Usually our answer is that a standard doctor liability insurance policy is one year. However, there are situations where a shortened policy may be available, for instances such as fellowships, internships, and externships.

If you choose to cancel a policy early, in most instances, the insurance company will refund the unused portion of the premium and some companies charge a fee depending on how far along you are into the policy.

2. What is the difference between med mal insurance companies? And, what do the ratings mean?

Med mal agencies, such as, typically rely on one rating agency for assessing the quality and strength of a liability insurance company —AM Best. AM Best is a third-party rating agency and is the industry leader for rating insurance companies and providing detailed financial estimates and detailed reports of those companies. If the insurance company is not followed by AM Best, it usually means that they don’t meet certain minimal criteria. AM Best uses a graded rating system. Companies with an A+ to A- ratings are considered superior among their peers and are assuredly financially secure. This means that you can rest assured that your doctor liability insurance claims will be defended and paid out and that the company has the financial strength for longevity.

We encourage you to reach out with your own doctor liability coverage questions. We here at enjoy talking about liability coverage and learning about each physician’s unique practice situation. We also encourage you to see our common doctor liability definitions page for further reference.

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