This entry was posted on Thursday, January 19th, 2012 at 12:01 pm and is filed under finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
January 19, 2012
In most states, law requires medical malpractice insurance. Nevertheless, not everyone in the health industry has it. The truth is, if you are a health care professional it is important that you have an insurance coverage that will provide you with financial backup in case someone filed a legal complaint against you. Knowing your options, and how much insurance coverage you need is very important when purchasing insurance. Here is a malpractice insurance guide for you:
There are different types of professional liability insurance available today. And your option should always be based on your field of expertise, and in this case you need medical liability insurance.
Claims made coverage is a type of medical liability insurance that provides coverage if the claim made is reported while the insurance is in effect. This is the most common type of malpractice insurance and the coverage can be increased at any time.
Retroactive coverage on the other hand is a type of liability insurance that can be purchased if the medical professional is already facing a medical malpractice now or in the future or he was previously covered with insurance but the coverage have already lapsed.
Tail coverage insurance is used to cover is not necessary if you have retroactive coverage. However, if not, it can be used as protection if the incident has occurred during the coverage but the policy has now lapsed. The same company you went before provides this insurance.
Occurrence insurance is a type of medical malpractice insurance that offers payout regardless of the time when the malpractice incident happened as long as the policy is in effect during the incident. Meaning even if you do not have policy coverage today if the incident you are charged against with happened while you are within the policy coverage, then the insurance provider will give you a financial backup for the court fees, legal expenses and even the settlement amount, all of which depends on the types of policy you purchased before.
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