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Questions You Should Ask Before Purchasing Medical Malpractice Insurance

Gallagher Healthcare :: Industry Insights
By Gallagher Healthcare | 6/26/2018

Medical malpractice insurance is not only the law, but it provides a layer of protection in the event of claims, including false claims. Unfortunately, in the medical profession, sometimes medical outcomes are not what the doctor or patient would wish. In our litigious society, errors and unpredicted problems can result in claims. Contact Gallagher Healthcare to ensure you have the right coverage for your needs.

If you have been considering your coverage, consider these medical malpractice questions to ask your insurance company or agency. These medical malpractice questions can help you make the right choices about your policy:

  • Who decides when to settle? You will want to ensure you have the right to fight unfounded legal claims to clear your name. For this, your policy needs to have a “Consent to Settle Clause,” which allows you to reject the idea of settling a case without penalty.
  • Is occurrence-based or claims-made insurance right for you? A claims-based policy covers you for the time when a claim is made, even if the incident on which the claim is based occurred before the policy was in place. However, the claim event must have occurred after the retroactive date. An occurrence-based policy covers you during the life of the policy. If you are changing insurance, you may need to consider which coverage provides the most protection.
  • What are my liability limits? How much are you covered for? Also, consider whether you are sharing your limits with an organization, employees or an employer or have your own set of limits. Make sure your limits are generous enough to cover you. Litigation is costly.
  • Does your policy have an incident trigger? If so, your insurer becomes responsible for an incident’s claims as soon as you report a negative outcome. With a written demand trigger, a claim has to be filed or a written request for money is made. In general, incident triggers ensure you do not have to stay with a current insurer because an incident may lead to a claim.
  • Does your policy protect you after you leave or retire? If you retire and your policy does not have free retirement tail provisions, the costs of your tail insurance can be sizeable.
  • What kinds of violations are you protected against? Your medical malpractice insurance should protect you against the possibility of a legal claim. However, you will also want to look for coverage for privacy liability, regulatory violations and data security breaches. As more information is stored online, medical professionals may find their practices’ online records breached, which can precipitate a lawsuit. In addition, regulations become increasingly complex and the fines for non-compliance can be high, so protection against this eventuality may need to be considered.

Gallagher Healthcare offers solutions based on your specific needs, location and specialty. Our professionals can help you find the right insurance coverage at the right price. Contact us to learn more about medical malpractice insurance and why should choose Gallagher Healthcare. We help you handle insurance so you can get back to your patients and your practice.

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