Healthcare is evolving daily, and for physicians to be successful, they must understand both the medical aspects of the industry, as well as how to run a business. This is why any doctor considering a career change or moving to a different practice should understand tail coverage medical malpractice insurance and why it is beneficial to them.
What is Tail Coverage Medical Malpractice Insurance?
Tail medical malpractice coverage can insure claims issued after a policy terminates. An Extended Reporting Period (ERP), also allows physicians to report claims after the policy ends. Having an ERP doesn’t extend your policy, but is available for an additional premium and can give you more time to report claims for errors.
How to get Tail Malpractice Coverage
There are several ways to obtain tail malpractice coverage. One way to buy coverage is through an existing provider. However, depending on the length of the previous claims-made policy, the cost for coverage maybe 200% more than the expired policy. You can also purchase a standalone policy from a new provider. Yet, when you buy tail insurance from a new insurance provider, only future claims are covered. The ability to receive free tail coverage malpractice coverage may also be available in the event of death or disability. However, there are stipulations, and physicians must meet specific requirements to qualify.