Medical Malpractice Insurance / Doctor’s Insurance
Medical malpractice insurance, also known as doctor’s insurance, is designed for all manner of doctors, from surgeons to dentists. This type of insurance protects doctors and other health care professionals from liability arising from wrongful practices resulting in bodily injury, medical expenses and property damage. In addition, it covers the cost of a lawsuit defense that may be associated with such a claim. Formally known as a medical professional liability insurance policy, The Kerr Agency offers comprehensive medical malpractice insurance coverage depending on your unique needs and budget. As your leading professional commercial lines property and casualty insurance broker throughout Monmouth County, New Jersey, we offer cost-effective, customized medical malpractice insurance policies individually tailored to our clients.
Medical Malpractice Insurance – There are four main types of this kind of insurance…
Medical malpractice insurance generally covers bodily injury or property damage, in addition to liability for personal injury such as mental anguish. There are four main types of this kind of insurance:
Claims-Made Coverage: coverage for incidents that happen while the policy is in effect. Premiums for this type of insurance are usually more affordable than others because they are based on current experience rather than potential future liability.
Prior Acts and Tail Coverage: For those who choose claims-made coverage, this is an add-on designed to cover claims for incidents that occurred while the policy was in force, but that were not reported until after cancellation of the policy. A doctor may cancel his or her medical malpractice insurance due to retirement, disability or a simple insurance company change. To fill in the gaps between when malpractice claims may be filed (which sometimes happens months or years after the alleged incident) supplemental coverage is a wise idea to cover for prior acts.
Tail Coverage policy involves the same insurance company for both the original and new policy; Prior Acts involves a policy purchased from a new insurance provider.
Occurrence Coverage: Akin to traditional home and car insurance policies, occurrence coverage is designed to cover incidents that happen while the policy is in force, regardless of when the claim was filed – even in the event of cancellation at the time of the malpractice act. With this policy, there’s no need for you to add on supplemental prior acts and tail coverage policies, but overall it is more costly than claims-made coverage.
Medical Malpractice Insurance – What’s Covered?
Coverage options for medical malpractice insurance or doctor’s insurance include:
- Costs of legal defense, fines, penalties
- Billing Errors
- Medical Regulatory Violations
- Data Security and Privacy Coverage
- Network Security and Privacy Insurance
- Multimedia Insurance
- Privacy Breach Costs
- Customer Notification Expenses
- Customer Support Costs
- Credit Monitoring Expenses
- Network Asset Protection
- Cyber Extortion
For questions regarding coverage for your medical malpractice or doctor’s malpractice insurance policy, contact The Kerr Agency today at 732-383-5865. When you call us, we will put you in touch with a member of our executive team who will give you detailed advice to help you in selecting the best possible coverage for your needs.