1099 personal malpractice insurance

[pasgasser2]

I've been offered a contract as a 1099 locums at the local hospital. However, I have to provide my own malpractice insurance. Anyone have recommendations for which insurance carrier I should use? What are the typical rates/premium for carrying my own malpractice for 3-6 months? I assume I would need to get tail coverage even after a short assignment?

 

[aneftp]

Medpro
The doctors company are two major players.
Occurrence for 1/3 million ranges from around 18-30k a year most states

500k is a little cheaper.

Claims made is usually $5-8k first year plus tail is 2x the Premium. (10k-16k tail) after one year.

So basically occurence u are prepaying up front.

 

[tracheatoedoc]

I use medpro. You definitely want an occurrence based policy.

 

[pgg]

I used the Doctors Company for a few years. Was very happy with them.

Rates and appropriate coverage levels vary a lot from state to state.

Claims-made is fine if you do the math and plan for the tail or a nose.

 

[UscGhost]

I use medpro. You definitely want an occurrence based policy.

Not if occurrence is that expensive.

Doctors company usually waives the tail if you retire and you can always go part time and reduce your cost

 

[aneftp]

Not if occurrence is that expensive.

Doctors company usually waives the tail if you retire and you can always go part time and reduce your cost

If you are working 10 plus year plus plan To retire. Yes. Claims can be “cheaper”

But just do the math
Claims
7k
10k
13k
17k
20k

Vs occurrence
20k
20k
20k
20k
20k

(There are variations) but I’m trying to keep it simple

After 5 years it will cost you roughy 67k in claims made premiums

And 100k in occurrence

So that makes claims made “cheaper”

But when you account for the “tail” which is 2x the last year premiums. That “tail” is gonna to cost you 40k

So that makes the 5 year claims made policy plus tail equivalent to 107k

Vs 100k for occurrence

So really zero difference