- Joined
- Sep 27, 2019
- Messages
- 125
- Reaction score
- 40
What should one be sure to have in their malpractice besides a tail?
Thank you for any guidance.
Thank you for any guidance.
Malpractice insurance
- Thread starter Psychferlyfe3000
- Start date
- Joined
- Nov 30, 2009
- Messages
- 4,273
- Reaction score
- 9,400
It sounds like you do know what tail insurance is. This isn't going to be part of your policy. It's something you need if you cancel your policy or if you terminate employment with a company providing a claims made policy.
There are two main times of policy: occurrence and claims made.
Occurrence covers any malpractice claim related to acts that occurred during the policy period. Claims made only covers claims while you hold the policy so if you're sued later and don't have that policy you wouldn't be covered. Claims made is cheaper than occurrence for that reason (though the cost usually goes up exponentially each year until it plateaus). If you have a claims made policy you will need coverage after it ends. There are two main types: tail and nose. Tail insurance is through the company you terminated coverage with. Nose insurance is provided by your new malpractice carrier to cover acts that occurred prior to the start of the new policy.
The main things are 1million/3million is standard coverage for psych. Be sure it covers what you need for your practice. For example some insurances won't cover ketamine and some won't cover telehealth!! some included forensic, medical director/supervision duties etc and others charge extra.
There are two main times of policy: occurrence and claims made.
Occurrence covers any malpractice claim related to acts that occurred during the policy period. Claims made only covers claims while you hold the policy so if you're sued later and don't have that policy you wouldn't be covered. Claims made is cheaper than occurrence for that reason (though the cost usually goes up exponentially each year until it plateaus). If you have a claims made policy you will need coverage after it ends. There are two main types: tail and nose. Tail insurance is through the company you terminated coverage with. Nose insurance is provided by your new malpractice carrier to cover acts that occurred prior to the start of the new policy.
The main things are 1million/3million is standard coverage for psych. Be sure it covers what you need for your practice. For example some insurances won't cover ketamine and some won't cover telehealth!! some included forensic, medical director/supervision duties etc and others charge extra.
