Its no secret that medical malfeasance can cost your practice a lot of money. If youve been shopping around for malpractice insurance in Miami, FL, you should be aware of the three kinds of coverage available to you:
- Claims-Made Coverage -This is the most carried type of medical malpractice policy. It covers the policyholder for submitted claims of professional misdeeds if both the incident and the filing occur during the coverage term. Typically, the initial premiums for CMC are relatively low, owing to the fact that there is usually a lengthy lag time between treatment and any resulting filed claims.
- Occurrence Insurance -Occurrence policies protect practitioners against allegations for incidents that occur during the coverage period, regardless of when a claim is submitted. They also make provision for potential future claims, which can significantly impact premium prices.
- Claims-Paid Coverage -With CPC, premiums are determined by the number and cost of paid claims during the previous year, and they are then projected for the current year. These are more commonly used by trusts, rather than individual professionals, and often come with specific restrictions that physicians may find too prohibitive.
Which Is Best?
Searching for malpractice insurance in Miami, FL can be daunting. Talk to your insurance agent about which kind of policy will best protect you and the future of your practice.