Types of Malpractice Insurance

Malpractice insurance in Austin

Malpractice insurance in Austin covers cases of negligence that may be brought against you. Malpractice suits are fairly common, so having the proper insurance coverage is essential if you want to maintain your ability to practice medicine and protect your practice. You will have different options in coverage, though, so it helps to know what is available. Here’s a look at the three types of insurance typically offered.

Occurrence Coverage

This type of insurance offers coverage for any incident that occurs while the policy was current. Even if a claim is filed after coverage has expired, it will still be covered by the policy.

Claims-Paid Coverage

This type of coverage that is based on claims filed in the previous year and those projected for the current year. Coverage may extend to a certain amount of time after the policy has expired. Many times, tail-end coverage will be needed if you are switching to a different type of insurance plan after having this type.

Claims-Made Coverage

This type of insurance only covers claims that are made when the policy is active. It doesn’t matter when the incident occurred.

Choosing your type of coverage is important to making sure you have adequate coverage when you need it. It is also important to understand the different options in case you want to switch your malpractice insurance in Austin to prevent gaps in coverage.