Podiatry Professional Liability Insurance
Obviously, the insurance policy protects you from the risks associated with every procedure you perform. Understanding your podiatry malpractice insurance policy, selecting the appropriate limits of liability and keeping your policy in force and up-to-date helps you protect your assets and future earning capacity. That is sort of our job.
We are here to present the application to The Doctors’ Company (our primary, preferred insurance carrier). And, if they are not willing to offer the competitive, accurate policies, then we work with one of our specialty insurance carriers.
One of the basics to know about obtaining medical malpractice insurance is that No malpractice insurance carrier will cover an incident that took place during a period in which you did not maintain an active policy.
Buy before you try
So, the priority is, of course, to find the policy before you begin your medical practice. The objective is to bind the policy prior to beginning your practice.
We can work with you to review all of your insurance policies from: the workers compensation to your life insurance to just think about how much to maintain, now and into the future.
Limits of liability? How much do you need to protect your podiatry practice?
Finding the limits you carry are inadequate after a claim has been made is…well..not the best time to discover that you’re underinsured. Paying the right premium and binding coverage prior to performing services and carrying the proper limit are two examples of why it's so important to review and renew your podiatry malpractice insurance policy annually.
What is a claims made insurance policy
Claims Made Policies are generally less expensive…and, they pack a tail at the end.
The primary form of professional liability insurance written for podiatrists is claims-made coverage. A claims-made policy is a form of malpractice insurance for podiatrists that provides coverage when a claim is made, provided the incident leading to the claim took place after the policy’s retroactive date. The retroactive date is the original start date, after which the policy provides coverage for all procedures.
The Date of coverage, does this claim fall within the policy?
If you purchased a claims-made policy with May 1, 2011 effective date and a May 1, 2009 retroactive date. We will assume that your policy has been maintained and remains in force today. In March 2012, you are served with a malpractice claim stemming from an incident that occurred in November 2010. Because the incident took place after the retroactive date on your policy, your podiatry malpractice insurance carrier would provide your legal defense and indemnify you up to the policy's limits of liability in force when the claim is reported.
Conversely, if the incident that gave rise to the claim had occurred in December 2008, before the retroactive date, your claims-made policy would not have responded.
Tail for claims made policies:
More information about Claims Made Policies:
Claims made policies are stripped down in a sense, they are designed to cover just the present risk, without funding for future, inevitable painful tail expenses.
Claims-made professional liability insurance is relatively inexpensive during the first few years of coverage.
A claims-made policy can benefit you because you are indemnified to the limits of liability in effect when a claim is made against you. Therefore, if you regularly increase your limits over the lifetime of your policy, your coverage would respond with the limits in force today even if the limits were lower when the incident actually occurred.
Although these benefits are attractive, you should be aware of a potentially negative factor.
An additional cost could come into play ; the cost is, however, somewhat unavoidable. Tail insurance is just a part of practicing in the healthcare field.
If you ever cancel a claims-made policy, you may need to purchase what is known as "tail coverage." This is a special endorsement that allows claims to be submitted after the policy is cancelled.
The Cost of tail insurance for Podiatrists in Los Angeles
Costs for tail coverage vary, but typically range between 100 percent and 200 percent of your last annual premium. Most companies offer free tail coverage in the event of death, disability and retirement, provided you've reached a certain age and carried you policy for a certain number of years. Check with your insurance agent to determine the eligibility guidelines under your policy with regard to free tail coverage.
Even though you may have added cost when you cancel a claims-made policy, your premium savings while the policy is in force may offset the back-end expense.
The Doctors’ Company is one of the major providers of Podiatric Medical Liability insurance…and, our agency is experienced in working with The Doctors’ company: our depth of knowledge, effort and commitment to this market should count for something when you’re trying to put together the right limits, and the appropriate policy. We’ll work hard to make sure you are not spending too much, and you’re covered in the right category (there are usually three available ratings.
We encourage you to work with us. You may qualify for various discounts that could modify your premium to better reflect the nature of your practice. Discounts include:
- New Podiatrist Discount
- Claims-Free Credits
- Group/Association Credits
Risk Management Credits for 2 years - Insured podiatrists are eligible for online risk management and CME at no cost!