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Recently we've had a flurry of interest from doctors and companies looking for professional liability insurance to cover their participation in clinical trial work.In the past, a doctor’s medical malpractice insurance policy would most often extend coverage for this work, sometimes with a slight surcharge to cover the exposure, though more often not. But as the current state of medicine and the changing economic reality has driven many physicians from an independent, solo practice into larger group, corporate, or hospital arrangements, these entities are no longer as willing to extend their group coverage to assume the risk over their physician’s individual clinical trial work.
As a result, they are being forced into the general marketplace to look for a reasonably priced solution to this coverage crisis. However, this market often doesn't understand the nuances of this risk.
One recent inquiry came from a physician on the East Coast who had called over 30 agencies, looking for an insurance agent who understood what she was asking for. Her relief was obvious after only five minutes of speaking with us; we were eventually able to offer her an affordable insurance policy, customized to her specific clinical trial role.
As an agency that has specialized in medical practices for almost thirty years, The Doctors' Insurance Agency is in the unique position to both understand the physician and their practice risks, as well as how to approach the insurance market in order to make the application process as painless and successful as possible.
We have solutions to provide coverage for each element in the trial process itself – no matter how limited or expansive the role - from the Principal Investigators, physicians, and researchers, to the clinical trial company itself.
For more information regarding clinical trial coverage, contact us or fill out the form to receive customized clinical trial insurance quote.