For those in the medical field, malpractice insurance is often of the first areas of defense against claims of neglect, actions, or inaction that lead to patient harm. This insurance is a form of professional liability, and the medical field sees almost 20,000 malpractice claims filed every year. With tail insurance coverage, a physician is able to extend their malpractice coverage after the claims-based policy has been terminated or canceled.
The options for this extended coverage allows medical professionals to have liability coverage in the event a lawsuit or malpractice claim is filed against them after their insurance coverage has been terminated. Many medical facilities require physicians to purchase tail coverage because malpractice suits aren’t always filed immediately following an incident. In reality, the following factors affecting reporting timelines.
Patients care is ongoing.
The patient has no immediate knowledge of medical negligence.
The formal channels and means by which a patient must make the assertion of a negligence claim.
Because of the insurance many hospitals and medical facilities carry, physicians are often required to carry their own malpractice insurance. A hospital insurance policy may only offer limited liability assistance with professional duties, and malpractice insurance allows a physician to be covered regardless of the scope of duty. Tail insurance creates a bridge policy that physicians can use when transitioning between employers or when unemployed.