What Limits of Liability Do Texas Physicians Carry?

Medical malpractice insurance is a type of insurance that specifically caters to the needs of medical professionals. This insurance protects the professional against claims of negligence filed by their employers or patients. It usually covers defending and settling the suit, paying for compensatory and medical damages if the insured is found to be guilty, and other related costs.

Medical malpractice insurance comes in different forms:

  • Claims-made policy – This covers incidents that happened and are reported to the insurance provider while the policy is in effect. Typically, claims-made policies extend for a significant period of time so that they can offer sufficient protection to the insured.
  • Occurrence policy – This covers incidents or injuries that occurred within the year covered by the insurance policy. The professional is financially protected even if the incident itself was reported outside the coverage year.
  • Tail insurance – If the professional decides to discontinue their claims-made policy, they can purchase tail insurance for an added price. Take note that tail insurance can be quite expensive, often costing three times more than the annual premium.

There are a number of factors to consider when deciding on the maximum amount of money that the insurer is responsible for should they need to cover the expenses incurred by the insured. For physicians, these factors include the physician’s location, specialty, coverage type, claims history, and limits of liability.

When shopping for an insurer, it’s important to consider the cost of the policy. At the same time, it’s also a smart choice to talk to physicians who have experience working with the insurer. Ask them how their claims were handled and if they’re satisfied with it. It’s also a plus to go with an insurer that offers risk management programs for physicians as well as emotional support for defendants.

Finding the Right Insurance Provider for Physicians in Texas

Quote Texas Insurance is a top-of-mind option for physicians who are looking for business, commercial, and general liability insurance in Texas. If your practice is based in Addison, Jackson, or San Antonio, call us at #phone## so we can match you with an insurance provider that suits your needs. We have an 8-step process that allows us to present our clients with practical options that are tailored to the nature of their business. You can also leave a message on our Contact Us page if you have inquiries about our services and processes.