Medical Malpractice Insurance
Medical Malpractice Insurance for Health Care Professionals
HCP National is a medical malpractice insurance broker that specializes in offering medical professional liability insurance for all risk levels. Since the early 1990s, we have been a full service provider of liability insurance and risk management products to the healthcare industry and other businesses. We proudly serve health professionals in California, Colorado, Pennsylvania, New York, and more.
Comprehensive & Full Service Malpractice Insurance
At HCP, we have access to all the major Standard and Non Standard insurance markets to cover your medical specialties, even those that fall into high-risk categories. If your physicians or institutions have a history of malpractice claims, HCP National has access to the most affordable malpractice insurance companies available in the marketplace, saving you the most money on your medical malpractice insurance.
Check out some of the advantages of having our health care industry insurance experts on your side:
Individual Professional Liability Insurance
HCP National provides malpractice insurance in NY, CA, CO and PA. Since the early 1990’s we’ve been a full-service provider of liability insurance and risk-management products to healthcare industries and other businesses. There are many misconceptions about medical malpractice that many physicians and professionals believe to be true. Most malpractice insurance is claims-made. With claims-made insurance, you have a retroactive date, which means that the coverage goes back to that date, as long as you policy is current.
If you decide to move your medical malpractice to another insurance company, as long as they maintain your retro date, you will not have to buy tail insurance. It becomes like moving any other insurance, such as auto or home. If you are in the Standard Malpractice market, moving from one insurer to another often results in equivalent coverage. If you are in the non-standard you will want a comparison of your current coverage to make sure there are not any significant changes in coverage.
If you have an occurrence policy then the process is even easier. You can move your occurrence policy from one insurer to another and all claims that occurred during prior policy are covered. Also, with the new policy you will be covered from the effective date forward. There is little downside to moving your medical malpractice insurance.
Why Some Doctors Do Not Get Quotes For Malpractice Insurance
One of the barriers that doctors find when looking for new medical malpractice are the lengthy applications. At HCP National we have a way around this, if you use the Center for Affordable Quality Healthcare (CAQH) for your credentialing, you do not have to fill out an application to get quotes from us. Or if you do not use CAQH, we can use a former malpractice application that you completed in the past.
Loyalty That Is Not Both Ways
We also find that some doctors will have a loyalty to an insurance company for reasons that seem to be misplaced. If you were to have significant claims, your insurer would cancel you right away. Therefore, loyalties should be a two-way street, and unfortunately, in many cases the insurance companies only want you when you have a great loss history. Therefore you need to look at your medical malpractice as any other insurance purchase. You want the same or better coverage at the lowest price you can find from a quality insurance company.
There are also medical malpractice insurers that have gimmicks, which often offer return of premium in the future when you’re ready to retire. The downsides to those programs are that they are not guaranteed. If you do receive a benefit, it will be fully taxable and further if you don’t retire due to claims or you moved to another practice that does not have that insurer, and then you lose this benefit. At the end of the day, medical malpractice insurance should be purchased based on quality of the insurer, the price, and the coverage. No other considerations should be included. Hopes of future payouts or dividends are only that, as they are not contractually guaranteed. Your insurance is likely overpriced to pay for this potential benefit; it is better save money now which is guaranteed versus.
Group Medical Malpractice Coverage
At HCP National we work with many medical groups, including one of the largest Foundations in the country. We have saved them significant money.
Purchasing Medical Malpractice Insurance as a group, versus individually, is one of the most competitive ways to buy coverage. If you meet the size requirements to be considered a group you can receive a 40-60% discounts over what a solo physician would pay for the same coverage.
There are two components of medical malpractice insurance for a group.
- The individual doctor’s coverage, which will model the typical $1 million – $3 million.
- Entity coverage or the practice/institution’s coverage which also has its own separate limit.
The entity coverage limit protects the group or foundation from vicarious liability and the doctor’s limit covers them personally for their actions and liability.
Example: Dr. Sanchez is sued and his employer the XYZ Foundation is also named in the same suit. The patient is suing the entity since Dr. Sanchez is employed by them, and therefore they are being held account for Dr. Sanchez’s actions too. Therefore, the entity coverage will respond and defend the XYZ foundation. The limits for the Entity can be 1/3 million for a smaller group and 1/10 for a larger one.
Further, the entity coverage limit can be shared with allied professionals, NPs/PAs. This is a very economical way to cover them, When the group has several NP/PA’s covered the coverage should be a 1/10 limit in case there are multiple separate claims involving PAs/NPs.
Make the Change and Enhance Your Coverage
Changing group malpractice insurers is fairly painless. There is no need to buy tail either. As long as you’re moving from one quality insurer to another, the retro date for the entity and all of the physicians are matched. It makes a lot of sense to search for lower cost alternatives.
Similar to physicians’ coverage, the insurance that was competitive years ago may not be today. The best way to find out how much you can save is contact HCP National and work with one of our malpractice experts. We have access to the most competitive group malpractice insurers in the marketplace. In fact in some states, including California, we have special programs that your current broker may not be able to access.
Malpractice Coverage for All Medical Specialties
Whether you’re an obstetrician, gynecologist, or a cosmetic surgeon, we have experience in insuring all specialties, including sub-specialties.
Interestingly, insurance companies price some specialties and sub-specialties quite differently, and will categorize these specialties differently. This can make a big difference in the pricing. One insurer can have the best price for an Orthopedic Surgeon and the least competitive for a General Surgeon. We are aware of these nuances, and will find the best deal for your situation.
Claims Made Coverage and Occurrence Policies Available
Occurrence Medical Malpractice Insurance
An occurrence malpractice insurance policy covers any claims that occur during any policy year. The only event where occurrence coverage will apply is when the incident occurred during the policy year.
Claims Made Medical Malpractice Insurance
A claims made policy covers any claims brought during the claims made policy period. There are two events for claims made medical malpractice coverage to apply. The incident must have occurred during the policy year and it must be reported during the policy year.
The average time to report a medical malpractice claim is approximately one to two years, and a tail is required, or reporting endorsement is to be purchased to provide coverage for claims which have occurred but are not yet reported if the insured is non-renewed or decides to change carriers.
Specializing in Hard-to-Place Physician’s Malpractice Insurance
At HCP National we have been very successful obtaining lower rates of physicians and groups in the nonstandard insurance market, and eventually getting them back into the Standard market.
We have seen physicians paying over $100,000 a year when we met them, and after a few years using our expertise we have had premiums reduced by 50 to 70% in several cases. We have had similar results with groups; we’ve reduced group’s rates dramatically and gotten them into the Standard market where rates are a fraction of the cost.
Physicians or Groups who are in the non-standard market have a unique challenge. They are often there because they have claims, a specialty that is outside their normal practice, a medical board issues or all three. We specialize in hard-to-place solo doctors and medical groups. If you’re in the non-standard market, you’re paying a great deal of money for your medical malpractice insurance.
We have worked with physicians and groups in all sorts of situations and we are very sympathetic towards your position. We will do our utmost to save you money and provide you with adequate coverage until we get you accepted into the standard market. We enjoy it most when we call a physician or a group and inform them we have saved them 50% on their malpractice insurance
If you’re with a broker who keeps you with the same insurer year after year, or you are told no other insurers want you or cannot be competitive this is when we perform the best.
We understand the requirements you face in maintaining medical professional liability insurance to offset the risk and costs of malpractice suits. Our Sales Representatives and the HCP National support staff for our Malpractice Insurance Service Department are dedicated to helping our clients in the medical community understand their risk and protect their practice based on the legal standards and regulations within their jurisdiction.
Since malpractice tort reforms have been put in place in many states, doctors and physicians in some areas of the country have foolishly elected to go without an insurance policy, relying instead on bankruptcy laws to avoid paying damages and save their assets. Don’t leave the fate of everything you’ve worked for in the hands of the court. Get protected today! It’s a lot more affordable than you think, and you’ll have peace of mind knowing that you are insured against the worst case scenario.
From New York to California, medical malpractice insurance is only a phone call away. Call 1-888-478-6756 today to speak with an HCP National representative about your specific malpractice insurance needs.