As a physician or nurse, you know how important malpractice insurance can be. What you may not know is that it can’t always protect you from the cost of legal action. There is a way to extend the protection of malpractice insurance, however. It is called tail coverage.
If you carry claims-based malpractice insurance, you know you are only covered during the period the policy is active. If a patient files a claim after the policy period ends, you are not covered. If that happens, it can devastate you financially. Tail coverage extends that reporting period beyond the end of the policy, protecting you if a claim is filed after the policy ends.
Doctors Now Have Tail Coverage Choice
In the past, the type of tail coverage doctors and nurses had to choose from was relatively limited. More often than note, they would have to add coverage to their established policy at whatever premium the insurance carrier chose to charge. That is no longer the case.
Now the competition is changing things. A handful of insurance carriers now offer products called extended reporting, or stand-alone tail, coverage. Physicians and nurses can shop for the right tail coverage to fit their individual needs and possibly save a little money in the process.