Selecting the right Medical Professional Liability Insurance is one of the most important decisions that healthcare professionals make. Not only is this specific insurance one of their largest pieces of overhead, but without appropriate coverage, a malpractice lawsuit can be financially and professionally devastating.
With decades of combined experience, Dean Insurance Brokerage representatives are experts in the area of Medical Professional Liability Insurance. As such, we are uniquely suited to evaluate your practice and design a policy that will safeguard your assets, career, and reputation.
Dean Insurance Brokerage has access to numerous insurance companies, which affords our customers options they will likely not get elsewhere. Moreover, with their best interests in mind, we have chosen to partner with insurance carriers of the highest quality, financial strength, and commitment to policyholders.
While decisions about insurance products should not be based solely on price, there is certainly no reason to pay more than is necessary. Even in situations where our customer is reluctant to change insurance companies, we can often help them reduce their existing premium by negotiating with the incumbent carrier.
Dean Insurance Brokerage can arrange Occurrence, Claims Made, or Modified Claims Made policies depending on the customer’s coverage requirements, with limit options ranging from $100K/$300K to $5M/$8M. If you are interested in securing a quality Medical Malpractice Insurance policy for the most affordable premium available, contact us today for a no obligation consultation.
Tail Coverage Insurance
Tail Coverage, also known as an Extended Reporting Period, is an endorsement that extends the time that claims can be reported after a physician cancels their Medical Professional Liability Insurance policy. Most standard insurance companies provide physician insureds with free Tail Coverage when their policy is cancelled for reasons of Death, Disability or Retirement. However, when it becomes necessary for a physician to cancel their policy for reasons other than those just described, or their new carrier declines to pick up “prior acts” coverage, the physician must purchase Tail Coverage for an additional premium.
It often comes as a surprise to physicians that Tail Coverage can cost as much as 200% of the expiring annual premium, sometimes more depending on the particulars of the risk involved. Going without Tail Coverage is not wise considering that patients can file a lawsuit against their treating physician many years after the date of the incident, especially considering that the statute of limitations in many states is dependent on the timeframe that the patient first becomes aware of the alleged medical negligence.
Physicians have two options when it becomes necessary to purchase Tail Coverage, buying the tail from the insurance carrier that provided the initial coverage (expiring carrier), or securing a standalone Tail Coverage policy from another company. While both are options provide the necessary coverage, standalone Tail Coverage policies are often much less expensive.
Dean Insurance Brokerage has access to numerous insurance companies that offer standalone Tail Coverage policies, and the quotes we deliver our customers are often 10% to 30% below the premium charged by the carrier that provided their initial coverage. If you are in interested in achieving a significant savings on Tail Coverage without giving up quality, contact us today for a no obligation consultation.
Medical Director Insurance
Medical Director Insurance serves to cover physicians who are working in an administrative capacity as head of organized medical staff, and whose duties may include training and supervision, developing and implementing policies and procedures, credentialing review, and overseeing compliance. These services are often provided at Hospitals, Surgery Centers, Nursing Homes, Long Term Care Facilities, and Medispas.
Unfortunately, most physicians are unaware that their Medical Malpractice Insurance policy doesn’t cover Medical Director duties performed on behalf of entities not insured under thier policy. The reason being these policies are designed to insure direct patient care, and administrative Medical Director duties are often excluded. As a result, physicians require a standalone Medical Director Insurance policy to cover this risk.
Dean Insurance Brokerage has access to numerous insurance companies that offer standalone Medical Director Insurance policies for physicians. If you are interested in securing Medical Director Insurance for an affordable premium, contact us today for a no obligation consultation.
