As a new practicing physician, one of the more important tasks that is likely on your to-do list is obtaining medical malpractice insurance. This vital protection is a requirement for all physicians, and the questions people have about getting this coverage are equally common. To help you embark on this journey for the first time, here are some helpful details you can apply as you obtain quotes to make your selection.

Deductible

Like other insurance policies, medical malpractice has deductible requirements. With a deductible, a minimum threshold is set for coverage to begin. The insurance company will not activate and initiate financial coverage until the physician covers this deductible. The deductible you choose should be a balance between an amount you can comfortably afford and one that will maximize your coverage. Obtain quotes at several deductible levels to see which is best.

Coverage Activators

Review coverage activators to see what action initiates your medical malpractice coverage activation. There are two common activators; self reporting and formal reporting. A self-reporting activator is one in which the healthcare provider can notify the insurance company of a potential claim, prompting the policy to activate and providing the provider with early support to defend the claim. Formal-reporting activator claims only start when an official legal claim is initiated against the provider. Review which option is available for each quote you receive to determine what you are comfortable with.

Defense Cost

All medical malpractice suits have a set coverage limit, and most of these policies include defense costs. However, what often separates policies is how defense costs are calculated. With some policies, defense costs are included in the coverage limit. Then there are policies where these costs count as a separate coverage component and are not included in the coverage limit. Quotes that do not include defense costs in the coverage limit are best.

Exclusions

Many of these policies also include exclusions. In short, exclusions are factors that the policy does not cover. Exclusions can include everything from specific procedures to the prescribing of certain medications. When you obtain your quotes, it is vital to ensure the policies do not include an exclusion for a process you will regularly engage in within your practice. Any policy that does have an exclusion for something you use in practice will not offer the safeguard you need. 

If you have additional questions, you do not have to worry. The insurance agent that works with you to obtain your quotes will be more than happy to address any questions you have. Contact an insurance professional today for a medical malpractice insurance quote.