The practice of healthcare is continuously changing and evolving. It wasn’t so long ago that physicians and hospitals would only ask questions about Tail Coverage, Claim Statistics and Financial Strength. Clearly these are all critical questions to ask, but the complexity of Medical Professional Liability (Medical Malpractice) insurance policies are changing to meet the needs of today’s Physicians + Hospitals. To dig a little deeper into your program, ask the following questions about your policy:
- Does my Medical Professional Liability (malpractice) policy provide coverage for Medicare or Medicaid billing audits? If so, how much coverage is provided and what does my policy provide coverage for? For example:
- Attorney + legal defense costs?
- Fines + penalties?
- Does my Medical Professional Liability (malpractice) policy provide coverage for “Data Breach or Cyber Liability”? Again, how much coverage is provided and what does my policy cover? Some examples include:
- Network security failures
- Unintentional disclosure/breach of Personal Health Information
- Legal costs
- A breach coach
- Regulatory proceeding
- Business Interruption coverage
- Does my Medical Professional Liability (malpractice) policy provide coverage for “Medical Directorship” duties? If not, can it be purchased separately or can the facility you are working at provide this coverage?
You can never forget the core components of a policy: Tail Coverage, Financial Strength, Consent to Settle Clauses, Claim Defense Statistics, etc… However, in today’s complex practice of healthcare you need to dig deeper to understand where you are at risk and how you can be best covered.