FAQs

Why use InsureDoctor ?
InsureDoctor combines the power of the internet with the experience and knowledge of top insurance industry professionals to make sure you get the best price for malpractice insurance. Since the cost of coverage and appetite of malpractice insurance companies change regularly, having a dedicated malpractice insurance professional working for you ensures that your coverage is placed with the most appropriate carrier for your individual practice.

What does it cost to use InsureDoctor ?
There is absolutely no cost to you. The insurance professionals that provide you quotes for malpractice insurance are paid by the insurance companies directly. The pricing you receive is exactly the same pricing you would receive if you were to contact the carrier directly. There is no extra charge for the valuable service provided by our network and since our network represents a broad array of carriers their only motivation is that you get the best coverage for the best price regardless of carrier.

How are premiums calculated?
InsureDoctor has a network of dedicated malpractice insurance professionals ready to go to work for you. Their job is to have carriers compete for your business, so that you get the most competitive pricing. Depending on the type of policy that you require, premiums will be calculated differently. The most important factor is experience or predicted experience. "Claims-made" policy premiums are based on actual "experience," or the number and severity of claims made. "Occurrence" policy premiums, on the other hand, are based on a projection of your experience. In addition, both types of policies take into account your limits of liability, specialty and geographic location.

What is the difference between a "Claims-made" and an Occurrence Policy? A Claims-made policy responds when claims are made against an insured versus when the incident happens in an occurrence form policy The popularity of claims-made policies stems from the savings that insureds receive in the first four years when a claims-made policy's rates are lower than a comparable occurrence form. However, these early savings in a claims-made policy are offset by the need to purchase a tail upon the termination of the policy. Claims-made policies are typically lower cost over the long term and provide the added benefit of allowing a physician the ability to move their prior acts from one carrier to another if their incumbent carrier begins to experience financial difficulties.

What is a "tail?"
An "extended reporting endorsement" also known as a tail allows claims to be reported to an insurer beyond a policy termination date. When a claims-made policy is terminated, there are two ways to handle the coverage without exposing the physician to an uninsured claim. The first option is to purchase a tail. The alternative is to purchase a new policy that includes coverage back to your "Retroactive Date" or the first date that your former Claims-made policy was written. Both options ensure that coverage remains in place for a claim not yet reported. On average tails cost twice your annual premium.

If I switch to a new carrier do I need to purchase a tail?
If you currently have a claims-made policy you do not need to purchase a tail in order to switch to another carrier. Normally the preferred way to change companies is to replace the coverage with a policy that has the same Retroactive Date ensuring your prior-acts remain covered. If you currently have an Occurrence policy you can switch to either another Occurrence policy or a new Claims-made policy without the purchase of a tail.

How much coverage do I need? The amount of coverage that you need depends on a number of factors including income, assets and affordability and the legal/claim environment in your state. An InsureDoctor professional will be able to assist you in weighing all available options.

Are all medical practice policies essentially the same?
No. There can be significant differences in coverage such as the availability of coverage for ancillary personnel, corporate coverage, exclusions for certain types of procedures, claims triggers, defense costs can be inside or outside the limits etc. Our team of experts will assist you in evaluating your current coverage and the best options for your practice.

Is InsureDoctor an insurance company?
No. InsureDoctor is an online insurance referral service that matches physicians with top tier medical malpractice insurance professionals with unique and local industry knowledge as well as relationships with insurance companies in your area.