Tail policies

What You Should Know About Your Tail Coverage Options

Most physicians know that any malpractice insurance coverage should include the right tail policy. Tail policies cover medical professionals when their claims-based malpractice insurance runs out.
With a claims-based malpractice policy, doctors are protected financially from medical negligence claims during the period in which the policy is in effect. Once the coverage period ends, for whatever reason, the physician is no longer protected. Adding a tail policy extends that coverage past the original period.

Medical professionals typically purchase a tail policy when they switch practices or close down a practice. Many retiring doctors and nurses will also invest in a tail policy for a short period to protect their retirement.

New Options for Today’s Doctors

In the past, doctors could only get tail coverage by extending their carrier policy. That could be costly. Today, physicians have options.

That includes the relatively new stand-alone tail policy. This new option, available from various carriers, provides some industry competition, driving down premium costs. Now medical professionals can shop around to find the policy that works best for them.

Do a little research and a bit of shopping around before you buy. If you have questions about traditional tail policies or the newer stand-alone tail policy, a good insurance agent should be able to help.