While some people might claim that tail coverage insurance isn’t necessary, the truth is that it’s necessary for medical professionals. In order to see the importance, here are four myths debunked.
You Have to Use Your Current Carrier
You don’t have to use your certain insurance carrier. While many companies may choose to use their current insurance company for tail insurance, several companies won’t write tail coverage at all. You need to be able to have your options with other companies.
You Only Have 30 Days
You will find strict deadlines when dealing with tail coverage. However, these deadlines will also vary from company to company. Talk to your agent in advance so that you can discuss your options and you won’t feel pushed into any decisions.
You Need Lifetime Coverage
There are coverages that don’t have an end date. These aren’t the only coverages offered, however. Many companies will offer you policies ranging from one to three years to five and seven years. The finite tail coverage policies tend to be less expensive. Finite policies are best in states with statute of limitations on medical malpractice.
Tail coverage insurance is crucial when it comes to medical malpractice insurance. If you leave your facility, retire or for any reason wind up uncovered by your old policy, you may be liable for suits from prior acts. As long as you know the myths, you can find the insurance you need.