One of the biggest concerns that physicians face today is paying for their medical malpractice insurance. The rates for malpractice insurance are continuously going up, making it more and more difficult for doctors to stay in private practice. Medical malpractice insurance is probably the most expensive bill that physicians pay each year. When physicians are leaving a group practice or getting out of private practice, many times they are required to purchase medical malpractice tail insurance coverage.
Many physicians believe that they are paying a lot of money for their medical malpractice insurance, but medical malpractice tail insurance is usually 1.5 to 2.5 times their current premium. The worst part about this is that the physician needs to pay for their malpractice tail coverage in full within 30 days of either leaving their group or leaving private practice.
Before you decide to pay that outrageous premium to your current medical malpractice insurance company, there are other malpractice tail coverage options available to you. Majority of physicians believe that when they leave their groups or private practice to possible join a group, they have to purchase their tail insurance coverage from their current insurance company. This could not be further from the truth. There are multiple insurance carriers that specialize in writing only tail insurance. With our program partner, MedChoice Risk Retention Group, an affiliate of the Physicians Insurance Company, A Mutual Insurance Company. Physicians Insurance is an A.M. Best. A-rated carrier that allows us to write your tail insurance. The average savings for doctors with MedChoice is around 21% or $7,500 less than their tail insurance premium from their current medical malpractice insurance company. In addition, sometimes when you join a group, your tail insurance is paid for by the new group. Even though the group has paid for this, you are indirectly paying for it. With our program, there is a good chance we can save you money on your medical malpractice tail insurance on the way in and on the way out of the group.