The Basics of Malpractice Tail Coverage
While malpractice insurance is common in the medical industry, the legal and healthcare industries also rely on claims-made policies such as malpractice tail coverage. A claims-made policy provides coverage for claims made against a professional relating to services they provided during the time their policy was active.
Understand Malpractice Tail Coverage Costs
How much does malpractice tail coverage cost? No matter your area of professional specialty or where you live and work, this type of coverage is costly because it requires policyholders to pay an expensive additional premium. The premium can often be as much as 200 percent of the claims-made policies price. The good news is that you may be able to break this cost down into a payment plan. You may also be able to classify it as a tax write-off for unreimbursed business expenses.
While some professionals may receive de facto malpractice tail coverage because they’ve had long-term insurance with their carrier, most will need to seek it through their current insurance provider. As you might imagine, costs can vary depending on the following and other factors:
- Your specialty
- Your location
- Your insurance provider
Consult Your Insurance Agent
Professional and management liability insurance industry leader Axis recommends you seek advice from your insurance agent when considering malpractice tail coverage. Their knowledge and expertise can help you secure the coverage solution that will work best for you.