MEDPLI Now Offering Expedited Tail Malpractice Insurance Quotes for Physicians
MEDPLI, a leading medical malpractice insurance broker, is now able to provide accelerated quotes for doctors who need tail insurance using their newly developed tool, the MEDPLI Tail Estimator.
CARBONDALE, Ill., July 6, 2021 /PRNewswire-PRWeb/ -- MEDPLI, a leading medical malpractice insurance broker, is now able to provide accelerated quotes for doctors who need tail insurance using their newly developed tool, the MEDPLI Tail Estimator.
When physicians change jobs and they have a claims-made medical malpractice insurance policy that is ending, they need tail insurance. Tail insurance protects against any future potential malpractice claims made against a doctor after they leave their place of employment. Since most medical malpractice lawsuits are filed more than 12 months after the date the incident occurred, doctors that do not purchase tail insurance have no financial or legal protection from liability claims made after their primary policy is terminated. High risk specialties that have long tail exposure periods, such as OB/GYNS, are especially susceptible to lawsuits during this time.
"When you're just starting out on a new job, tail insurance is probably the last thing on your mind," says Max Schloemann, Founder and CEO of MEDPLI. "Unfortunately, this can lead to an expensive surprise when you do decide to leave the practice or hospital you've been working at. Many doctors don't realize their contracts state that they have to pay for their own tail insurance when they leave, and they don't think about the fact that tail insurance generally costs about 200% of their expiring premium."
When leaving a practice, doctors may be tempted to buy the tail insurance offer laid out by their employer's insurance carrier or accept the first tail quote they are given because they don't want to deal with the headache and hassle of quickly having to find comparison quotes in what is sometimes a very short amount of time. MEDPLI created the Tail Estimator tool to help doctors who are pressed for time get fast comparison quotes for tail insurance rates.
"Doctors play a crucial role in caring for our community, and we're all about finding ways to save them money so they can continue excellent care," says Max Schloemann. "This new tool really aligns with our company's core values: to deliver expedited, accurate, competitively priced tail insurance solutions tailored to each doctor's individual needs without taking up a lot of their time. Using the Tail Estimator saves physicians an average of 20% on their tail insurance rates."
When purchasing tail insurance, also known as Extended Reporting Period (ERP) coverage, the policy needs to cover the physician from the retroactive date (often the first date of employment with their former employer) through the last day the policy is in force, and they are usually only given 30 days from the last date to exercise their option to buy tail from their current malpractice insurance carrier. Rates can vary widely by specialty and location, so it's important to act quickly when deciding on a tail insurance carrier.
To save money on tail insurance, doctors should first get a quote from their current carrier, which might be their employer's carrier. Then, they can use MEDPLI's Tail Estimator to get expedited quotes for tail insurance from the top providers in their state. "MEDPLI only recommends carriers that have an A-rating from A.M. Best," explains Max Schloemann. "A.M. Best vets insurance companies and gives an A-rating to those that are able to protect their policyholders, even during times of increased claim payouts and financial downturns."
For more information and to access MEDPLI's Tail Insurance Estimator, doctors can visit https://medpli.com/tail-insurance-information-for-doctors-changing-jobs/
MEDPLI is presently working with physicians in most states. If you are a doctor or other medical professional in search of tail malpractice insurance, contact MEDPLI for a free tail insurance evaluation. We shop for tailored quotes at no cost to you, so you can get options alongside professional guidance. Learn more at https://medpli.com/products-services/tail-malpractice-insurance/
Media Contact
Marcie Lord, MEDPLI, +1 9176852980, [email protected]
SOURCE MEDPLI
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