Tail Insurance Coverage for Physicians, Doctors, Physician Assistants, Nurse Practitioners
If you are a medical professional with a medical malpractice policy, then you have likely heard the importance of also obtaining tail coverage, or a tail insurance policy.
If you retire from practice, take a sabbatical, or if your medical malpractice policy cancels or expires for any other reason whatsoever, it behooves you to consider purchasing tail insurance.
As “the healthcare industry’s insurance broker” since 1994, HCP National will help you find the right tail coverage for your situation at the lowest possible price. Request a quote now!
Why Do Practitioners Need Tail Insurance?
Tail protects a physician or extender against claims that are reported after the termination (expiration or cancellation) of a claims-made medical malpractice policy, for services that were performed while the policy was in effect.
If a physician (or healthcare clinic or organization) has to report a claim after their claims-made policy has lapsed or canceled, and if the policy did not include tail coverage, then there is no coverage for the claim.
In other words, any physician who terminates their claims-made policy, and does not continue the coverage, needs a tail policy. Purchasing tail coverage ensures that their retroactive date is maintained.
Some physicians believe that if all of their assets are safe or in their spouse’s name, then they do not need tail coverage. However, if the claimant prevails, they can attack your income.
In addition, if a physician loses a medical malpractice case because you cannot pay for a defense (as you have no tail), you will be likely to face the Medical Board with no defense.
HCP National is here to assist medical practitioners, clinics, and healthcare providers obtain affordable, comprehensive tail medical malpractice insurance. Request a quote now!
Founded in 1994, HCP National Insurance Services, Inc. is “the healthcare industry’s insurance broker.” We can help you obtain comprehensive and affordable tail infusion therapy malpractice insurance.
At HCP National, we help clients define and minimize their risks by implementing the right insurance products at an affordable price – while providing incredible customer service. Check out our amazing Google reviews!
We’re also proudly the largest certified minority-woman-owned (WBENC & MBE) insurance agency in the United States.
Ready to get started? Request a quote now!
Tail Insurance Coverage: FAQs
Below, you will find answers to all of your common tail insurance questions, from what tail insurance is, to how much you can expect your premium to cost.
Tail coverage can last forever, including after death, if a claim is made against the provider’s estate.
Some insurers only offer 1- to 5-year tail policies, which can be problematic.
Buying a stand-alone tail insurance policy may be wise. The reason is, if you have a claim to report after canceling a claims-made policy, and tail coverage was not included, then you do not have any coverage.
Some think that if all their assets are safe or in their spouse’s name, then they do not need tail. But if the claimant prevails, they can attack your income.
Also, if you lose a medical malpractice case because you cannot pay for a defense (as you have no tail coverage), you will be likely to face the Medical Board with no defense.
Purchasing a stand-alone tail policy will mean that you are covered after your medical malpractice insurance policy cancels.
It is always a good idea to shop and compare the offer from your current insurer. A stand-alone tail insurer can charge 20 to 30% less.
The cost of coverage depends on the period of the coverage; however, 200% of your current premium is a good ball park estimate. Costs are often spelled out within medical malpractice policies.
Normally, there are no financing or payment plans available, so the entire tail premium must be paid upfront.
However, there is one standalone insurer available that can provide no-charge financing, so the provider is not faced with a huge cash payment upfront, which is the norm. We can provide financing.
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I found HCP National Insurance Services, Inc. by looking online for a commercial liability insurance provider. It was the best experience I have had with a commercial insurance provider ever. My HCP representative went above and beyond to assist our company. Every question or email was answered in a most timely manner and every effort was made to get us through the application process. I highly recommend this company and we will use them again.
I have been very happy with HCP National Insurance Services, Inc. for my medical malpractice insurance needs. The team at HCP National is friendly, responsive, professional and easy to communicate with and always eager to help. I have visited the office and met the team and have been very impressed. I recommend HCP National with my highest level of recommendation.
