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Medical Malpractice Insurance in New Jersey - 5 Myths
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Don't fall victim to these Five Medical Malpractice Myths
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#1 |
"There are only a small number of companies writing malpractice coverage in New
Jersey so there is little point in shopping." |
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Truth - Right now there are over 20 medical liability companies actively
seeking new clients in New Jersey. Many carry an "A" rating and offer a wide
variety of coverage and pricing options. Rate increases have fallen dramatically.
The malpractice market is cyclical and now is exactly the best time to shop for
relief from the recent high rates.
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#2 |
"I've had a past claim (s) so I'm stuck with my present company. If I make a switch
I'll have trouble getting future insurance or end up paying a surcharge." |
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Truth - Having one or two past claims will not disqualify you from getting
quotes from alternative companies. Today, malpractice companies are much more informed
and willing to consider the medical facts surrounding past claims. With the expert
guidance of a licensed NJ medical malpractice advisor it is possible to document
past claim events so that your side of the story is taken into consideration. Having
an experienced advocate who will represent your interest with many companies is
much more secure than going it alone, or engaging in a dialogue with only one company.
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#3 |
"Occurrence coverage is being phased out and soon will no longer be available in
New Jersey." |
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Truth - There are at least five financially strong companies, several of
which carry an "A" rating, still committed to offering the occurrence form of medical
malpractice coverage. Request your free
malpractice insurance quote from a trusted malpractice insurance professional
with the experience in accessing these companies and placing business with them.
Note: You can choose to have your rate indication emailed directly to you. |
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#4 |
"Occurrence coverage is always better than the claims made form of coverage." |
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Truth - Occurrence and claims made are two very different ways to structure
the purchase of your malpractice insurance. Choosing the wrong form of coverage
is a mistake that is often made with disastrous results. One form is not better
than the other - they are just different. Just like there are different ways to
finance the purchase of real estate, one has a fixed cost while the other has a
variable rate. Determining the right one for your practice is the key. There
is no one single right choice that will fit all physicians and providers.
Generally occurrence is more expensive. Claims made coverage can have major cost
saving advantages, but should never be purchased by physicians whose practice profile
falls into one of four key areas. Submit your quote request and get the expert advice
on when it's best to buy occurrence and when it's best to take the claims made coverage
form. |
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#5 |
"Malpractice is all alike, companies and policies are all the same so I might as
well choose the lowest price." |
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Truth - There is absolutely no standardization within the malpractice insurance
industry. All companies claim to be the best. But many companies are new and make
untested promises. Having the lowest price may actually be a sign of desperate marketing,
weak financial structure, or inferior coverage. Policy language varies widely. What
is covered under one policy may not be covered by another company. A prime example
is the coverage, or lack of coverage, for clinical trials.
Switching from one company to another to capture a false savings can result in irreparable
coverage gaps that can come back to haunt you in the event of a claim. Deal only
with a knowledgeable and experienced malpractice advisor who represents only your
interests, not the company.
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