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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