Working in the medical field can be rewarding and challenging, as the same actions that you take to save a life or provide care can become the target of a malpractice claim. Because of the legal risks associated with those working in healthcare, malpractice insurance or professional liability coverage is one of the best ways to protect yourself financially from a lawsuit alleging negligence or breach of duty. The team at https://www.axisins.com/ advises that all medical professionals invest in both malpractice insurance and tail coverage.
What is Tail Coverage?
The malpractice policy that you take out will have a specified date range for claims processing, but with the nature of healthcare, your patients may not experience a problem with their care within that time period. You may also change insurance providers, canceling one service and starting another. A patient may file a claim against your services during that time. This is where tail coverage can bridge the gap between insurance policies or provide retroactive coverage for a claim.
In order for a claim to be covered, the alleged incident must have occurred before the policy was terminated. Whether purchased as a stand-alone tail policy or added as an extended reporting endorsement, this coverage can help keep you from financial loss associated with a malpractice lawsuit.