Locum Tenens Medical Malpractice Insurance. Today’s guest blog is by Waggoner Legal Group. The opinions expressed by the author in this and all guest blogs are not necessarily those of Genex Medical Staffing.
Although, medical errors may not occur that frequently, however, nearly every physician experiences some sort of adverse events during their practice. When facing the medical professional liability, protection of your profession as well as reputation always becomes the prime concern.
When a locum tenens becomes the subject of committing medical malpractice which causes dames to the patient, the locum tenens malpractice policy provides coverage for the losses. In general, these policies expire after12 months, while some offer policies for six months.
The good thing with these policies are when such events arise; they don’t jeopardize the career of the locums. But protect the locum tenens providers from legal action and subsequent financial losses.
Locum Tenens Medical Malpractice Insurance
Here are things that you must know about the insurance for locums in the wake of adverse events:
Types of Malpractice Insurance Policies:
For locum tenens, there are two different types of medical liability insurance:
- Claims-Made Policy:
In this policy, the physician is covered for the incidents after the retroactive date of the insurance policy. The claims are reported while this policy is operational. With this type of policy, it is common to buy a ‘tail’ on top of the originally signed contract. The ‘tail’ is coverage bought for an extended period of time, and it ensures the coverage in the event of termination, retirement, death or disability.
This offers the coverage during the time when the claim is made, and the initial contract of policy is terminated. The tail policy can be bought for unlimited time to a year past the expiration of the policy.
- Occurrence Policy:
Occurrence malpractice policy covers the physician in the events of medical malpractice that occur while the policy is still in effect. This policy is more common in academic settings especially if you are resident. The amount of coverage remains the same until the contract finishes. Hence, you need to make sure whether the amount is sufficient before signing the contract. Moreover, the policy remains in effect so long as the company remains in the business. Otherwise, the policy becomes inactive as the company faces losses.
Locum Tenens Medical Malpractice Insurance
Locum Tenens are protected by Insurance:
- Locum Tenens Are Covered even for Two-Day Assignments:
There are several insurance plans that provide malpractice insurance to the locums as soon as when their assignment begins. Few individual medical policies exclude locum tenens form the insurance contract. So, it is important to know that there are companies that cover the locums for the assignments as short as two days.
- Few Companies Cover Locums with Claims-Made Malpractice Insurance:
Coverage for the claims that are made apart from the policy terms is also provided to the locums. If the patient claims out of an adverse event that occurs, few insurance companies manage the claims.
- The Cost of Insurance is up to $1million:
As the insurance policies differ, few companies provide the coverage of up to $1million per case ($3million a year), which is based on the claims-made and also include tail coverage. Given the state and area of specialty, few physicians obtain an additional insurance policy. This policy supplements to their basic coverage. In the event of claims that result in settlements, this third-party insurance coverage comes into play. So if you are considering becoming a locum tenens, you are fairly covered by the effective insurance policies, which is an encouraging sign for the professionals becoming locums.
Genex Medical Staffing provides professional temporary staffing (Locum Tenens) and permanent placement services to hospitals, surgery centers, and private physician groups across the United States. We do this by matching healthcare providers with job opportunities in their area of expertise. Because we are passionate about our work, we have earned a reputation in the healthcare industry, among both clients and providers. Genex Medical Staffing – Locum Tenens, Anesthesiologist, CRNA, General Surgeons, Anesthesia Staffing, Anesthesia Locum Tenens, Weekend Call Coverage.