Episode 012 – Types of Malpractice Insurance, Statute of Limitations, and Why You Should Care!
I had a ton of requests to clarify the types of malpractice insurance so here you go! I did not get into the nitty gritty language of the policies because I didn’t want people dosing off (we’ll save that for another show) but I spend some time explaining the difference between types of policies including tail coverage and how they work. I also give basic cost ranges for Nurse Practitioner malpractice policies and what I have and would do. What discussion about insurance would be complete without some good old fashioned legalese…well I aim to please but instead of trying to confuse you I shed some light on what statute of limitations are and why you should care about them. If you like the show, like and follow my Facebook page, share the page and show post, and keep spreading the word! I am always looking for ideas, questions, and comments to give Nurse Practitioners a voice…so keep the emails coming to Jeff@TheNPDude.com, comment below, or comment on the Facebook page. Oh, and don’t forget you can find me on iTunes!
Maybe I missed it, is the policy for 6 months or a year?
Most policies are for 1 year terms, except the tail coverage which I mentioned. Thanks for listening and keep the comments coming!
Just to clarify, you are recommending a claims made policy to an NP who is changing jobs and only until the new policy kicks in with the new employer? Instead of purchasing tail coverage? And to make sure that the new policy is a claims made policy? 😊
For the record…I have to say this…I am not providing legal council and you should seek advise from a qualified attorney in your state. If you are not changing your scope of practice you should be fine with getting a claims made policy starting when you leave job 1. Keep in mind the standard policy is for a 1 year term so it would be wise to confirm what job 2 has for insurance before buying a policy. If job 2 isn’t obtained then the new claims made policy would cover you and you may negotiate reimbursement of the premium and have job 2 pay for future policies.
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You should be added. Let me know if you don’t get episode 26. Should be published in the next couple days.
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You should be good! Thanks for listening.