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Medical Malpractice Insurance For Registered Medical Practitioners In Canada

Medical Malpractice Insurance For Registered Medical Practitioners In Canada
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Medical Malpractice Insurance For Registered Medical Practitioners In Canada

Medical Malpractice Insurance For Registered Medical Practitioners in Canada can be divided into two main categories. Per Occurrence Policies and Claims-Made Policies are the options. From these options you can customize your medical malpractice insurance to suit your medical practice. Did you know that over 30% of children’s doctors visits in Canada are to a Paediatrician? Or that there are six Gynaecologists for every 100,000 people in Canada? When choosing your medial malpractice insurance coverage, there are many aspects to consider. Are you opening a new practice where insurance hasn’t yet been in place? Are you taking over a business where insurance has been in effect and you will have to continue this insurance? How many practitioners are you insuring? How many patients are under your care?

With so many aspects to take into consideration, the best plan is to talk to an insurance broker who understands the insurance products and policies available. Talk to a broker at ALIGNED Insurance to discuss your options for medical malpractice insurance for registered medical practitioners in Canada.

Medical Malpractice Insurance for Registered Medical Practitioners In Canada: Opening A New Business

Opening a new business as a registered medical practitioner, your options for medical malpractice insurance are simplified. You don’t have to consider your prior medical malpractice insurance coverage because there was none. This means that if you choose a claims-made policy, you will not have to worry about prior acts coverage. This might mean that a claims-made policy is the best option for your medical malpractice insurance. A claims-made policy will cover you for a medical malpractice claim that occurs while you are insured, as long as the policy is still in place when you file the claim. If you think you may want to change your policy in the future, you will need to discuss options for tail coverage. This way, you can be covered during a transitional time when your policy is being changed or cancelled.

You may decide that a per occurrence policy is a better fit for your medical malpractice insurance. If available for your profession this type of policy gives you coverage if the policy is in place during the supposed incident of medical malpractice. This means that tail coverage is not necessary if you’re opening a new business and think you may want to change or cancel your coverage in the future. The decision of which type of medical malpractice insurance you need comes down to the cost of the policy based on the needs of your new business. As always, it helps to talk to an insurance broker who can sift through the options that apply to your new business.

Medical Malpractice Insurance for Registered Medical Practitioners in Canada: Taking Over A Business

When taking over a business, you need to know what type of insurance the previous business owner has in place. The previous owner might have acquired insurance without discussing the many options with their insurance broker. You may find yourself being overcharged for your medical malpractice insurance. If you’re looking to change the coverage, you need to know if they had a claims-made policy or a per occurrence policy. If it was a per occurrence policy, you will need help ensuring that there’s no lapse in coverage as you change your plan. This might mean that your broker helps you time the change of per occurrence policies appropriately. It might mean that you get a claims-made policy that includes prior acts coverage. Let an experienced insurance broker at ALIGNED Insurance help you get the coverage you want without the risk of going without coverage for any period of time.

Medical Malpractice Insurance for Multiple Registered Medical Practitioners

The number of practitioners you employ affects your medical malpractice insurance in Canada. If your business has more practitioners, the cost of insurance must go up. This is based on the higher possibility of claims to be filed as your business grows. You want to make sure your insurance does not over estimate how many claims you might file. If so, your insurance costs will be unnecessarily high.

Medical Malpractice Insurance for Registered Medical Practitioners With High Volume Clientele

The number of patients that are in your care also affects your medical malpractice insurance in Canada. If you have more patients, your insurance costs will be higher. It’s important that your insurance provider is aware of how many patients you have and how often you meet with them. You may have an incredibly high volume of patients that see you very infrequently, which should affect your insurance costs. Talk to your ALIGNED Insurance broker about finding the best insurance rate for your medical malpractice insurance.

When it comes to medical malpractice insurance for registered medical practitioners in Canada, you want to know that you have the best insurance rate for your business. Whether you choose a per occurrence policy or a claims-made policy, there are many other factors that go into your insurance options. Don’t make the decision alone. Get all the info you need on multiple insurance providers with multiple medical malpractice insurance options by talking to your insurance broker.

It’s time to get your insurance aligned. Want Canadian business insurance that’s ALIGNED with your bottom line? We can help. 365. Call us toll-free at 1-866-287-0448.

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