Professional Liability Carrier Insurance Coverage

Financial Stability and Reputation

• Financial Rating: Look for carriers with strong financial ratings from agencies like A.M. Best, Moody’s, or Standard & Poor’s. This ensures the company has sufficient reserves to pay claims.
• Longevity in the Market: Choose a carrier with a long track record of providing medical malpractice insurance.
• Reputation for Claims Handling: Ask other physicians about their experience with the carrier's claims process. Are claims handled fairly and efficiently?

Policy Coverage and Limits

• Coverage Limits: Louisiana’s PCF covers claims above the first $100,000, so you’ll want to ensure your primary policy covers at least this amount.
• Occurrence vs. Claims-Made Coverage: Understand the difference. Occurrence policies cover incidents that happen during the policy period, even if the claim is filed later. Claims-made policies only cover claims filed while the policy is active, requiring "tail coverage" when you leave the carrier.
• Coverage for Legal Defense: Check if legal defense costs are included within or outside the policy limits. Having legal defense "outside the limits" can be advantageous.
• Policy Exclusions: Review any exclusions or limitations in the policy to ensure you’re not left exposed.

Cost and Affordability

• Premium Costs: Compare premiums from multiple carriers, but be aware that cheaper isn’t always better.
• Available Discounts: Some carriers offer discounts for part-time work, risk management training, or working in certain geographic areas.
• Tail Coverage Costs: If you have a claims-made policy, understand the cost of tail coverage to protect yourself after leaving a practice or retiring.

Claims Management and Support

• Claims Response Time: Look for carriers known for fast, responsive claim handling.
• Access to Legal Experts: Ensure the carrier has a network of experienced medical malpractice defense attorneys.
• Settlement Philosophy: Does the carrier have a history of settling claims quickly, or do they fight to protect the physician’s reputation?
• Right to Refuse Settlement: Select a carrier that allows physicians to retain the right to refuse settlement offers, ensuring you have control over decisions impacting your professional reputation.

Risk Management Services

• Education and Training: Does the carrier offer educational resources, such as risk management courses, which may also lead to premium discounts?
• On-Site Reviews: Some carriers provide practice audits or site visits to help you identify and mitigate risks before they become claims.

Customer Service and Physician Support

• Dedicated Account Manager: Will you have a dedicated representative who understands your specific needs?
• Availability: Is customer support available during critical hours? 24/7 support can be valuable in urgent situations.
• Personal Access to Attorneys: Look for a carrier that allows you to work directly with the attorney assigned to your case, ensuring personalized legal support.

Physician-Owned and Run Carriers

• Physician-Led Companies: Consider carriers that are physician-owned and run, as they may have a better understanding of the unique challenges faced by medical professionals.