Medical professionals are often faced with the possibility of being sued due to negligence or malpractice from unhappy patients. Medical liability insurance covers doctors against these claims and provides payments for awards resulting from lawsuits. The two types of malpractice insurance are claims-made and occurrence policies.
Claims-made policies offer coverage on any claim made during the policy period, as long as the claim incident occurred after the original purchase of the claims policy. This coverage is cheaper in the first few years because it is less likely claims will be made at that time. Costs increase each year up to the five year point when they reach the higher costs of the occurrence policies. When a policy is cancelled, no further claims are covered, but tail coverage can be purchased to cover any claims that may occur after cancellation for a certain amount of time.
Occurrence policies cover all claims that occur during the coverage period no matter when the claim is made. Occurrence policies are more expensive than claims-made policies because there is no way of knowing exactly how many claims will happen in any given year. The policy covers physicians forever against claims made during which the policy was in effect. Malpractice insurance in Colorado can be expensive unless you choose a reliable company with affordable rates. There is only one company offering exceptional customer service for your practice.
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Doctors' Insurance Agency understands the complexity of choosing a reliable company for your medical practice. We offer outstanding coverage for malpractice insurance in Colorado with the attention to detail and customer service you want from your insurance company. With over 30 years in the insurance business, Farland Bottoms can offer the most competitive rates in Colorado with notable policy features that allow the doctor to have the final word in a settlement. We can help you choose the best type of medical liability insurance for your practice. A Doctors' Insurance Agency policy will provide you the peace of mind you want when you buy insurance.