Medical Malpractice Insurance for Podiatrists: Do you understand the nuts and bolts of your policy?

October 27, 2015
OROS Risk Solutions, LLC
Comments Off on Medical Malpractice Insurance for Podiatrists: Do you understand the nuts and bolts of your policy?

From working with Podiatrists across Florida and the rest of the country we find many of them have a lot in common when it comes to their medical malpractice insurance. Many consider it just an expensive bill they pay every year and they are unsure of exactly what they are paying for. Most don’t understand their policy language or what to look for because they have never been involved in a claim. Unfortunately, if the time comes for you to need the policy it can be a rude awakening when you realize what’s missing. You pay a bill every year for your medical malpractice insurance policy to be there when you need it and you should know exactly how it will respond if that time ever comes.

Do you know what’s within your medical malpractice insurance policy?

–          Do you have a pure consent to settle clause?

–          Do you have income reimbursement in case you have to be out of the office defending a claim?

 Those are the top 2 reasons Podiatrists in Florida are settling claims that they can and should win!

–          Many Podiatrists want to fight claims in court to protect their good name but their insurance company will push them into a quick, less expensive settlement. A pure consent to settle clause is critical. Some policies may have “consent to settle within reason” which is not the same. It is important to understand your policy language and ensure you have full control over it.

–          Claims can drag on for years. Being away from the office can get expensive and leads to Podiatrists settling claims because of it. Income reimbursement provides you with income so you can fight claims in court to protect your good name.

Settling a claim you can win does not come without a cost. It may be the insurance company paying out the settlement, but this can cause your insurance premiums to rise. If you believe you can win, you should have the voice and financial means to fight the claim in court to protect your good name.

The market is changing and Podiatrists have more options than ever before. It is good practice to be aware of the changing market to ensure your policy and price stands up to the current trends.