PracticeLink Magazine

FALL 2014

The career development quarterly for physicians of all specialties, PracticeLink Magazine provides readers with feature articles, compensation stats, helpful job search tips—as well as recruitment ads from organizations across the U.S.

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Page 20 of 103

FALL 2014 | 21 available, and many carriers are no longer carrying this type of coverage. Claims-made: You are protected for any claim that is made during the term of the policy that is related to care that was provided while insured. Once the policy expires, you have no coverage, even if the claim happened while you were covered. One advantage of this type of policy is that it is discounted in the early years of a practice and then over time rises to better refect the actual value— typically around the ffth year. If you have claims-made insur- ance and want to ensure that you will be covered after the policy expires, you must purchase "tail" coverage. Tail coverage: Protects you against claims that arise while the policy was in force but after the policy has expired. This cover- age might be appropriate for any number of circumstances, including: • Disability • Quitting medical practice • Death • Retirement Grabowski explains that prior to retirement, physicians may want to cut back their practice and just work part time. "At that point, a physician may be able to continue his or her coverage, but at a decreased premium," he says. "I think going without tail cover- age once you retire is foolish and quite risky." Nose coverage (also referred to as prior acts coverage): A supple- mental insurance available for when you transition to another employer or want to change your insurance carrier. Much like "tail" coverage when you are wind- ing down from your business, "nose" insurance protects you for unknown and unreported claims that occurred before the effective date of your new insurance. Comprehensive liability insur- ance will protect you, your prac- tice and family even after your life ends, so understanding the various types of insurance available will give you peace of mind in knowing that you are covered adequately. l Marcia Noyes is a frequent contributor to PracticeLink Magazine. Read more about our contributors on page 16. MINK MidwestMD is an association of physician recruiters who work for the hospitals, medical groups and health systems we represent. We live in the communities we serve. We have a vested interest in fnding a great ft for the physician and the practice! We invite you to learn more about our opportunities in Missouri, Iowa, Nebraska and Kansas (MINK). Let us help you discover what our home towns and practices have to offer! Find out more at Find your path to success with outstanding practice opportunities in the Midwest Find your dream practice—and enter to win a GoPro camera— at WIN

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