It is important to annually review your current medical malpractice insurance coverage limits and scope of cover for several reasons:
- Changes in your practice: Over time, the nature and scope of your medical practice may change, and you may need to adjust your coverage limits accordingly. For example, if you add new services or procedures to your practice, you may need to increase your coverage limits to protect against potential claims.
- Changes in laws and regulations: Laws and regulations governing medical malpractice insurance can change over time, and it is important to stay up-to-date on any changes that may affect your coverage. Annual review of your coverage can help ensure that you are complying with any new requirements and that you have adequate coverage in place.
- Changing risk profile: Your risk profile as a medical practitioner may change over time due to factors such as ageing, changes in patient demographics, or changes in medical technology. It is important to review your coverage limits and scope of cover annually to ensure that you have adequate protection in place to address any changes in your risk profile.
- Changes in insurance providers: Insurance providers may change their coverage terms or pricing from year to year. An annual review of your coverage can help ensure that you are getting the best coverage for your needs at the most competitive price.
Overall, an annual review of your medical malpractice insurance coverage can help ensure that you have the right coverage in place to protect your practice and your patients. It can also provide peace of mind knowing that you are adequately protected against potential claims.
Subscribe now
Share this article
Read More
More Articles
Can I Get Retroactive Coverage With Professional Indemnity Insurance?
Short Answer: Yes, you can get retroactive cover. It’s important to note that various insurers may have distinct criteria or prerequisites concerning retroactive cover and dates. You should canvass this with your broker prior to taking out a PI policy. Retroactive cover is an important aspect of Professional Indemnity (PI) insurance. This type of cover…
Which Professions Require Professional Indemnity Insurance?
While this list is not exhaustive, here are some professions in South Africa that commonly require PI insurance: It is important to note that the requirement for PI insurance may vary based on regulatory bodies, professional associations, contractual obligations, and client demands within each profession. Professionals in these fields should consult with their respective industry…
What is a Curator Bonis?
Curator bonis is a legal term used in South Africa to refer to a person appointed by the court to manage the financial and legal affairs of someone who is unable to do so themselves due to mental incapacity or other reasons. The curator bonis acts as a legal representative and fiduciary for the person…