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Malpractice Insurance Coverage as a Locums Provider

Jul 17, 2017

As a physician who begins or is considering dabbling in the locum tenens lifestyle, there are several questions inevitably drifting through your mind: “Will this support my family?”, “How can I build a career from this?”, “Was med school and residency really worth it?”, “What happens if something happens when I’m only temporary?”. Today, we will be addressing the last of those questions: malpractice insurance.

Malpractice insurance is a physician’s life preserver on the rough seas of medical practice that protects him or her from human error in the legal world. NEXTLocums provides full malpractice and tail coverage at no cost to the provider for all of our working physicians and advanced practice providers.

Here is some information about malpractice insurance:

With the claims-made policy, incidents must be reported while the insurance plan is in effect for the coverage to offer protection. There is a mechanism in place to extend coverage for a locum once an assignment ends and that’s called “tails.” A tail can be purchased as a supplement to an existing plan and is highly recommended for locums. It is recommended that a two-year tail is an ideal coverage, which is also when the medical practice statute of limitations ends. While these continue coverage, they are typically pretty expensive upgrades—anywhere between 100% and 200% of the premium. That is why NEXTLocums provides fully paid malpractice and tail coverage.

There are a handful of factors that go into how much malpractice insurance could cost. The locum’s specialty is a factor, costs increase for those physicians that are vulnerable to more risks (i.e. surgeon). The location of the practice is also a big component of costs. Each state, county, and city have their own cost of doing business, so there are a large variety of costs for insurance. Another benefit of working with NEXTLocums is that we manage your coverage regardless of where you work or your specialty – as long as you are a contracted NEXT physician.

Click here to schedule an appointment with a NEXTLocums professional recruiter to learn more about malpractice coverage.