Are Your Coverage Limits Keeping Pace?

When it comes to malpractice insurance policy limits, it's important to protect not only your practice, but also your financial well-being.


Are Your Coverage Limits Keeping Pace?

I ran into a long-time doctor recently at a college homecoming, and he mentioned that he's had the same malpractice insurance policy limits since he started practice more than 20 years ago. And he wanted to know if I thought he should increase it.

My response was: “Absolutely.” Here’s the reasoning:

First, I knew his practice had grown over the years, and he was seeing far more patients on a weekly basis than when he started. Not to mention his office space and staff had increased in size.

Second, given today’s economics, his liability coverage hadn’t kept pace with inflation.

And third, malpractice judgments have gotten more costly. Few Doctors of Chiropractic have the resources to come up with expensive awards out of pocket.

NCMIC knows how important it is to have the right coverage at the right level. That’s why NCMIC’s malpractice insurance plan offers limits of liability from $100,000/$300,000 to $2 million/$4 million, depending on your state’s requirements. When making a purchasing decision, it’s important to keep in mind that you’re protecting not only your reputation and your practice, but your financial well-being, as well.

What You Should Know

When looking at different policy limits, you’ll notice two figures:

  • The first number refers to the coverage limit for a single claim.
  • The second number is the combined limit for all claims during a policy period (typically one year).

One thing to keep in mind is that lawsuits are often a process of negotiation and compromise. Lower policy limits can have an adverse effect when negotiating a settlement.

As always, we are here to help and can assist you in determining what policy level may be best for your individual situation. Call us at 1-800-247-8043. Or, for more information about policy limits, see NCMIC’s malpractice insurance guide.

The information in the NCMIC Learning Center is offered solely for general information and educational purposes. It is not offered as, nor does it represent, legal or professional advice. Neither does this information constitute a guideline, practice parameter or standard of care. You should not act or rely upon this information without seeking the advice of an attorney familiar with the specific legal requirements of the state(s) in which you practice. If there is a discrepancy between the site and an insurance policy you have with NCMIC, the policy will prevail.