Selecting the right professional liability insurance is crucial for midwives, to ensure comprehensive protection and peace of mind. Here are vital factors to consider when evaluating your policy:
1. Understanding Payment Requirements
Payment Terms: It’s essential to be aware of the payment terms of your insurance policy. Typically, a standard requirement is a 10% payment.
Attorney Fees: Be cautious if your policy includes attorney fees within the policy limit, as this can deplete the funds available to pay claims. This could leave you vulnerable in the event of a lawsuit.
2. Cancellation Penalties
Review the Fine Print: While most reputable insurance carriers do not impose cancellation penalties, it is always prudent to verify this by reviewing the fine print of your policy. Knowing this can save you from unexpected costs if you need to cancel your policy.
3. Scope of Coverage
Service Restrictions: Evaluate whether your policy is restricted to midwifery services and how it addresses the involvement of support staff.
Staff Coverage: Understand whether staff are employed or contracted and any potential exclusions. For instance, investigate if facilities such as birth centers, clinics, or labs are excluded from your coverage. This ensures that all aspects of your practice are protected.
4. Administrative Responsibilities
Physician Coverage: Check if coverage is provided for a physician’s administrative duties as supervisors, referrals, consultants, and medical directors. This is crucial for comprehensive protection.
5. Policy Flexibility
Adding Midwives: Confirm that additional midwives can be included in the policy during the coverage period and understand the associated costs of doing so. This flexibility is important as your practice grows.
6. Coverage Limits
Home Births: Review the policy limits, especially if they pertain to home births, which often have reduced coverage limits.
Special Cases: It is essential to comprehend whether your policy accommodates VBAC (Vaginal Birth After Cesarean), multiple births, and breech births. For instance, some policies, like MedPro, cover VBAC in birth centers and hospitals. This ensures you are covered for a wide range of scenarios.
7. Retroactive and Prior Acts Coverage
Ensure your policy covers your retroactive date and any prior acts, including coverage for midwives who have left the practice.
By keeping these considerations in mind, you can make informed decisions about your professional liability insurance, ensuring robust protection for your midwifery practice.
This article is not intended to be exhaustive, nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice.