All Physician Assistants and Nurse Practitioners should carry professional liability coverage. Professional liability coverage, typically referred to as Malpractice Insurance, offers both claims made and occurrence coverage options.
Claims Made:
With a claims-made policy, you’re only covered when a claim is filed during the policy period. As long as an insurable event happened after the policy’s retroactive date, your insurer should provide coverage. A claim for damages must first be made against any insured during the policy period or any Extended Reporting Period that is provided.
Occurrence:
With an occurrence-based policy, you’ll be protected as long as the loss happened while your policy was active. As long as you were insured when the incident occurred, you can file a claim with your insurer. Occurrence policies accommodate “long-tail” events – situations that don’t produce lawsuits or claims right away.