Lockton Health Professional Liability Insurance

  • Renew My Policy
  • Request a certificate
  • Why Lockton
    • Overview
    • Partners
    • Feedback
      • Submit Your Feedback
  • Personal Coverage
    • Accident
    • Dental
    • Health
    • Medicare
    • Short-Term Medical
    • Vision
  • Professional Coverage
    • Overview
    • Audiology
    • Bioethics
    • Biofeedback
    • Counseling & Therapy
    • Dentistry
    • Dietetics & Nutrition
    • Health & Safety Education
    • Holistic Medicine
    • Home Care Physicians
    • Laboratory & Pathology
    • Medical Directors
    • Nurses
    • Opticians
    • Pastoral Care Providers
    • Pharmacology
    • Physical Therapy
    • Radiology
    • Occupational Therapy
    • Respiratory Therapy
    • Speech/Language Pathology

    • Wellness Franchises
  • Q&A
  • Blog
  • Contact Us
  • Home
  • Lockton Health Blog
  • Professional Liability Insurance
  • The Importance of Continuous Professional Liability Insurance
 

The Importance of Continuous Professional Liability Insurance

The Importance of Continuous Professional Liability Insurance

by Libbie Bond / Friday, 25 January 2019 / Published in Professional Liability Insurance

As a responsible health professional, having continuous professional liability insurance throughout the duration of your career is an important way to protect you, your career and your livelihood.

Most professional liability insurance policies are claims-made policies. This means your policy will only cover claims against you for incidents that occurred while the policy was active.

This is why it is important to maintain continuous professional liability coverage. By never letting your policy lapse, your retroactive date has you covered for all previous work.

What exactly is a retroactive date?

A retroactive date is the date from which you have held uninterrupted, continuous professional liability insurance. If you have held professional liability insurance continuously with no breaks in coverage, your policy will cover you if a claim is made against you, even if you have switched insurance carriers.

If, however, there was a period of time when you did not hold professional liability insurance, you will only be covered for work since the start of your new insurance policy. If a claim is filed against you for an incident that happened before your retroactive date, you will be held accountable for settling the claim with your personal assets.

 

Example of Continuous Coverage

2005—Started career, purchased professional liability insurance

2006-2018—Continuously renewed your insurance

Your retroactive date is 2005, and you are covered for all the work you have done since 2005.

Example of Lapsed Coverage

2005—Started career, purchased professional liability insurance

2006—Took a year off to travel, let insurance lapse

2007-2018—Continuously renewed your insurance

Your retroactive date is 2007, and you are covered for all the work you have done since 2007, but not the work you did in 2005.

 

What if I am ready to retire?

While it is your own personal preference, most professionals choose to keep their professional liability insurance live for three or more years after their retirement. While it may seem like a waste to pay for coverage while you are not working, an insurance premium is much more affordable than paying a settlement out of pocket.

What if I switch insurance carriers?

Should you decide to change insurance companies, be sure to provide the new company with the retroactive date of your current professional liability insurance. This will ensure your coverage and retroactive date are not interrupted.Renewing your professional liability policy yearly is more important than you may think. For more information on retroactive dates and securing professional liability insurance, contact Lockton Affinity at (800) 253-5486 or Info@locktonaffinity.com.

 

 

  • Tweet

About Libbie Bond

What you can read next

Why you need personal Professional Liability Insurance
What should I look for in a Professional Liability Insurance policy?
How Professional Liability Insurance Rates are Determined
What Determines Professional Liability Insurance Rates?

Professional Liability Insurance for

Customer Feedback

  • I wanted to let you know I spoke to Jennifer, she was very helpful, cooperative, warm, genuine, and is a great representative for your organization. I wanted to thank her and your organization for the outstanding people you have available for those of us needing help.

    Joanne W.

    Joanne W.

    Customer

Submit Your Own

We love hearing feedback. If you’d like to submit your own testimonial, click the button below.



Submit Your Feedback

Why Lockton

  • Overview
  • Endorsers
  • Feedback
Q & A
Blog
Privacy Policy rev. 12/30/2019
Terms Of Use
Compensation Disclosure

Health Professional Liability Insurance

  • Audiology
  • Bioethics
  • Biofeedback
  • Counseling & Therapy
  • Dentistry
  • Dietetics & Nutrition
  • Health & Safety Education
  • Holistic Medicine
  • Home Care Physicians
  • Laboratory & Pathology

Contact Us

Lockton Affinity, LLC

PO Box 410679

Kansas City, MO

64141-0679


Email: click here

General Inquiries: 800.253.5486
Fax: 913.652.3966

Connect with us on Facebook

The Lockton Affinity Health Insurance program is administered by Lockton Affinity, LLC d/b/a Lockton Affinity Insurance Brokers LLC in California #0795478. Coverage is subject to actual policy terms and conditions. Policy benefits are the sole responsibility of the issuing insurance company. Sponsors may receive a royalty fee for the licensing of its name and trademarks as part of the insurance program offered to the extent permitted by applicable law. Not available in all states.

TOP