“Ask eQuoteMD, with Tim Ryan.” A medical malpractice insurance video blog question and answer session to help physicians have a better understanding of their coverage options. eQuoteMD provides quality solutions for medical malpractice insurance to doctors, surgeons, clinics, hospitals and facilities across the United States.
Video Transcript –
Tim Ryan: Hello and welcome to eQuoteMD’s medical malpractice insurance video blog. I’m Tim Ryan and I am here to answer your medical malpractice insurance questions.
Recently, I was asked how exactly does a doctor go about getting accurate medical malpractice insurance quotes. That’s a good question. Mostly because this is the very first step that a doctor takes when he/she is looking toward purchasing medical malpractice insurance.
Now, a quote can be gotten in many different ways. However the most efficient is to use a medical malpractice insurance broker as he/she will independently search the market and find the doctor the best rates. There are a couple of things you should understand about getting a quote before you actually try to obtain one.
First, the actual insurance company that you are getting a quote from, so the one who will have your insurance policy, it is in their best interest to provide you with the most accurate quote possible. If they provide you with a quote that is too low and you go through the trouble of filling out a 20 page application because you feel that this is going to be the best price and you get back the actual bind able indication; you are not going to be happy with it and you probably will move to a new company as soon as you get a chance. And that makes sense.
If that same insurance company was too conservative and gave you too high of a quote; hoping that they would be able to give you more discounts down the road, you probably won’t fill out their 20 page application, and you would be looking towards a company that was more… conservatively priced. So, all that to say it is in the insurance company’s interest to provide you with the most accurate quote that is going to be reflective of the final premium that they are going to charge you.
The best way for them to do this is by having an accurate and ample amount information about your medical practice. There are a few specific things that every insurance company and every broker is going to want to know in order to obtain an accurate quote for you. The two main ones are specialty and territory. As specialty, your medical specialty, and your territory, where exactly you are practicing; are going to have the two biggest effects on what you are going to end up paying for your medical malpractice insurance premiums.
There are a couple of additional follow-up questions that should generally be asked regarding your claims history; as low claims will equal discounts and high claims could potentially equal higher premiums. When your renewal date is. In other words, when you’re hoping to purchase the new coverage. And a couple of other questions generally fall in there as to whether or not this is a group, or there will be any ancillary people on your policy and other questions of that nature.
All that to say, in order to get an accurate quote your insurance company or your broker is going to need accurate and ample information to be able to shop that market independently to find you the very best rates possible. Once again, I am Tim Ryan here to answer your medical malpractice insurance questions. Have a great day.
If you would like to have one of your questions answered by Tim Ryan, please follow @eQuoteMD on Twitter and send us a “tweet” with your question. You can follow Tim Ryan on Twitter as well @TheMedMalMan.
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