In today’s litigious society, medical malpractice insurance is not a luxury, but a necessity for healthcare providers to protect their practice and professional reputation against claims alleging negligent acts that caused injury to patients.
So how do you, as a conscientious healthcare professional, find an insurance provider who meets your specific needs?
Here are some tips for obtaining the right malpractice provider and coverage:
- Start your search by talking with colleagues and browsing the internet. If yours is a new private practice, you may benefit from the experience and recommendations of a midcareer or older physician who already has medical malpractice insurance.
- Pay attention to the laws regarding malpractice in the jurisdiction in which you practice. Established practitioners who tend to seek coverage through an insurance broker or financial advisor may want to review their existing coverage periodically to determine if it needs to be amended or to add additional coverage.
- Note the insurer’s rating. Choose an insurance carrier with an A.M. Best rating in the “A” range. Founded by Alfred M. Best insurance firm in 1906, this rating system uses both qualitative and quantitative measures to assess an insurance provider’s ability to pay claims and meet its financial obligations. Also, be aware of the provider’s class size, which ranges from I to XV. The smaller the class size, the smaller the company and the greater its vulnerability to large losses. Accordingly, choose a carrier with history and experience in your state and specialty.
- Be wary of policies offering one-year discounts. These will almost always increase substantially in the future and could result in you paying more than you were originally led to believe.
- Take the time to understand what is and isn’t in the policy. Read the entire document before you finalize a policy, including all addendums and exclusions. That includes knowing the scope of HIPAA liability and cyber insurance coverage, as well as whether there is coverage for defense of licensure board complaints or governmental investigations. If necessary, have an experienced lawyer guide you through these complex details.
- Evaluate your coverage and provider yearly. Even if you’re satisfied with your coverage, you should make sure it is up to date. For example, if your practice changes its size or number of practitioners, or alters its scope of practice, you should re-evaluate your changing medical malpractice insurance needs to make sure there are no gaps in coverage.
How To Make Your Search For A Medical Malpractice Insurance Provider Easier
With more options and insurance companies to choose from than virtually any other medical professional liability insurance group, eQuoteMD can make the task easier by independently searching the market to find you the absolute lowest price available. We have the largest network of medical malpractice insurance companies in the United States, extending from coast to coast, in all 50 states, and working with any medical specialty. That includes admitted carriers, Risk Retention Groups, Surplus Lines companies, A++ rate companies, and much more.
Since eQuoteMD is not a medical professional liability insurance company, but rather independent from any insurance company, we serve as YOUR advocate in finding the best rates and coverage. We also help educate doctors by offering important and current medical malpractice insurance information that is state– and specialty-specific in the form of weekly blogs that discuss current information.
For more information on how to obtain the best rates and the best coverage when choosing the right medical malpractice insurance provider, call eQuote MD at our main office in St. Louis, Missouri, at (855) 823-5283. Or, if you’re looking for the best malpractice insurance service resources, get a quote today!
