When it is time to renew your medical malpractice insurance policy, you may face changes in costs. Is your renewed policy worth the money? At eQuoteMD, we recommend you confer with one of our representatives. You will learn which policy offers the best coverage at an affordable price. Here are some tips to help you navigate policy renewal.
Understand Your Medical Malpractice Insurance Coverage Needs
Before deciding about your malpractice insurance policy, understand what type of coverage you need to best protect you and your practice. Different states throughout the country have various requirements for medical malpractice insurance. You may need a number of policy features depending on your medical specialty, state and location.
For instance, OB/GYNs and neurologists typically need higher levels of coverage because their specialties involve higher practice risks. On the other hand, family practice doctors and pediatricians may require less coverage because their practices are not as high-risk. Understand the potential risks in your practice before renewing your medical malpractice insurance policy.
Additionally, doctors and other healthcare providers are sued more often in some states than in others. Adverse medical incidents and the number of medical malpractice insurance payouts per state impact the cost of insurance premiums. In other words, if you live in a more litigious state, you likely will pay higher medical malpractice premiums than your colleague in a state with fewer reported incidents and payouts.
Finally, factors such as being an urban versus a rural practice impact your premium costs. So does population density in your practice neighborhood, income levels of patients and more. Your insurance advisor can help you sort through your potential risks associated with geographic area and specialty.
Review Your Current Policy
Before renewing your policy, review your current coverage to see if it still meets your needs. At eQuoteMD, we recommend healthcare providers take a close look at their insurance policies once a year.
Think about any changes in your practice since you last renewed. Examples are new medical procedures you perform or equipment you now use.
Also, discuss your claims history with your insurance advisor. If you have had claims filed in the recent past, they could affect your premium costs. Your insurance advisor can advise you on ways to potentially lower your rates, such as implementing risk management strategies or increasing deductibles.
Consider Different Coverage Options
When renewing your medical malpractice insurance policy, investigate additional coverage options which may be available. For example, some policies offer tail coverage, which provides protection for claims made after the policy expires. Also, think about adding cyber liability coverage, especially if you offer telemedicine services.
Some common coverage options include the following.
Occurrence or Claims-made Policies
These are the two main types of medical malpractice insurance policies. An occurrence-based policy covers incidents which happen during the policy period even if a claim is filed after the policy has expired. A claims-made policy only covers incidents which occur and are reported while the policy is in effect.
Limits of Liability
This is the maximum amount your insurance company will pay for a claim against you. Choose limits that adequately cover potential damages without breaking your budget.
Consider Bundling Your Insurance Policies
If you have multiple insurance policies, such as general liability or property insurance, consider bundling them with your medical malpractice insurance. Many insurance companies offer discounts for bundling policies. This is an excellent money-saving strategy.
Evaluate Your Practice’s Risk Management Strategies
Insurance companies often take into account your risk management strategies. Your eQuoteMD advisor can help you understand how to mitigate risks by maintaining proper patient charts and implementing safety protocols in your practice as examples. By demonstrating effective risk management practices, you may be able to negotiate lower premiums.
Medical Malpractice Insurance Costs in St. Louis, MO
At eQuoteMD, we offer comprehensive insurance services for healthcare providers in all 50 states and in every medical specialty. Our representatives carefully shop for the best policies which offer superior protection at the lowest possible rates.
When it comes time to renew your existing policy, contact us for reliable advice and excellent price quotes. We are located in St. Louis, MO, but are available to you no matter where you practice in the United States.
Call us today at (855) 823-5283 to set up a consultation or policy review. You also may request a complimentary quote here. We will be honored to serve you.
