Your medical practice changes year by year. Patients come and go, costs rise and demand for skill improvement is constant. You need medical malpractice insurance to protect your reputation, your income, your assets and your ability to provide the medical services your patients deserve. In this blog, you will learn how to choose the right medical malpractice company to protect you in today’s volatile healthcare environment.
Educate Yourself about Medical Malpractice Insurance
As you approach purchasing a policy from a particular company, research these two questions. What is medical malpractice insurance? Why do I need it?
Medical malpractice insurance is a particular type of professional liability insurance. It protects healthcare providers from claims alleging medical negligence or mistakes resulting in patient harm or death. It provides coverage for legal expenses, settlements and judgments which can arise from patient claims and litigation.
Evaluate Your Individual Healthcare Practice Needs
Once you have a clear understanding of what malpractice insurance entails, evaluate your own practice needs. Consider factors such as your specialty, the types of procedures you perform, the number of patients you see, and any other potential risks associated with your specialty. This will help determine the appropriate level of insurance coverage and the types of policies you should consider.
Research Medical Malpractice Insurance Companies
Next, research various medical malpractice insurance companies to find one which best fits your specialty, location, services offered and more. Look for companies with strong financial ratings and good reputations among other healthcare professionals. You also can ask your colleagues or professional medical organizations for recommendations.
It’s important to compare the available coverage options, rates and deductibles of different companies before making a decision. Read reviews and gather as much information as possible.
An experienced insurance broker can help you navigate through the options and find your best fit. Additionally, consider reaching out to the insurance company directly to ask questions and clarify any concerns you may have.
Broadly, you should understand that stock insurance companies are for profit entities which are accountable to their stockholders for their profitability. Mutual insurance companies have no stockholders but rather, answer to the needs of their policyholders. Mutual companies tend to offer more competitive and budget-friendly rates. You likely will come across these two terms as you do your research.
Understand Your Malpractice Insurance Coverage Options
Carefully analyze the coverage options offered by each insurance company. Consider what types of policies are available, such as occurrence-based or claims-made policies, and which would be most suitable for your practice.
Also look into the limits of liability and deductibles offered by each company. Understand what your state may or may not require in terms of coverage limits.
In addition to researching insurance companies, consult with an experienced insurance broker who specializes in medical malpractice. A broker can help guide you through the process and provide valuable insight on which companies and policies fit your specific needs.
For instance, eQuoteMD is an independent insurance brokerage which offers a wide range of medical malpractice options from top-rated providers. Our insurance experts will help you compare quotes and find comprehensive coverage at competitive rates.
Finally, don’t be afraid to ask questions and clarify any areas of confusion before making your final decision. Medical malpractice insurance is an essential aspect of protecting your practice and your livelihood. By carefully considering all aspects of each insurance option, you can select the right company to protect your valuable practice, employees, income, assets and reputation in the medical community and in the community-at-large.
eQuote MD Can Help You Find a Top 10 Medical Malpractice Insurance Companies Near You
When you work with eQuoteMD, you are assured of the best medical malpractice insurance coverage at fair and competitive rates. Our representatives understand the medical malpractice insurance market and work with only A++ list insurance carriers.
Your personal representative will work with you to define your individual needs and goals. He or she will offer you quotes which make sense for your practice currently and in future years, too. Plus, we offer ongoing support for healthcare providers in all 50 states and in every medical specialty.
You can receive a customized, complimentary quote by contacting our St. Louis, MO, office for an informative consultation at (855) 823-5283 or request your quote here. We look forward to serving you!
