Physicians understand the importance of choosing the right medical malpractice insurance carrier, but they often don’t know where to start. Of course you want to save money on premiums, but the medical liability insurance policy is much more than just a certificate of insurance to get you credentialed at the local hospital or medical center. Hopefully you won’t ever need it, but if you do, it better be more than just a piece of paper. At the time of a claim you need an insurance company that is going to back up what it says in its policy, respond quickly, and defend your reputation as a physician. So where do you start? Unfortunately most medical schools only give students and medical residents a brief overview of the principles of medical malpractice insurance, and once you’re practicing and running a busy office, going through the arduous process of getting quotes and comparing premiums and policy coverages is just too time consuming.
Why a Medical Malpractice Insurance Broker?
The first and best way doctors can save time and energy on this once-a-year task is to get a medical malpractice insurance broker. A broker has access to multiple companies and can do the work for you. With just one application, or even a quote form with some basic information about County, Specialty, Claims History, and Limits of Liability, a broker can get quotes from several insurance carriers to consider. Narrowing down the options from hundreds to 2 or 3 that are truly a match for your practice can take a huge load off of you or your office manager.
Do Your Homework
Once you’ve filtered your choices down to a couple of good options you need to do some comparing and ask some questions. Obviously, price is a consideration, but don’t just look for the lowest rate. Look also at other factors like how long the company has been in business. Ask if the company is local or national, what it collects in annual premiums, is it profitable, does it have a rating from an insurance service such as A.M. Best, is medical malpractice the only line of insurance it writes, is it committed to staying in the business. Find out if the policy offers any extra coverages, some include coverage for HIPAA violations, RAC Audits, cyber liability, Medicare and Medicaid audits and defense for complaints to the state board of medicine. Comparing this information should help you make a decision.
Don’t Make This Decision On Your Own
Talk to your broker after you’ve done the comparing and get his or her recommendation. Brokers will know from experience how well the company responds to claims and what its customer service is like. After all, the broker works with the medical liability insurance companies everyday and if he or she is reputable you won’t be steered wrong.