Medical Malpractice News

5 Mistakes to Avoid When Buying Medical Malpractice Insurance

Tags: , , , , | Comments: 0 | June 22nd, 2016

Picard and Riker Facepalm over Medical Malpractice Insurance Mistakes

Knowing what to do and what to look for is important when it comes to obtaining medical malpractice insurance.  However, what’s just as important, is knowing what not to do, and what kind of common mistakes to avoid.  So, here are some mistakes that we have seen doctors make that we hope we can help you avoid.

Mistake #1 – Taking the first medical malpractice policy you are offered without comparing and shopping around.

  • The choice of a medical malpractice insurance policy is an important one.  Not only is it a significant investment financially, but should you ever need it, it is the one thing that stands between you and potential financial/personal ruin.  So you need to do some comparison shopping, not just of rates, but of policy features, limits of coverage, reputations of various carriers, etc.  Look at the choice of medical malpractice insurance as a long term investment in your future.

Mistake #2 – Choosing your medical malpractice insurance policy based solely on cost.

  • Consider this analogy: a new Ford Focus and a new Mercedes E Class are both cars.  Both drive.  Both will transport you from one place to another.  But beyond that the differences are plain.  So it is with medical malpractice insurance.  Yes, fundamentally all policies do the same thing, but how reliably they do it, what perks are included, what value added benefits are involved are all relevant factors to consider.  It may be that you only need the Ford Focus of medical malpractice insurance, but before you decide that, make sure you understand what some of the more luxury models offer.

Mistake #3 – Shopping for your medical malpractice insurance without knowing the different types of policies available.

  • It seems obvious that you need to know what types of policies exist before you purchase medical malpractice insurance, but we frequently get questions about what constitutes a Claims Made policy, and how that differs from an Occurrence policy.  Which is why we published this.  And that’s just one of the distinctions that are important in thinking about your medical malpractice insurance policy.  You also need to know the different types of carriers, limits of liability of the policy offered, etc.

Mistake #4 – Purchasing a medical malpractice insurance policy without knowing how much coverage you really need.

  • Speaking of limits of liability, do you know what your state requires?  Do you know what you need?  You must purchase medical malpractice insurance that covers up to a certain amount in many states, but depending on your situation, your specialty, the litigiousness of the geographical area where you practice, and other factors you may need to purchase more than the minimum required by law to truly cover any potential liabilities.

Mistake #5 – Purchasing medical malpractice insurance without the help of a qualified agent or broker.

  • And if all of that sounds daunting, scary, or even impossible, there is one other mistake, that if you avoid will likely take care of all the other pitfalls for you.  Don’t make the mistake of trying to secure medical malpractice insurance on your own.  Let a professional that makes it their vocation to know the kinds of things we’ve discussed above shop the market for you, do the research, and then give you options and explanations of the pros and cons of each of those options.  That’s what we here at eQuoteMD do.  And we don’t charge you anything or pass on any cost to you.  The cost is covered by the providers.  We just take the hassle and headache out of getting you the best policy at the best value available on the market.  So get a quote now, and let us show you how easy we can make getting the right medical malpractice insurance policy for you.