Brokers and agents act as the liaison between medical malpractice insurance carriers and healthcare providers (including doctors, ARNPs, surgeons, dentists, behavioral health professionals, etc.). As a liaison, it’s important that you understand the complexities of this type of liability insurance. Some of your clients might be just out of medical school, or working as a subcontractor, or are going into business for themselves and no longer under the umbrella of a hospital policy. No matter their situation, your main goal is to educate your clients.
How can you help them decide which policy is best for them? Some key elements to discuss with them include:
- Point out whether a policy covers bodily injury, property damage, and/or liability for personal injuries. And if so, what are the coverage limits? Be sure to note that per-occurrence and per-policy limits are two separate dollar amounts. Outline any conditions and exclusions so there are no surprises should your client be sued.
- Know your state’s minimum requirements for insuring specific types of practices. Surgeons and OB practices have more risk potential, and therefore, need stronger risk buffers.
- In addition to state minimums mentioned above, ask your clients how risk-averse they tend to be. How comfortable are they with lower policy caps? You don’t want them losing sleep at night (and calling you!) when they could simply make some policy adjustments to match their comfort level.
- Discuss potential litigation costs, and specifically which legal expenses are covered by the policy.
- Outline differences in reporting periods. Basically, they have two options: claims-made policies or per-occurrence policies.
Considering that a majority of healthcare professionals will face at least one medical malpractice lawsuit in the course of their career, their liability coverage is an important part of their success. Aligning your clients with proper coverage ensures success for both you and them.
Contact us today if you’d like to learn more about becoming an agent for CARE. We place a strong focus on serving the needs of our agent/broker network and would love to discuss partnering with you.