One of the biggest decisions a physician makes is who they choose as their medical malpractice insurance provider. Hopefully price isn’t the only barometer for decision making, because many insurers provide different services at different price points. Naturally, you want an optimal plan at a reasonable price, but there are other factors to consider, such as:
- Personal/professional references
- History and experience
- State-based licensure
- Coverage limitations and exclusions
- The fine print
Armed with the above information, it is easier to compare carriers side-by-side, and see exactly what your insurance dollars get you. Also, if you specialize in a specific area, you may want to focus on insurance providers who have clients similar to your practice. They will have the most experience with your specific needs.
The list of questions you could ask potential insurance carriers is pretty lengthy, so stay focused on what is important to you. For example,
- Do you have a large Medicare patient base? Then focus on carriers with extensive experience in federally mandated compliance requirements.
- Are you concerned about local laws and need a liaison to navigate potentially complicated waters? Then you are probably better served by a local agency than a national firm that doesn’t provide the opportunity to develop local relationships. This may end up being of the utmost importance, should a lawsuit go to trial.
- Would you benefit from additional guidance and tools, such as data analysis? Then choose a firm that offers a suite of services, not just basic malpractice coverage.
Click here for ideas about additional questions to consider.
Keep in mind that insurance carrier selection is not a one-time event. Your coverage should be evaluated annually, including a quick check of the competition. But your evaluation is not completely based on your carrier. Take a look at your practice’s history over the past year. Not just whether you’ve had to file claims, but take stock of whether any significant changes you’ve made might affect your malpractice coverage needs.
Contact us today if you have questions about the process of choosing a medical malpractice insurance provider. We would love to put our expertise to work for you.