Medical malpractice insurance is a necessary safeguard for all medical professionals. However, while important, there is no requirement for you to overpay on this expense. There are practical things that all professionals can do to keep their cost for this insurance coverage as manageable as possible.
When people shop for homeowners or auto insurance, they rarely pair with the first insurance company they obtain a quote from. You must keep the same train of thought in mind as you shop for malpractice insurance. Keep in mind, quotes are a cost-comparison tool all insurance buyers should take advantage of, and the only way to compare costs is to obtain more than one quote. Shop around to make sure you get the best deal.
Partner with an insurance professional; don't try to purchase your policy on your own. When it comes to medical malpractice, the location of your clinic or office will have an effect on your policy cost, as certain municipalities have different requirements. If you're unaware of what elements you do or don't need, you're more likely to invest in coverage that you might not necessarily need.
With all the elements that go into operating a medical practice, it seems like a convenient tool to put your policy on auto-renewal. However, doing so can cause you to pay more. As the size of your practice changes, your years of experience increase, and other factors change, malpractice insurance costs adjust. If you renew the same policy, you may not be able to take advantage of the cost savings these changes offer. Obtaining a new quote at each policy ending period is the better option.
Always ask about discounts as most medical malpractice insurance companies offer them. For example, you can obtain a discount for everything from not filing any claims within a certain period to not operating your clinic full time, such as only opening three days a week opposed to five or six. Don't be afraid to ask what discounts are available and even tell the agent a little about your practice so that they can search for discounts f0r you.
Medical malpractice is not a blanket coverage option. As the needs of different providers and facilities are different, so should the specifics of their policies vary. Speak directly with an agent to tailor the right option for your protection and financial needs.