5 Common Liability Coverage Discounts
We know that medical liability insurance coverage is expensive. That is why the agents here at MyMedicalMalpracticeInsurance.com try to get our clients all of the discounts that they qualify for and that is why we are writing about them today –so you, too, are also aware of which discounts you may qualify to receive.
1. New-to-practice Discount. This is a nice discount that every physician should take advantage of, if they qualify. Usually the discount is two years in length, with the first year offering the deepest discount (usually at least 50%) and the second year a smaller discount (usually at least 20%).
2. Part-time Discount. This medical liability insurance discount is for physicians working 20 hours or less per week, and is usually about a 50% discount. You should always let your agent know the number of hours you plan on working per week.
3. Claim-free Discount. For this coverage discount, physicians typically have to be claim-free for 10 years, or from the time the physician began practicing, whichever is less. For example, if a physician has been practicing for 5 years, and has remained claim-free, he or she would qualify for the claim-free discount.
4. Risk Management Discount. It should be noted that not every medical liability insurance company offers this coverage discount. However, many companies typically have an online course that a physician can easily take. Successfully completing this kind of course can typically save a physician 2-5% depending on the insurance company. Medical Protective is an example of one company that offers this kind of discount.
5. Group Practice Discount. This medical liability insurance discount is available to physicians who own their own practice. By covering all of the practitioners under one policy, the practice can typically save 3-5% per physician.
If you would like to see what kind of medical liability insurance coverage discounts we can get you or your practice, request a quote today.