5 Ways to Pay More for Your Medical Malpractice Insurance
We here at Cunningham Group understand that you don’t want to have to pay any more than you have to for your medical malpractice insurance. It’s a major expense and we get it. But what can you do? You can learn from others’ mistakes!
Here are 5 ways you will end up paying more for your medical malpractice insurance coverage:
1. You have a gap in coverage. If you leave a job and you don’t purchase a tail on your claims-made policy, you could face a gap in coverage. Even if it wasn’t intentional, this will look like additional risk to a medical malpractice insurance company. Though it seems harsh, insurance companies view a gap in coverage as seriously as a claim or licensing issue. Quite simply, it looks irresponsible. Anytime you leave a position, make sure you understand if you need to purchase a tail or not. And, if you have a gap, ask you insurance agent if, and how, you can close it.
2. You don’t take advantage of discounts. Always ask your agent for any discounts you may qualify for. A seasoned medical malpractice insurance professional should always remember to inquire if you might qualify for any available discounts. If they don’t, don’t be afraid to ask!
3. You have recent claims or disciplinary action against you. Unfortunately, whether you are guilty or not, claims can count against you. And, as you might expect, disciplinary action is also a premium-raiser.
4. You go straight to an individual insurance company. You might think this saves you money by “cutting out the middle man,” but it doesn’t. Why?! Because insurance prices are fixed, and regulated by the state, and an insurance agency (vs. an insurance company) legally cannot charge more for the same policy. What an insurance agency can do is give you quotes for multiple policies from multiple insurance companies, thus giving you a choice and the opportunity to see the prices from multiple companies at one time –saving you a lot of time from shopping around from company to company.
5. You don’t shop the market every year. Just because you started with the cheapest medical malpractice insurance company last year for your claims-made policy, doesn’t mean that they will have the best rates for the second year vs. shopping around. Always shop around! If your time is worthy money, and we know it is, it is worth your time to do this!
Bonus Tip: You didn’t let the insurance company know when an employee(s) left or was terminated. Don’t pay to insure people that are no longer working for you! Always call your insurance company to let them know of changes in employment status!