Tip #1 on how to lower your medical malpractice insurance costs
As we slowly wind down the week, I thought I’d spend a few minutes going over a tip that doctors and other health care professionals can use to help lower their medical liability insurance rates. This will be the first in our series of how to make sure you pay the absolute lowest price for your medical malpractice insurance. Doesn’t matter what specialty you are in……these will work across the board.
TIP #1 on how to save and cut down the cost of you med-mal insurance:
MAKE SURE YOU WORK WITH A BROKER WHO HAS ACCESS TO MULTIPLE INSURANCE CARRIERS
One of the secrets in the medical malpractice insurance business is making sure your agent has access to has many insurance carriers as possible. Before I go on, it’s important to note that you will not pay extra money if you go with an insurance agent versus going directly to the insurance carrier. The commission for the broker comes from the insurance carrier. So you’ll pay the same price either way….as we like to say: the premium is the premium.
Access to multiple insurance carriers is important because every carrier is different. Some carriers like dealing with OB/GYN’s….others like dealing with Internal Medicine doctors. Granted, for the most part, they will usually insure you whichever specialty you practice, but some offer better rates to certain specialties. This is where a broker can come in and help you figure out which company to place you with.
If you go directly to an insurance company, you can bet that they won’t be shopping your insurance coverage with their competitors!
This is one of the reasons we started MyMedicalMalpracticeInsurance.com. We noticed that other insurance brokers were saying they had all this access and then when push comes to shove….they really only have access to one or 2 companies. We have been doing Medical Malpractice insurance for doctors since 1947 and have never placed a doctor with an insurance company that wasn’t a perfect fit.
We pride ourselves on being the best medical malpractice insurance company in the nation. We have a dedicated med-mal team that is one the phone nearly 10 hours a day helping physicians all over the country lower their med-mal costs. We are true physician advocates who believe that adding a few bucks to our commission checks isn’t worth it like other brokers tend to do by placing their clients with the more expensive insurance company. We have a 97% client retention rate for a reason. We know that if a doctor is happy with their coverage, if there is someone here to answer their questions when they need them answered, and they feel like they are being treated fairly, then they will be our customers for life. We have a long term outlook which separates us from the other medical liability insurance companies out there.
If you think you’re paying too much? If you think your broker hasn’t been straight with you, or maybe you just want to make sure. Fill out our quick and easy med-mal insurance form and one of our medical liability insurance specialists will get right back to you and answer any questions you have, and we’ll provide you with a free quote…..from every insurance carrier in your state. A few of the states where we see a trend of the above happening are:
Have a good weekend and remember when that quarterly statement comes around, you should think to yourself: