Why the TYPE of Liability Agent You Have Matters
It may seem obvious that the type of liability agent you use to secure coverage is one of the most important choices you will make. Will you choose to work with someone representing a specific company and limit yourself to only one option, or do you want to see the entire scope of the market and be certain that you found the best coverage for your situation at the best price available? Let’s quickly describe the three type of liability agents.
Direct Writers. Direct writers are insurance companies that do not accept submissions from agents. In order to approach a direct writer insurance company, the physician (or health care provider) must contact the writer directly and the physician should not expect to have an advocate representing them to the company. In short, you are on your own.
Captive Agents. Captive agents work for the insurance companies directly and are authorized to only offer quotes and coverage from the company they work for. In our experience, captive agents rarely explain the difference between a captive agent and an independent agent, and instead, highlight their own company’s limited products. When you go with a captive agent, you are usually limiting yourself to one or two companies that share the same ownership. In short, you are again offered limited products to meet your needs and a one-sided representation of those companies.
Independent Agents. We here at MyMedicalMalpracticeInsurance.com are independent agents. Independent liability agents do not have allegiance to any individual company, and instead, the allegiance is to the client. While not all independent agents are the same, one common characteristic is that they are required to act in the best interest of their clients. And, an independent agent should be able to show their client as many rates as possible and should be able to clearly explain the difference between insurance companies, insurance policies and payment options.
While an independent agent is ideal in most situations, not all independent agents are created equal. Some independent liability insurance agents have limited access and are not appointed by all of the major insurance companies. On the other hand, companies like MyMedicalMalpracticeInsurance.com, have access to almost every insurance company in the country and can provide quotes for almost all of the regional and national carriers. And, if a client has a claim history, often we can explain the claim to the insurance companies and present our client in the most favorable way possible.
If you would like to learn more about our company, and our independent liability insurance agents, or ask us any questions you may have, give us a call at: 1-866-824-0137.