5 Ways to Save on Medical Malpractice Insurance

Looking to reduce your malpractice insurance premiums? Deciding which policy is right for you? There are many different types of policies and even more insurance providers to choose from.

Many people believe that buying direct from an insurance provider will help save money, but in actuality rates are the same whether you go through a broker/agent or purchase direct from a provider. Agents can serve as a valuable resource as they have access to various malpractice insurance carriers and can shop around to get the best deal for you.

Here are a few ways you can save on medical malpractice insurance:

  • Go through your policy and see if you have the right coverage. Did you know that many medical professionals are overpaying for insurance? It’s important to stay updated on current rates as they are constantly fluctuating.

  • Take your time and shop around. This is where an agent can help tremendously. Your application can be submitted to many different companies who will compete for your business.

  • Enroll in a medical risk management program. Some insurance companies will offer a discount to medical professionals who attend risk management classes. Many of these classes are now offered online.

  • Get a board certification. Although it will take time, the benefits may be worth it. Doctors who are board certified will have many more options for coverage and receive the best rates.

  • Be claims-free for at least five years. If you have practiced medicine for at least four years without incident, it’s time to start asking your malpractice insurance broker what discounts are available.

Also, here are a few questions to ask when purchasing malpractice insurance in order to get the best policy:

    • What are the different types of coverage available for my specialty?
    • Can I take the policy with me if I move to another region?
    • Will it cover volunteer work that I do?
    • Should I buy from a mutual or stock insurance company?
    • Does the provider have a good reputation and rating?