Comparing Apples to Apples:

What is the meaning of comparing apples to apples? This means comparing things, in this case, Medical Malpractice Insurance, that can reasonably be compared. The phrase apple to oranges is used to represent a comparison that is unreasonable. When shopping the best rates and coverage for Medical Malpractice Insurance one should be able to compare apples to apples, not apples to oranges. How do you choose the correct apple, insurance carrier, in a market saturated with comparable fruit? No one wants to pick up an orange or a sour Granny Smith apple when they expected to pick up and enjoy a Red Delicious apple.

Here are six key questions that a physician and/or facility should inquire that will prevent picking the wrong fruit, in this case, an unsuitable insurance carrier.

  1. Did the insurance carrier quote have the correct limits of liability listed with the same requested limits as the previous insurance and current insurance
    Also known as having mirrored insurance?
  2. Do the comparing insurance quotes have the specialty listed the same
  3. Is the requested Retroactive Date listed matching the current insurance carriers Retroactive Date?
  4. Are the comparative insurance companies listed with an “A” Rating with either Demotech and/or A.M. Best.
  5. With the annual premium being quoted, does that include the taxes and the fees or is it an indication quote.
  6. Did the broker, representing the physician or facility, provide the support and knowledge in order to help in choosing the correct and accurate coverage?

If you found this information useful in choosing an insurance carrier please share this blog as well as go to the Doctors Professional Liability website https://sites.google.com/prms-us.com/dpl/. A qualified agent will be available to assist you in choosing the correct insurance carrier to meet the needs of the physician and/or facility.