My name is Eric Bowman, and if you have questions about insurance, this is the blog you need to read. I was always confused when I had to purchase insurance. I would either end up paying for insurance I didn't need or I wouldn't buy the right policy. I finally decided that I was going to learn all I could about insurance policies so that I would understand exactly what I was buying. Now, I am completely satisfied with my insurance and the coverage is just what I need. I realized that there are others who are probably just as confused as I was, so I am writing this blog to help others get the best insurance for their needs and budget. I hope that my blog gives you the information you need to make the right choices when purchasing insurance.
When it comes to running a medical practice, medical malpractice can be a very high expense. Since medical malpractice rates continue to rise, many physicians and medical practices are looking for ways to reduce the cost of premiums without sacrificing necessary insurance coverage. While medical malpractice insurance will most likely always be one of the more expensive types of insurance policies, there are ways to save. The keys are being organized, prepared, and willing to spend a little bit of time finding a medical malpractice policy that is comprehensive, yet less expensive than what you're currently paying. Use the following tips to save money on your medical malpractice insurance:
1. Use an Experienced Agent
Buying medical malpractice insurance is quite a bit more complicated than purchasing auto insurance or a life insurance policy. While there are national insurance companies that provide medical malpractice insurance policies, there are also risk retention groups and physician-run mutuals that can provide the medical malpractice insurance that you need. When you're running a medical practice, the last thing you have time to do is research medical malpractice insurance online and contact each of your options for a premium quote. You are much better off working with an agent who understands medical malpractice insurance policies and knows how to find the best option for your personal needs.
2. Stay on Top of Discounts and Credits
Many physicians do not realize that many medical malpractice insurance policy providers will offer discounts and credits for doctors with a proven track record. Some companies will lower your premiums if you go a set period of time without any claims, while others will offer credits if you complete specific risk-management classes or coursework. However, you may not be given these discounts and credits automatically--in most cases, they need to be asked for. So, don't be afraid to explore all your options and find out what credits of discounts you may qualify for.
3. Avoid Auto-Renewing
It is not uncommon for physicians to purchase a medical malpractice insurance policy and then let it auto-renew each year. While this may be convenient, it is not a good way to save money on something that is a very high expense for most doctors. Instead of auto-renewing your medical malpractice insurance each year, set aside the time to contact your current insurance carrier to see if there are any policies that offer similar coverage but have lower premiums. If you have been a loyal customer, your insurance carrier may be able to help you lower your medical malpractice insurance premiums.