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Professional Liability Archives - Diederich Healthcare

Why do malpractice insurance costs differ between insurance companies?

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On a daily basis, I receive inquires from physicians requesting quotes for their Professional Liability Insurance (malpractice).  I am often asked, “Why is it that some malpractice insurance companies charge a premium that can be 25%-30% lower than my current policy?”.  The assumption is that because some companies offer a more attractive premium, that the coverage is not as adequate or doesn’t provide the same benefits.  However, this is usually not the case. In a…

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Beyond Medical Malpractice – Other Policies a Physician Practice Needs

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Most physicians will agree that their livelihood depends on the success of their practice.  Although professional liability insurance will protect the insured from errors and omissions in their day to day patient contact, there are additional insurance options that will also protect against loss from many other unforeseen acts that can be devastating to both the physician’s practice and their reputation.  For a healthcare provider, understanding the differences between coverages,  knowing what is needed for…

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The Agency Advantage: Utilizing your Professional Liability Agent for Maximum Premium Credits

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As a result of an increased number of lawsuits involving medical malpractice due to poor risk management practices, many professional liability carriers are now offering multiple opportunities for physicians to learn best practices while also earning credits toward their premium.  The training focuses on quality assurance through identifying risk, minimizing risk, and reducing the impact when losses occur.1   By implementing strategies for improving existing methods, both the physician and the carrier benefit by reducing the…

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Using a Broker/Agent and Choosing a Carrier for Medical Malpractice Insurance

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Choosing the best fit for your Medical Malpractice Insurance coverage is one of the most important decisions that a Physician will make for his/her medical practice.  There are many options available and they can vary greatly in policy coverage, form, and premium from Carrier to Carrier and State to State.  Items that should be addressed and examined on an annual basis include: Differences in insurance company structure and the regulations under which carriers operate “Admitted”…

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Does price reflect quality of malpractice insurance?

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Medical malpractice insurance is a major expense for physicians in private practice.  Naturally, it makes sense to manage this expense to increase profit for your practice.  Though if you are a physician or practice manager who has doubted the quality of an insurance company based on the lower premiums they provide, you are not alone.  The last thing you should do is choose an insurance policy based solely on a low premium, only to find…

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oklahoma

Change in 2014 – Oklahoma physicians can reduce practice costs with minimal effort

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Uncertainty surrounding the Affordable Care Act and continuing changes in the delivery of healthcare are of significant concern for physicians.  Doctors across the country are examining the healthcare environment and taking steps to prepare for the impact that this anticipated change will have on their practices.  As a result, many are looking for ways to reduce overhead costs while maintaining the core value of their practice – patient care.   Medical malpractice insurance represents a significant…

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Medical Malpractice Insurance and Cyber Liability – A Great Combination

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A trend that started a couple of years ago continues to catch on in the medical malpractice insurance community.  Several medical professional liability insurance companies have been adding on extra coverages for physicians in order to entice them to stay with their current company and also attract new physicians.  One of the most popular endorsements added to these policies in recent years has been Cyber Liability Coverage.  The great thing about this additional coverage is…

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Director

Medical Director Liability Coverage

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Most physicians assume that their exposure as Medical Director at a nursing home is covered under their standard Medical Professional Liability Insurance policy or under the Nursing Home’s Liability policy.  The truth is that most Med-Mal policies specifically EXCLUDE any Medical Director responsibilities, whether the physician has direct patient contact or not.  A physician’s medical liability policy will, most likely, cover clinical issues related to the direct care of the physician’s patients while they are…

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Insurance

Know Your Options Before Purchasing Tail Coverage for your Medical Malpractice Policy

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If you have ever had to purchase tail coverage for your medical malpractice insurance policy, you know how expensive and limited your options are.  Tail can be very costly, usually double the expiring premium with your incumbent carrier.  Now there are options for tail coverage outside of your incumbent carrier! In response to a growing need and interest in competitive tail coverage, Diederich Healthcare can provide stand-alone tail coverage that can save you significantly in…

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Emergency

Medical Malpractice Insurance for Emergency Medicine becoming more Affordable

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Naturally, the practice of emergency medicine comes with higher risks than most specialties since most of the patients are being treated for emergency medical needs that can be serious or life-threatening.   Due to the high-risk nature of emergency medicine, the cost of medical malpractice coverage for emergency medicine physicians can be high.   In response to rising Emergency Medicine costs, many medical malpractice insurance carriers have introduced new programs developed for the unique needs of Emergency…

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