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…
Almost every month, I receive an email or call from a client that would like to inform me that their practice is growing. Their next question is almost always, “What do we need to do to add a physician to our policy?” Items to consider: Is your practice going to provide prior acts coverage? If your practice is going to match the new physician’s retroactive date, you are inheriting the risk of claim for this…
The primary reason for purchasing malpractice insurance is to protect yourself from a financial loss in the event of a claim being filed against you. Therefore, your number one concern should be whether or not an insurance company is capable of properly defending you. Questions to ask your broker about potential insurance carriers are: Is the carrier financially sound? You can obtain NAIC reports from your broker to review each carrier’s financials from the previous…
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