11 Tips for physicians shopping for new malpractice insurance

There are a lot of different types of insurance to choose from. Some are more expensive than others. It’s important for you to understand the difference between each kind of coverage and how it works, so that you can make an informed decision about what type of insurance is right for your practice.

Getting a new malpractice insurance policy can be a daunting task, especially if you’re not aware of how to shop for the best coverage.

11 Tips for physicians shopping for new malpractice insurance

1. Know your medical practice and its risks

2. Find out what kind of policy you need

3. Know your costs and coverage limits

4. Look at quotes from multiple providers

5. Understand how long it takes to get a quote

6. Don’t be afraid to shop around. You may find that one insurer is more competitive than another, or that one carrier offers better coverage at a lower price. You may also see lower prices if you’re willing to put up with a few restrictions or limitations on coverage.

7. Compare coverage levels and deductibles. Check out the different levels of coverage and determine which level of coverage is right for your needs.

You should also compare deductibles to make sure they’re reasonable given your medical practice’s expenses and the size of your practice.

8. Ask about pre-existing condition exclusions in policies offered by competing insurers. Some insurers will not cover claims arising from conditions that occurred prior to the effective date of coverage (EDC), while others will only cover claims arising from conditions that existed at the time of application but became worse after EDC was issued these are known as post-EDC exclusions.”

9. When looking at new policies, it’s important to understand what they cover, and what they don’t. While most policies will require doctors to disclose all medical mistakes, not all policies offer the same amount of coverage for those mistakes. Some policies only cover up to $1 million in damages per incident; others may be more generous.

10. What are your deductible amounts? Deductibles are the amount of money that you pay out of pocket before the insurance kicks in; it’s usually around 20 percent of the total bill, but varies by policy and by doctor.

11. Does your policy have an annual or lifetime maximum on payments? A lifetime maximum allows you to receive unlimited benefits over time while still paying premiums each year; however, if you reach that limit and then file a claim again within five years (or three if you’re over 65), you’ll be charged extra fees based on how much more coverage your doctor needs (this is called a “concordance clause”).


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