It is difficult for many doctors to find a broker that is an expert in medical professional insurance. They are able to place medical malpractice risks. It is a constant effort to protect the surgeons and physicians interests in this industry. You will be surprised at how many brokers do not.
There are many ways to find a trustworthy broker.
- Talk to a colleague
- Respond to the marketing materials of medical malpractice insurance companies and ask for their representatives.
- To get in touch with a broker who is knowledgeable, use a service.
- Ask a broker about their experience in the market, your options for insurance carriers, etc.
How can you tell if your broker is doing well?
- If you have coverage in the admitted market standard, then your policy will likely be cost-effective and provide adequate coverage. In the event of an insurer’s insolvency, you are protected by your state’s insurance fund.
- If you have coverage in the non-standard market that is not admitted, your broker should visit the market every year to try to assist you in re-applying to the standard market. Non-admitted markets are also known as surplus lines market. Non-admitted insurance firms include Risk Retention Groups. Surplus Lines insurance firms and risk retention groups are not eligible for the state insurance guarantee fund. However, they have greater flexibility when it comes to tailoring a policy to meet unique physician malpractice insurance requirements. These companies can use deductibles or limits of liability in creative ways to meet the needs of doctors and hospitals.
- Verify that all quotes include your practice location and specialty . The coverage for future and past acts could be affected if any of these are missing or incorrect.
- Additional fees may be charged for certain policies, such as broker fee, stamping fee, surplus lines taxes etc. broker fee, policy fee, stamping fee, surplus lines taxes etc.). These fees are common and expected when buying medical malpractice insurance from the nonstandard market. These fees can range from $150 to $400 (or higher). These fees are not refundable because they are used by the state to pay for regulatory costs.
A medical malpractice broker can represent your medical practice in the marketplace, regardless of whether you are a family doctor, general surgeon, orthopedic surgeon or hospital. This is the best and most cost-effective decision that a medical practice could make. It is not worth your time to learn the intricacies of insurance brokerage. A brokerage service is not an expense as it’s a valuable service.
All brokers receive the same commission rate depending on their geographic location and carrier. This commission rate is included in the premiums for physician malpractice insurance at no cost to you. Please note that if you work directly with an insurance company, and not through a broker, the premium amount will remain the same. The broker will not take the commission charge from your premium.
A broker who is knowledgeable about the insurance market will be able shop it annually to ensure you get the best coverage for the lowest price. They can be your advocate when you deal with your insurer in claim events or otherwise.