Becoming a practicing physician requires many years of education and training, and opening a private practice is a dream that many doctors have. While owning a private medical practice comes with a lot of benefits, there are also some challenges. One challenge that many physicians who own private practices have is securing affordable medical malpractice insurance. Running a medical practice is very expensive, and the premiums for this insurance can be very expensive. Luckily, there are ways to reduce medical malpractice premiums. If you're a physician, use the following tips to help make medical malpractice insurance more affordable:
Take Advantage of Available Credits and Discounts
Most doctors spend most of their time focusing on caring for their patients and may not know about the different credits and discounts that are available to help offset the cost of medical malpractice insurance premiums. Some insurance companies will offer a discount if a physician has gone a specific period of time without any claims or if he or she becomes a member of a respected professional association. It is also possible to secure credits by taking risk management classes for medical professionals or by completing other coursework that can help minimize the risk of malpractice. However, it's important to know that these discounts and credits most likely will not be automatically offered, so you will need to be proactive and ask about them.
Work With an Experienced Medical Malpractice Insurance Insurance Broker
Few physicians who own a medical practice have the time to contact several different insurance companies looking for the most affordable insurance rates. However, shopping around is one of the simplest ways to find competitive premiums. An easy solution is to work with an experienced insurance broker. An insurance broker has relationships with multiple insurance companies and can sell you a policy that fits your needs. You can count on your insurance broker to research the options and get insurance quotes from multiple companies. You can then compare your options and choose one that provides proper coverage at a great price.
Medical malpractice insurance typically has to be renewed annually, and it is uncommon for physicians to auto-renew their current policy. This may be the easiest thing to do, but it is not the best idea if you're looking to control costs and reduce your insurance premiums. It is always in your best interest to explore your options each year to check rates instead of auto-renewing your current policy.