As a medical provider, you have to carry malpractice insurance. It is necessary to protect yourself from the risks that come along with practicing medicine. However, medical malpractice insurance can get expensive, which is why it is essential to understand steps you can take to keep this expense reasonable.
1. Work With an Independent Insurance Agent
One way to lower your medical malpractice costs is by working with an independent insurance agent. An independent insurance agent will contact multiple insurance companies on your behalf. They will shop around different insurance companies, such as physician-run mutual insurance companies to publicly traded companies, to find an insurance provider that specifically meets your coverage and budget needs.
An independent insurance agent is paid via a commission included in the premium amount, so you don't have to pay the agent anything extra. An independent insurance agent can take away much of the burden of finding an excellent policy for you.
2. Fully Utilizing Discounts
Just like with other types of insurance, there are discounts that you can utilize with medical malpractice insurance. There are many different discounts that you can use for this type of policy.
For example, you can get a discount for going claim-free for a certain amount of time. You can get discounts for certain professional association members or for completing a risk-management course. You can also get discounts if you only practice part-time. These discounts can help to lower the cost of your premium, so always take the time to ensure that all applicable discounts are applied to your account.
3. Explore Locations
Next, you are going to want to carefully consider where your business is located. Your insurance premium could vary based not just on the state where you practice medicine but based on the county in that state where you practice medicine. The location of your practice can have a huge impact on your premium, so be sure to weigh that factor when choosing your office location carefully. Different locations can have a great impact on what you have to pay for medical malpractice insurance.
When it comes to saving money on your medical malpractice insurance, you should work with an independent insurance agent who can shop around and get you the best rates. Then, you will want to ensure all applicable discounts have been applied to your policy and carefully consider how the location of your practice can impact your insurance rates.