5 Common Myths About Medical Malpractice Insurance

JacksonvilleThe following information was provided by Matt Gracey, founder and CEO Danna-Gracey, who is based out of the Delray Beach office. The Southeastern office provides medical-malpractice-insurance advice to clients in neighboring Florida cities, such as West Palm Beach, Atlantis, Wellington, Royal Palm Beach, Jupiter, Stuart, Ft. Pierce, Port St. Lucie, Vero Beach, Boynton Beach, Boca Raton, Okeechobee, and Belle Glade.

If you are uncertain about the process of acquiring medical malpractice insurance, you are far from alone. The questions can seem endless and overwhelming. How much coverage do you really need to purchase? Can you afford it? What is the most cost-effective route? To help clear the confusion, we would like to dispel five common misconceptions about medical-malpractice insurance:

Myth #1: Medical malpractice insurance in Florida is expensive.

Fact: Medical malpractice insurance can pose a financial stretch and it is rightly a concern. However, there are programs that can help you gain control of the costs. Danna-Gracey offers discounted insurance if you are member of certain medical societies in Florida through Risk Purchasing Groups (RPGs) or other discount programs we have exclusive access to. By joining with other healthcare professionals and specialists, you can benefit from the collective bargaining and purchasing power.

Myth #2: Boutique insurance providers cannot offer as low rates as large corporations can.

Fact: One of the most enduring myths is that only behemoths can effectively navigate the insurance marketplace. In fact, Danna-Gracey offers extremely competitive rates that are in line with larger, national corporations. Moreover, due to our expertise, level of personal advice and service, and unique solutions we developed, we often offer physicians in Southeast Florida better medical-malpractice-insurance coverage for lower prices than our competitors.

Myth #3: Doctors do not need medical-malpractice coverage once they have retired.

Fact: Although you may not be actively practicing medicine, your exposure to claims typically continues for a period of time, which is determined and regulated by state law. If you are about to retire, you might want to consider purchasing a “tail”. A tail is an extension of your claims-made insurance policy that can be acquired to cover the additional liability window. As you near the termination of your practice, Danna-Gracey can help you weigh cost against risk to help you find the most-affordable option for your situation.

JacksonvilleMyth #4: Only doctors need to consider purchasing medical-malpractice insurance.

Fact: Contrary to common belief, medical doctors are not the only ones that bear the burden of liability. Nurses and other healthcare professionals can also be exposed to medical-malpractice risk. Danna-Gracey works with organizations in Southeast Florida that offer professional liability coverage for Registered Nurses, Nurse Practitioners, Clinical Nurse Specialists, and many other healthcare professionals.

Myth #5: Medical-malpractice-insurance rates have been steadily going up every year for decades.

Fact: Actually, according to a Medical Liability Monitor report released in 2013, medical-malpractice premiums have been steadily dropping since 2003. This downward nationwide trend seems to be continuing. Danna-Gracey closely follows the tendencies of the medical-malpractice-insurance market, securing our ability to offer the most up-to-date information and up-to-date, low costs.

At Danna-Gracey we understand how challenging it can be to find the right medical-malpractice-insurance provider. Our agency specializes in professional liability for healthcare practitioners. As a leading independent medical-malpractice agency in Florida, we help doctors and physicians identify the most cost-effective and robust policies to cover their needs. Contact us today to learn more about the top carriers we work with; we will help you craft the policy that is appropriate for you.

Interested in a quote? Click here and we’ll prepare and send you a detailed coverage proposal.

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