Q: With a more difficult, “hard market” predicted to hit Florida’s malpractice insurance market soon, what should we be considering in our medical practice to be prepared? A: Just like creating hurricane plans before the fury of a storm descends upon you, now is a good time to be positioning your practice for the impending
By: Matt Gracey The claims exposure for doctors going into nursing homes is much higher than for their normal practice, so most malpractice insurance policies specifically exclude coverage for this exposure. Exceptions are sometimes made in the policy to cover you going into nursing homes specifically to see your own patients, and for very limited
By Matt Gracey and Dan Reale Many physicians are not aware of the importance and relatively low cost of purchasing separate-entity coverage for their practice. A separate-entity layer of coverage can protect the physician from a recorded loss if the claim can be settled under separate-entity coverage. This is a real advantage if the physician
Not asking for all of the available credits Most insurance companies offer multiple credits, ranging from discounts for claims-free history and practicing part time to discounts for society membership, and many others. Never assume your credits are correct and always ask how your bottom-line premium was calculated and if there are any more credits to
Purchasing duplicate coverages Some coverages that another agent may try to say are necessary as part of another type of policy can be included in a malpractice insurance policy, so make sure there is policy coordination to avoid duplicate expensive coverage. Check back next week for the #1 reason…
Not considering a deductible Taking a deductible basically hedges your insurance bet. Your agent should perform a 10-year historical deductible analysis each year to give you a decision-making tool for this.
Not choosing your liablility limits wisely Some doctors prefer lower limits but think that they are restricted from lowering their limits by a hospital, managed-care company, research study group, or the like. Often, simply negotiating a bit will eliminate these concerns and allow a practice to lower to a much-less-expensive limit.
Not considering purchasing as part of a larger group Purchasing coverage as a small practice is almost never as economical as doing so as part of a purchasing-group program, so find a broker versed in finding you such savings. Follow up for reason #4 next week…
Not fully understanding your most important coverage features Many extremely costly mistakes can be made while purchasing a complex malpractice insurance policy. A relatively easy amount of education will go a very long way in protecting your practice from defending an uninsured lawsuit or simply from making costly mistakes comparing policy features like “tails”, “triggers”,
Not working with the right agent or broker Find an independent agent specializing in malpractice insurance placement for your type of practice setting (solo, group, hospital, nursing home, etc.) and one who has an educational approach versus a sales orientation. Your agent should be strong enough within the malpractice insurance marketplace to fully and competently