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    Easy strategies to pick the right malpractice protection

    For most physicians, malpractice insurance is one of the largest annual practice-related expenses they face, costing thousands of dollars each year. Policies provide financial protection in the event of a claim, and doctors need to regularly review their coverage to ensure they are getting not only the best price, but coverage that keeps pace with their practice.

     

    Funny Bone Comic: This is how doctors can avoid malpractice suits

     

    With the financial viability of the practice and doctors’ personal reputations on the line, it is imperative to make sure malpractice insurance policies leave no vulnerabilities that could wipe out a lifetime of work, experts say. And there’s no better time to do so than now. Insurance markets are highly competitive, and savings can be significant.

    “If a doctor’s risk hasn’t been shopped in five years, they should be able to find a premium differential of at least 15% to 20% compared to the original pricing,” says Daniel Nissi, CLU, president of healthcare solutions at HUB International New England, a multi-carrier insurance brokerage.

     

    Related reading: 5 strategies to reduce malpractice lawsuit threats

     

    In an era of flat reimbursements, malpractice savings can help offset declining revenue, and a regular review will keep physicians protected as their practices evolve.

     

    Reviewing the existing policy

    Malpractice insurance policies must be renewed each year, and physicians should carefully review their coverage at that time. Because insurance markets are currently so competitive, carriers are looking to expand their product lines and territory, meaning there are deals to be had. “If you are stagnant and not shopping around, you may be losing out,” says Nissi. Some carriers offer online risk-management courses that may provide a price discount, and count toward fulfilling professional continuing medical education requirements. 

    Next: Understanding policy limits

    Todd Shryock
    Todd Shryock, contributing author

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