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Medical Malpractice (aka Professional Liability) insurance is one of the most vital and expensive insurance coverages physicians carry and is required by law in most states. In the current healthcare environment, it is crucial for providers to educate themselves before choosing a Medical Malpractice insurance carrier. It is a provider’s worst nightmare to purchase expensive insurance coverage year after year only to find out when a claim arises they don’t have decision making power over settlement, minimal coverage or perhaps no coverage at all. In the unfortunate event of a claim, it is a provider’s assets and reputation on the line. Knowing the right questions to ask can alleviate the stress associated with purchasing Medical Malpractice coverage.
5 questions you need to ask a Medical Malpractice insurance carrier before purchasing coverage:
In addition to the 5 questions above, it is extremely important to utilize a broker with years of experience and a consultative approach, one that has access to A.M. Best rated, national carriers.
ACOs can implement a Medical Liability insurance program for their providers and potentially save each provider 20% to 40% in premium. Not only does this increase the viability of the physician’s practice but it offers an additional benefit to joining your ACO.