5 Steps to Purchasing Doctor Malpractice Insurance

If you’re a doctor, purchasing medical malpractice insurance is an important step to having a successful career in the health field.  Without this insurance, the consequences are potentially very expensive and devastating for everyone involved.  

You may not think much about insurance if it is paid by your group, but it’s still good to know what your policy covers or how to go about purchasing individual insurance if you feel extra coverage for your particular medical specialty is necessary.  

Step 1:  Enlist the services of an experienced and professional medical malpractice insurance broker.  You could shop for insurance without the help of a broker, but this could take more time and you may miss out on resources that a broker has access to.  

Step 2:  Decide which type of policy is right for your medical specialty.  There are several types of policies available, so it’s important to know which one will work for your particular situation.  The most common type of coverage is the claims-made policy which will cover you for any malpractice claims that take place and are reported to your insurance provider during the policy period.  Med students can apply for medical students insurance which is a different type of policy.

Step 3:  Fill out the insurance application.  If you are working with a broker, the agent can help you gather the necessary information to fill out the application.

Step 4:  Decide which insurance provider to do business with based on reputation and security.  You could base your decision on price, but other important considerations include the provider’s fiscal soundness, how they handle claims, and sensitivity to policy holders.  Are they just there for your money or do they really have your best interests at heart?  

Make sure to ask about the company’s A.M. best rating in addition to researching their financial stability.  You want to know that the provider will be there when the economy is down.   Another thing to consider when deciding on an insurance provider is whether or not they offer risk management programs.  Some companies offer premium discounts to policy holders who enroll in these programs. 
Step 5:  Reconfirm policy and sign agreement.  Before signing your name on the dotted line, make sure to read through the policy including all the “fine print” and ask any questions if you’re not clear about any of it.  

Purchasing medical malpractice insurance is a fairly easy process if you have the resources like a knowledgeable broker and know what to look for.