Medical malpractice insurance is likely to be a significant expense and those in the medical industry will make every effort to ensure they are able to get the most attractive rates available in the marketplace. If you are able to take the right action it is certainly possible to keep the insurance rates quoted by underwriters at the more reasonable level. Here are some effective tips for keeping the insurance rates down:
Accept higher deductibles: One of the most effective ways to lower the premiums quoted by the insurers is to take a slightly higher deductible. Basically, the deductible is the first amount that is paid out in the event of the claim. The insurers wouldn't be involved unless the claim exceeds the total value of the deductible. In many cases it is possible to save a significant sum by taking this course of action, but it is of cause necessary to make sure a practice is able to fully accept and cover the cost of the total deductible.
Comparison shop: If you really want to make certain that you are able to attract the most desirable insurance rates for the malpractice insurance, it is highly beneficial if you are able to shop around at each renewal date to test the market. By doing this you are able to make certain that your existing insurance company is offering a competitive rate. If you do find that there is a noticeable discrepancy in the rates offered by your existing insurer and what is available elsewhere in the market, you might want to contact your insurers to see if they are able to offer a more desirable premium.
Early payment discounts: On many of these malpractice insurance policies you will likely notice that it is possible to get a certain percentage discount if you are able to pay early or by paying the premium in larger lump sums.
Change in status: It can also help if you are able to use one of the malpractice insurance policies that offer flexibility in relation to any changes in work status. If for instance you change to working part-time or no longer perform surgeries, this might have an impact on the insurance coverage and premium paid.
All in all, if you really want to make certain that you are able to get the best deal for a practice or individual, it will certainly benefit to search for the many choices available in the insurance market and sign-up to the policy that is able to offer the best overall package.