Make Smart Insurance Decisions: Tips for New Physicians

Insurance often represents a major annual expense for physicians. Here’s what you need to know to make the smartest insurance-buying decisions:

Rely on a licensed, experienced agent.

Find a licensed agent who not only has experience working with physicians, but who represents multiple insurance carriers. An agent who is “captive” to one insurance company will not be able to provide you with multiple competitively priced insurance coverage options from highly rated carriers.

Take the time to understand all your options for medical malpractice insurance.

Making an informed decision about medical malpractice (professional liability) insurance is not easy. But protecting your career from the financial and legal risks inherent in providing care is imperative. You must take the time to understand the types of coverage available. While the coverage will be expensive, there are a number of factors that can lower that expense, including the state and the location in which you practice, and your specialty and sub-specialty.

Fully understand the coverage that your employer offers.

If you will be employed by a practice, large group or facility, understand the coverage that will be provided, as well as the potential financial or reputational impact of those coverage arrangements. Ask questions in order to uncover gaps that could put you at risk. You will want to learn:

• If the liability coverage also covers defense costs in addition to the limits of liability.
• If liability coverage includes your full scope of clinical activities.
• What coverage limitations may be in force if you practice part-time.
• Your liabilities if you leave the group
• If the liability coverage requires a deductible and who pays the deductible.

Make smart insurance decisions. Call a Britton Agent to discuss all your medical malpractice coverage options in detail. Call 800.462.3401.