Choosing the right medical malpractice insurance is crucial for safeguarding your career and financial stability. You can ensure you’re partnering with an agency that offers the best coverage, resources, and support for your unique situation by asking the right questions. Here are five essential questions to ask a medical malpractice insurance agency, arming you with the support needed to preserve your career from any malpractice risks.
1. Can You Assist in Finding a Policy Customized for My Specialty and the Coverage I Need?
Health-care professionals, such as CRNAs, nurse practitioners, and surgeons, face unique risks. A one-size-fits-all policy may leave critical gaps in your coverage. You’ll want to work with an agency that can offer top-rated carriers with various plans tailored to address the risks specific to your specialty. Customizable limits, coverage extensions, or specialty-specific solutions are just a few of the options essential to proper coverage.
2. What Additional Benefits Can a Policy Provide Beyond Malpractice Coverage?
See if your agency can offer a policy with additional beneficial coverage, such as licensing or professional conduct review expenses. Licensing board or professional conduct reviews can arise from patient complaints, workplace disputes, or other non-malpractice-related issues. Access to this additional coverage could be crucial for health-care professionals.
Additionally, you should consider whether an agency can offer cyber liability and data breach coverage. Health records are becoming more digitized, putting health-care professionals at significant risk of cyberattacks. This coverage protects against the financial and reputational damage caused by patient data breaches.
3. Are There Any Policies That Offer a No Hammer Clause?
A no hammer clause is a provision that allows the policyholder to decide whether they wish to settle a case while keeping the insurer financially responsible for the higher costs incurred from going to trial. Make sure you choose an insurance agency that gives you access to the best policies, some of which will include this valuable coverage.
4. Do You Offer Policies That Adequately Cover Legal Defense Costs?
Check to see whether the agency you’re researching can offer policies with exceptional coverage regarding legal fees. Some policies provide defense costs payable over and above policy limits, ensuring that legal defense expenses won’t reduce the coverage available for settlements or judgments while providing significant financial protection.
5. Can You Offer the Most Competitive Premiums, Deductibles, and Payment Options?
Choose an agency offering flexible policy options when searching for medical malpractice insurance quotes. Competitive premiums and low deductibles while ensuring comprehensive coverage are among the most important things to look for. Some agencies, like Baxter Pro, can offer policies with no deductibles, so you won’t have to worry about out-of-pocket costs. Additionally, a good policy could have convenient payment options with as little as 20% down.
Make an Informed Choice
The answers to these five questions to ask a medical malpractice insurance agency will reveal how expansive the agency’s network is. A comprehensive medical malpractice agency that only works with carriers rated “excellent” or better by AM Best will provide policies with these highly valued features. Our team at Baxter Pro can answer these questions and offer you the most competitive and beneficial policy to protect yourself and your hard-earned career.