One of the necessities of practicing in the medical field is having malpractice insurance. But how does one get malpractice insurance? We can help by guiding you through the necessary steps to acquire malpractice insurance.
Step #1: Find an Agent
The first step you should take to have malpractice insurance is finding an experienced professional who can help guide you through the process. Insurance on its own is often complicated and confusing, especially for those not familiar with the ins and outs of malpractice insurance.
An independent agent will know the coverage you need and where to look for the best options. Even your profession can affect your coverage, whether it’s chiropractic malpractice insurance or personal liability coverage.
Step #2: Review Coverage Options & Quotes
Once you’ve explained what you’re looking for and your budget to your agent, they’ll put together some quotes and options. These first quotes are initial options, and you can view them as a starting point to work from to find the perfect coverage.
This step is where you can narrow down your options and fine-tune your preferences regarding premiums, policy limits, or occurrence vs. claims-made coverage. You may find that you won’t get exactly what you’re looking for, but trust that your agent can find you the best deal.
Step #3: Submit an Application
After review, it’s time to select an insurance carrier and move forward by applying. Your agent will guide you through the application process and help you gather any information you need.
The insurance company should reply to your application with a decision to accept or reject relatively quickly, typically in under a week.
Step #4: Consider Offers & Bind Coverage
When the carrier accepts your offer, they will respond with some quotes and terms for your policy to review and consider. You should already know what to expect, and there shouldn’t be any surprises at this step.
This step is also where you can bind your coverage. Binding means that while the contract may not be official yet, you’ve bound the insurance carrier to you, and they will cover you from that date and time forward.
Step #5: Pay Premium and Confirm Policy
You’ve applied and agreed to the terms—all that’s left is to make it official with your first premium payment to bind coverage. Most insurance providers offer convenient payment plans.
Congratulations, now you’re protected with malpractice insurance! If you have further questions about malpractice insurance, consult with the experts at Baxter & Associates.