7 Costly Mistakes Physicians Make When Choosing Medical Malpractice Insurance

medical malpractice insurance coverage
We’ve worked with hundreds of physicians and understand that for them, obtaining medical malpractice insurance can be a burdensome task that neither you nor your staff are ever ready to handle.  Let’s face it, insurance coverage is not a desirable thing to shop for, but it is a “must have” for you that will protect your practice and your assets.  But it can be costly.  So, how do you decide what coverage and premium is right for you?

We know physicians sometimes accept medical malpractice insurance coverage from an insurance company, just because it offers the lowest premium.  After all, budgets are tight and, most of the time, they don’t think they will experience a claim. However, even though they choose coverage with the lowest premium, will this medical malpractice insurance coverage provide premium savings over time and cover them properly?

Throughout our experience, we have learned a lot after seeing insurance companies come and go in the market place.  The differences between them are significant and require an astute physician and practice manager to examine them carefully and figure out what’s right for them.  These differences include:

  • Coverage
  • Defense
  • Longevity
  • Financial stability
  • Overall premium

So, how do you know what’s right for you based on your budget and practice needs?

Insurance applications can be tedious to complete and we have found that many physicians skip questions and the remarks section due to lack of time and desire.  We know that underwriters review applications objectively by looking for the few pieces of information that would allow them to provide a quote.  But, what if there were a way to have the underwriter review your documents on a more personal and subjective manner where your quote is based on additional information you provide and specifically for your needs?

We decided to develop the “7 Costly Mistakes Physicians Make When Choosing Medical Malpractice Insurance and How to Prevent Them” free guide as a tool to help physicians and practice managers make better decisions when buying malpractice insurance coverage.  The information provided will show you how to select provide the right, cost effective coverage for your needs.




What is Malpractice Tail Coverage?

Why Avoid a Rubber Stamp Renewal?

Why Avoid a Rubber Stamp Renewal?

Sometimes prospective new clients, who are approaching their medical malpractice insurance expiration date, find it easier to  just take the rubber stamp approach and renew the same old insurance policy for the new year.  After all, everyone is busy and this “rubber stamp renewal” approach might seem a good way to save time.  But, as in the poem below by Robert Frost, maybe it would be better to take the road less traveled?
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How to Find Malpractice Savings Mid-Term

We are currently working with two physicians who have had significant changes in their practice since their medical malpractice coverage renewed earlier this year. An opportunity arose for one physician to work for a larger organization that would pay for her malpractice insurance. The other physician decided to perform a new type of procedure that […]

Telemedicine Malpractice Risks


Telemedicine Policy

Earlier this summer the AMA adopted an eight guideline policy motivated to improve access to care for patients using telemedicine. You can find the AMA Telemedicine policy here.

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How to Participate in Healthcare Tweet Chats

In our previous blog on 3 Benefits of Healthcare Tweet Chats, we introduced Symplur, a company that organizes and tracks healthcare hashtags, tweet chats and conferences.  You can find a current schedule of tweet chats here.  Take a look around and, if any healthcare chats interest you, then this blog is for you.

 Benefits of Healthcare Tweet Chats

Tweet chats typically have two to three people that moderate each session.  For some, like #HCLDR (Healthcare Leader), the moderators create a pre-tweet chat blog that provides details, such as topic discussion, questions to be discussed and resource links on the topic. I personally have found these blogs helpful and I appreciate the hard work and time the moderators put into writing them.

And so, here is a shout out to Colin Hung @Colin_Hung, Bernadette Keefe, MD @nxtstop1 and Joe Babaian @JoeBabaian.

To get the most of healthcare tweet chats, we recommend you: Read more

Why You Should Care About Patient Communication

Patient Communication

Communication – My Story

In my work in providing medical malpractice insurance, I send emails or letters that give instructions to doctors and practice managers on our renewal process. Often there are application forms, additional documents required, and payments that may need to be sent to various locations.   Unfortunately, when I receive information back, it is not complete, there are missing documents, and/or payments are sent to the wrong address. I often wonder, “Am I not making this clear?” Read more

Medical Malpractice Policy Comparison

policy comparison

Why Perform a Policy Comparison?

Each year, physicians will either obtain new medical malpractice insurance coverage or renew their current policy. Sometimes it can be an easy renewal of the current coverage when a doctor is placed with a financially stable company that provides excellent coverage and pricing. Other times, however, physicians need to evaluate their current practice and review a policy comparison so they can be sure they purchase the right coverage at the right premium for their needs.
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6 Benefits of Using Social Media in Your Medical Practice

Social Media

Jennifer Joe, MD

The other day, I had the pleasure of participating in the Massachusetts Medical Society Annual Physician Practice Resource Center (PPRC) talk.

I intentionally attended because I was excited to hear Jennifer Joe, MD, speak on Implementing Social Media in the Medical Practice, a topic for which I have a strong interest. Doctor Joe works in the Emergency and Urgent Care Departments of the Boston VA and is also CEO of Medstro, a physician and medical student community. She is passionate about technology advances and their uses in health care.

In her presentation, Doctor Joe discussed the following six benefits of using social media in the medical practice:  Read more

How Premium Financing Increases Cash Flow

Premium Financing

Jason McCarty of Premium Assignment Corporation

Premium Financing Introduction

Most medical malpractice insurance companies require payment in full in order to bind coverage. Even though the premium amount may be small, physicians may want to spread payment of the premium over the calendar year. We are grateful to have found Jason McCarty, our representative with Premium Assignment Corporation.

Premium financing through Premium Assignment Corporation has become part of our team in helping our insureds secure financing for their insurance premiums.  We experience and appreciate Premium Assignment Corporation’s top-notch service that enable us to meet our clients’ needs.

Here are a few examples of how they help our clients: Read more