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?
By doing so, these physicians could have an agent help them to:
- Perform a detailed evaluation of their practice to ensure there are no coverage gaps
- Evaluate their current insurance to be sure it fits your practice’s needs
- Research alternatives to find one or many that could offer better coverage
- Evaluate and recommend the best options
While the less traveled road might seem like more work initially, taking the rubber stamp renewal approach with the wrong coverage could cost significantly more in terms of both time and dollars in the future. Without the right coverage, and an agent to serve as an advocate, a medical practice can quickly find themselves in a financial bind and having to deal with unnecessary litigation.
Two roads diverged in a yellow wood,
And sorry I could not travel both
And be one traveler, long I stood
And looked down one as far as I could
To where it bent in the undergrowth;
Then took the other, as just as fair,
And having perhaps the better claim,
Because it was grassy and wanted wear;
Though as for that the passing there
Had worn them really about the same,
And both that morning equally lay
In leaves no step had trodden black.
Oh, I kept the first for another day!
Yet knowing how way leads on to way,
I doubted if I should ever come back.
I shall be telling this with a sigh
Somewhere ages and ages hence:
Two roads diverged in a wood, and I –
I took the one less traveled by,
And that has made all the difference. (4)