Medical malpractice insurance is likely to be a significant
expense and those in the medical industry will make every effort to
ensure they are able to get the most attractive rates available in the
marketplace. If you are able to take the right action it is certainly
possible to keep the insurance rates quoted by underwriters at the more
reasonable level. Here are some effective tips for keeping the insurance
rates down:
Accept higher deductibles: One of the most effective
ways to lower the premiums quoted by the insurers is to take a slightly
higher deductible. Basically, the deductible is the first amount that is
paid out in the event of the claim. The insurers wouldn't be involved
unless the claim exceeds the total value of the deductible. In many
cases it is possible to save a significant sum by taking this course of
action, but it is of cause necessary to make sure a practice is able to
fully accept and cover the cost of the total deductible.
Comparison
shop: If you really want to make certain that you are able to attract
the most desirable insurance rates for the malpractice insurance, it is
highly beneficial if you are able to shop around at each renewal date to
test the market. By doing this you are able to make certain that your
existing insurance company is offering a competitive rate. If you do
find that there is a noticeable discrepancy in the rates offered by your
existing insurer and what is available elsewhere in the market, you
might want to contact your insurers to see if they are able to offer a
more desirable premium.
Early payment discounts: On many of these
malpractice insurance policies you will likely notice that it is
possible to get a certain percentage discount if you are able to pay
early or by paying the premium in larger lump sums.
Change in
status: It can also help if you are able to use one of the malpractice
insurance policies that offer flexibility in relation to any changes in
work status. If for instance you change to working part-time or no
longer perform surgeries, this might have an impact on the insurance
coverage and premium paid.
All in all, if you really want to make
certain that you are able to get the best deal for a practice or
individual, it will certainly benefit to search for the many choices
available in the insurance market and sign-up to the policy that is able
to offer the best overall package.
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