What Discounts Should You Seek With A Medical Malpractice Insurance Quote?
Doctors and nurses who are looking for medical malpractice insurance quotes generally want to get good premiums. Discounts can often lower your premiums, but you need to be thorough in asking for them. You should actively seek these six discounts while requesting medical malpractice insurance estimates.
Risk Management
A risk management discount isn't just a discount. Risk management is also a service that benefits both the medical practice and the insurance company. In exchange for working with your insurer's risk management department, the company offers a discount whenever you implement industry-recognized best practices.
For example, the risk management department might find that a doctor's office isn't sufficiently documenting records. Improving your records-keeping techniques may earn you a discount. You also can earn a discount by improving procedural quality, using an informed consent model, and complying with industry and government regulations. The goal of the insurance company is to make any claim against your office as defensible as possible.
Zero-Claims History
If your practice has gone years without a claim against it, you deserve a discount. Make sure you can document your practice's successful history of a zero-claims history. Ask how long your practice has to go without a claim against it before you earn the discount. Also, learn if there are additional discounts for longer runs without claims so you can request the discounts when your practice reaches those benchmarks.
Limited Practice
Someone operating a practice part-time doesn't represent as great of a risk exposure for medical malpractice claims. Similarly, your practice might not cover certain procedures or cases that other practices in your field do. If you run a limited practice, make sure the medical malpractice insurance quotes reflect that fact.
Early Payment
Nearly all insurance companies are happy to take your money early. You deserve a discount if you do that. Make sure you ask before anyone sends you medical malpractice insurance estimates.
Group Discount
Insurers always like to spread risk across a larger pool. If you work with a medical group or network, ask how your group can qualify for a discount. Bear in mind, though, timing may be an issue if some of your associates aren't currently in a position to change their policies.
New Policy
Some insurance companies want to attract new practices. A good way to drum up business is to offer a new policy discount. Ask if the insurer offers a discount for practices that are coming to it, especially if you plan to change providers.
For more info about medical malpractice insurance estimates, contact a local company.
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