Medical insurance is considered to be one of the most expensive insurance available. Medical Practice managers usually handle their finances with their day-to-day expenses. But, these expenses are variable as the costs depend on the medical supplies, office supplies, pharmaceuticals, equipment, and number of patients.So, if there are many patients – the expenses also increase. You may reduce the costs to a certain degree by getting low-cost suppliers.
Then, you have the major fixed costs that come with medical practice. Some examples for these fixed costs are office space, maintenance, rent, and personnel. Another fixed expense that practice managers and doctors pay high for is insurance. These include professional liability, group health insurance, property and general liability, and medical malpractice insurance.
When it comes to malpractice insurance, you can save money by following these tips when it is time to renew your policy:
1. Know Your Options
The industry of medical malpractice insurance today offers more options to practice managers and doctors. Here are the main types of malpractice insurance, which can help you make the right decision.
- Insurance Exchange A nonprofit organization that provides coverage for nonstandard or unusual risks especially the ones that are not available anywhere else.
- Risk Retention Group People join together and invest their money and use it to protect their group from shared risks.
- Mutual Insurance Company In this option, policyholders own the company, and the insured are given their earnings.
2. Look for Available Discount
Medical malpractice insurance is generally expensive, this results in a stiff competition among insurance companies. Find an insurer that can offer you discounts. You have a high chance of getting a discount if you belong in this list:
- Member of medical association
- If you have few or no claims
- A new practice manager or doctor
- You stay with the insurance company for several years
- If you have taken risk management courses and completed them
3. Pick the Best Option for Payment
For the payments, there is a monthly, quarterly, and yearly options. If you go for a monthly or quarterly premium plan, ask if there are finance charges for these payments.
Many practice managers choose pay on a yearly basis, as it is easier for them to set aside money to pay for the lump sum, especially when it is time to renew.
Consider the above tips and options to get the best medical malpractice insurance that can protect you in times of crisis. At Professional Insurance Plans, we put our clients first by offering them policies that they can afford. Learn more about our products and services by calling our agency at (859) 543-8955.