The Malpractice insurance market is changing. In the last three years, we have had multiple carriers go out of business. Many insureds have been left exposed and scrambling for coverage. Such situations compromise future insurability and the loss of prior acts.
5 critical questions to ask when selecting your malpractice insurance agent:
1. Do you review the financial information for your proposed carrier?
As your agent, not only do we do a premium analysis, but we also review the carrier's financial information to assure our clients are not only properly insured, but they are with a financially solvent carrier.
2. Do you review the insurance carrier's background and history?
As your agent, we review your carrier history. How long have they been in business? Financial and loss history will ensure they have been able to weather market changes.
3. Do you review your carrier's line of business expertise?
Every insurance carrier has a line of business they specialize in. Malpractice insurance is a specialized line of insurance and not every carrier has the financial backing and expertise to take on such risks.
4. What is/are your specific area(s) of expertise?
Your insurance agent may not have the expertise to properly advise you on the best malpractice insurance fit for your needs. Malpractice insurance requires the expertise and knowledge to properly insure you. Even in the 21st Century, Malpractice insurance is still not a fully automated process, so it requires your agent to be fully versed in the intricacies of their client's practice.
5. Have you spoken to your agent?
The practice of medicine evolves constantly. Many patient care services and procedures may not be covered under your current policy or may restrict coverage. Your agent should evaluate the changes in your practice to assure proper coverage. You should not restrict your practice because of insurance. Insurance policies need to be structured to work effectively for you and allow you to practice without insurance coverage concerns.
By Joseph Santiago, CPIA, CPII, PIAM