How to Find Medical Malpractice Insurance for Your Small Practice

How to Find Medical Malpractice Insurance for Your Small Practice

When you have a small medical practice, you may not have a lot of money. You are still growing, which means that you have to be smart about your budget. Medical malpractice insurance in central Florida is still a requirement. However, there are ways for you to save money on this necessary form of insurance.

Identify Limits

One of the first things you want to do is identify the limits that you need to have more your medical malpractice insurance. Much of this is going to deal with the type of medical practice that you have. When there is greater risk of harming patients, you will want to have higher limits. This generally includes when you are conducting on-site surgery where patients could deal with blood loss, infection, and various other issues.

There may be a specific requirement for limit. Otherwise, you can work with an independent insurance agent who can guide you towards the recommended limits based upon what other doctors in your field have and have needed.

Explore Different Companies

A variety of medical malpractice insurance companies write policies in Florida. You will want to explore several of these to see what they have to offer. Some may specialize in small practices, providing you with lower limits at affordable premiums.

Additionally, you will want to look at the reputation of the companies. You want to work with a financially sound company that isn’t going to give you will run around when you file a claim. By reading reviews, you can learn what other small practices have to say about the company, including how long it takes for a claim to be accepted and paid.

Compare Rates

Comparing rates will ensure that you don’t spend more than what is necessary on a monthly premium. You should get quotes from 3 to 4 companies, all with the same level of coverage. This will allow you to compare apples to apples. If you don’t take the time to compare rates, you could be paying the highest premium around, without even knowing it.

Work with an Insurance Agent

Independent insurance agents are available to help you. This is at no cost to you, and they do not work for a specific insurance company. Instead, they work with multiple companies as a way of providing assistance to you. You can ask some questions and they will provide recommendations every step of the way.

When you have a small practice, it is important to know that you are going to have different needs than what a large hospital would require. Having medical malpractice insurance in central Florida will provide you with a significant amount of protection. It will allow you to meet requirements, and provide your patience with peace of mind. It can also bail you out of a situation, even if you are not ultimately to blame.