Malpractice lawsuits can be expensive, and medical malpractice insurance premiums are some of the more expensive insurance premiums as a result. If you provide medical care and need this insurance, however, there are ways to save on medical malpractice insurance.
Ask About Discounts That You Qualify For
One of the easiest ways to reduce medical malpractice insurance premiums is to simply ask whether there are discounts that you might qualify for. Just as insurance companies offer discounts on personal insurance policies, insurers also frequently provide discounts on medical malpractice policies.
Exactly what discounts are available to you will depend on what insurer you have a policy with and the specifics of your medical practice. Some examples of discounts that you might be able to take advantage of, however, include reductions for things like the following:
- Providing medical care on a part-time basis
- Remaining claims-free for a set amount of time
- Beginning to practice medicine
- Practicing medicine within a group
An insurance agent who specializes in medical malpractice insurance can help you check whether these or other discounts are available to you.
Complete Risk-Reduction Plans
Some insurance companies offer discounts if you complete risk-reduction plans, and these plans are almost always worth completing because of the available discount. You might have to attend a seminar, complete an online course or have an on-site consultation, but you can get a percentage off your premiums for a defined amount of time afterward.
Because these plans offer a percentage-based discount for a defined amount of time, the cumulative savings can add up to a lot. Even a small percent off a large premium over a period of time will eventually build up to a significant number.
Additionally, insurer's risk-reduction plans are sometimes free to enroll in. If a program is free, you have nothing to lose but a little time — and you could gain a lot in premium savings.
Minimize Your Risk Exposure
The potential of a malpractice lawsuit can never be fully eliminated, as mistakes happen and patients might file a lawsuit even without basis. There are steps you can take to greatly minimize your risk exposure, though. Clearly communicating, documenting patient activity and answers, and sending surveys to identify areas for improvement all reduce your risk exposure.
These steps in themselves won't get you a lower medical malpractice insurance premium, but they'll help minimize the likelihood that you have to file a claim against your policy. Because premiums are partly based on past claims history, this is an essential step in preventing higher premiums in the future.
Contact a medical malpractice insurance agency to learn more.