Malpractice or professional liability insurance coverage is something we all love to hate. We grumble when rates go higher and bemoan the fact that we have to pay for insurance coverage at all. For business owners there are a multitude of insurance coverages available. How do you know what coverage you should have ? Who can you ask and will you get the right answers ? These are just a few reasons why physicians, medical professionals, and business owners should work with a knowledgeable insurance broker who understand the risks a business faces. For physicians, hospitals, medical groups, and healthcare facilities it is vitally important for you to work with someone who understands professional medical liability insurance coverage, it is unlike other types of insurance coverage. You wouldn’t ask a podiatrist to perform brain surgery would you ?
At Presidio Insurance we are a small business that faces the same challenges that many of our clients do. We are here to help you protect your business and your assets. Cheap insurance coverage won’t be cheap when you discover, after the fact, the insurance coverage you purchased, excluded a certain procedure you perform, or didn’t provide coverage for your business entity (Corp, LLC,PC, etc). Many business owners end up paying thousands of dollars in legal fees to defend lawsuits because their carrier denied the claim they submitted.
Even if a claim is frivolous, you still need to pay an attorney to defend it. A physician that has a quality insurance carrier behind him/her wont have to worry about a claim being denied. A solid carrier is successful at defending claims, providing risk management services, and communicating with clients. Do you know what your current carriers track record is as far as defending claims? Are they good at protecting their clients ? These are just a few reasons why at Presidio Insurance we choose to work with the insurance carriers we feel will stand behind their products and services. Procuring insurance coverage is one of the most critical things a medical practice can do, we want to help you do it the right way.
Medical Malpractice/professional medical liability insurance coverage is a vital part of all healthcare practices. Unlike other types of insurance, Medical Malpractice Insurance policies vary greatly in the coverage they afford, and more importantly, the coverage they exclude. We know inadequate coverage can be devastating for our clients. Presidio goes beyond just premium, we consider issues such as risk management needs, premium financing, deductible or retention options, practice structure, availability of defense counsel, retirement goals, and long term stability versus short-term premium savings.
When you are shopping for a medical malpractice insurance policy there are a variety of options to chose from. There are multiple insurance carriers, risk retention groups, risk purchasing groups, and a few other entities to choose from. What should you consider ? Does your carrier have a hammer clause in the policy ? Can they settle a claim without your consent ? Knowing the correct questions to ask will help you find the right answers.
Whether you are a MD, DDS, DPM,DO, LAc, hospital administrator, healthcare professional, business owner, or healthcare practice manager, selecting your insurance coverage shouldn’t be based solely on who has the cheapest price. Is price important when it comes to malpractice insurance coverage, you bet it is, but price should be only one determining factor when you purchase coverage.
Ask yourself this, if you needed a life saving surgery would you rely on the “cheap surgeon” or the surgeon who is well respected, has managed hundreds of cases, and has demonstrated a willingness to take great care of his or her patients ? Think of your insurance coverage and broker the same way. You want quality people on your team. Your business deserves the best, Presidio Insurance is one of the best malpractice insurance brokers around. We are honest, ethical, competent, and pretty nice people. Over fifteen years of providing insurance coverage solutions to healthcare professionals.