How To Lower Your Malpractice Insurance Premium

Everyone wants to save money on the things they need and want, from groceries and schooling, to online shipping and cable service. When it comes to insurance, you may be surprised to know that the premium you pay for the coverage you need can actually be reduced by actions you take, thanks to incentives offered by your carrier.

That’s right: you can reduce your malpractice premium for years to come, and more often than not, insurance carriers want to help you do it.


This is because the road to reducing your premium usually benefits both you and the carrier offering the incentive. To best explain how this works, we’ll use real-world incentives and programs that can save you money on your next policy renewal.

The first and most common way of reducing a premium is by taking risk management courses. NORCAL Mutual (NORCAL), for example, offers access to a host of online courses and seminars, many of them free. These classes range from 45 minutes webcasts, to textbooks with an accompanying test. Successfully completing one of these courses sends a notification to NORCAL, who will then accredit the client’s account with a discount, or “credit.” This credit applies to the client’s account for the next policy renewal cycle, resulting in savings of hundreds or sometimes thousands of dollars in comparison to a non-discounted premium.

Simply put: taking one of these courses helps you to prevent claims from happening, which makes you a more responsible client for a carrier to service. You can find out more about NORCAL’s risk management courses here.

Another way carriers offer reduced premiums is through membership with certain associations. Medical Protective (MedPro) recognizes students who are members of the American Student Dental Association (ASDA), and offers discounts on policies when they start a practice. Although ASDA requires a membership fee, the discounted premium likely more than covers the cost. More information regarding ASDA membership and MedPro can be found here.

The last way to reduce your premium may seem painfully obvious, but it is nonetheless overlooked and often forgotten: being claim-free. While everyone has bad days and some circumstances are simply out of our control, insurance carrier The Doctor’s Company (TDC) gives it’s clients with little or no claims history additional discounts. Plus, these discounts can be compounded if a client is also a member of an association: according to TDC’s website, members of the American College of Physicians can earn credit of up to 25% for staying claims-free with TDC.

Thus, being claims-free alleviates some burden from TDC, and allows the overall premium to be lessened because of the client’s strong track record. TDC’s endorsement with ACP can be found here.

For a more detailed and personal explanation of how you can lower your insurance premium, feel free to call us at (805) 499-7300. Even if you’re not a Presidio client, we’d be more than happy to let you how to get stellar coverage with discounts you deserve.

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