Switching malpractice carriers can seem overwhelming and complicated. However, it’s often a necessary step to ensure you are getting the coverage you need at the best price. This article covers common reasons chiropractors might want to switch malpractice insurance carriers and provides tips for choosing the right carrier and policy type.
Key Concepts
- Switching malpractice insurance
- Understanding different policy types
- What to look for in a new malpractice insurance carrier
As a chiropractor, navigating the world of malpractice insurance can be a daunting task, especially if you’re considering switching carriers. To make the best decision, it’s important to understand what to look for in a new carrier, how different malpractice insurance policies work, and the steps to take when you’re ready to switch.
In this guide, you’ll learn how to know when it’s time to switch malpractice insurance carriers and what type of policy is right for you moving forward.
Understanding Your Current Policy
If you’re thinking about changing your malpractice insurance, it’s important to carefully review and evaluate your current policy. Analyze the terms and conditions of your coverage to gain a better understanding of what is included and what is not.
You should also decide whether your policy aligns with your current needs and future goals. This could include things like changing your scope of work, moving into an integrated practice or expanding your business.
After figuring out what your policy covers and what you need insurance for, check if there are any areas that are not protected. Your current policy might not cover certain procedures or may have coverage limits. Additionally, it may restrict coverage for specific locations. These gaps in your policy could leave you vulnerable to claims. By looking for possible weaknesses in your policy, you can decide if you need more coverage to fill any gaps that might come up.
Reasons to Switch Malpractice Insurance
What are some common reasons chiropractors may decide to switch their malpractice insurance carrier?
- Inadequate Coverage: As a chiropractor, you need comprehensive coverage to protect yourself from potential malpractice claims. If your policy falls short in this regard, you may want to explore other options.
- High Premiums: Chiropractors often must handle various expenses. If malpractice insurance costs are too high, switching to a provider with lower rates could be the right move.
- Lack of “Pure” Consent: If your malpractice insurance policy has a “pure” consent clause, you can choose to reject a settlement and opt for a trial instead. With “pure” consent, you can prioritize your own interests above those of your insurance company. Chiropractors without a “pure” consent provision in their existing policy might consider changing insurance providers.
- Better Customer Service: Like any healthcare professional, chiropractors rely on their malpractice insurance carrier for support and assistance. If you’re unhappy with the customer service from your current carrier, you might consider switching.
- Change in Practice or Scope: Over time, chiropractors might undergo changes in their practice or scope of care. You may contemplate switching carriers if you need more comprehensive coverage for new services. Similarly, if you decide to limit your offered services or retire, you might also consider a change.
Determine your malpractice insurance needs and consider the factors mentioned above before deciding to switch insurance carriers.
How to Change Carriers
If you’re considering changing your malpractice insurance carrier, there are a few key steps to follow.
- Get a Quote: You’ll need to obtain a quote from a new carrier. This can typically be done online or over the phone.
- Compare Your Quote: Once you’ve received your quote, compare it to your current insurance premium. Consider the differences in coverage and price.
- Complete an Application: This will include providing information about your current practice and any previous claims.
- Approval and Beginning of Coverage: Once you’re given the green light on your application, your carrier will send you the documents for your policy. Read them over carefully to ensure they meet your needs and expectations. After that, you can start getting coverage.
- Cancel Your Previous Policy: Contact your previous insurance carrier and inform them of your decision to cancel. Follow up to verify your policy is no longer active.
For more information about how to purchase chiropractic malpractice insurance, check out this guide for buying insurance.
What to Look for in a New Carrier
If you’ve made the decision to switch, here are some things to consider when looking for a new malpractice insurance carrier:
- Financial strength and expertise in the chiropractic profession
- Coverage limits provided by the carrier
- Risk management resources and support offered to chiropractors by the carrier
- The carrier’s reputation and customer reviews
- Ease of getting a quote and price compared to other carriers
This document should not be construed as medical or legal advice and should not be construed as rules or establishing a standard of care. Because the facts applicable to your situation may vary, or the laws applicable in your jurisdiction may differ, please contact your attorney or other professional advisors if you have any questions related to your legal or medical obligations or rights, state or federal laws, contract interpretation, or other legal questions.
MedPro Group is the marketing name used to refer to the insurance operations of The Medical Protective Company, Princeton Insurance Company, PLICO, Inc. and MedPro RRG Risk Retention Group. All insurance products are underwritten and administered by these and other Berkshire Hathaway affiliates, including National Fire & Marine Insurance Company. Product availability is based upon business and/or regulatory approval and/or may differ among companies.
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