5 Common Liability Coverage Discounts for Physicians
Medical liability insurance can be a significant expense for physicians, but you don’t have to pay more than necessary. Physicians can reduce malpractice insurance premiums by taking advantage of available medical liability insurance discounts. There are five common discounts that can help lower your medical malpractice coverage costs.
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1. New-to-Practice Discount
New physicians can save significantly with the new-to-practice discount. Typically, this discount offers up to 50% off the first year’s premium and a 20% discount in the second year. It’s designed to help reduce the financial burden as you start your career. If you’re a new doctor, be sure to ask your agent about this valuable discount when shopping for medical liability coverage.
2. Part-time Physician Discount
Part-time physicians working 20 hours or less per week can take advantage of the part-time discount, often saving as much as 50% on their premiums. This discount can significantly reduce costs for those working fewer hours. If you’re in a part-time role, make sure to discuss this option with your med mal insurance agent to ensure you receive the full savings available.
3. Claim-Free Discount
Physicians who have been claim-free for a specified period may qualify for a claim-free discount on their medical liability insurance. Typically, this discount applies to doctors who have been free of claims for 10 years, or since the start of their practice, whichever is less. For example, a physician with 5 years of practice without a claim could qualify for this discount. Maintaining a claim-free record not only helps protect your reputation but also significantly lowers your malpractice insurance premiums.
4. Risk Management Discount
Physicians who take risk management courses may qualify for a discount on their malpractice insurance premiums. While not every insurance provider offers this discount, many offer online courses that can be completed at your convenience. Successfully completing a risk management course can save you between 2-5% on your premium, making it a cost-effective way to reduce coverage expenses while improving your practice’s safety protocols.
5. Group Practice Discount
Physicians working in or owning a group practice often qualify for a group practice discount. Covering multiple physicians under one policy can result in savings of 3-5% per doctor on liability insurance premiums. If you’re part of a group practice, consult your malpractice insurance agent to explore bundling policies for these valuable savings.
Save Money with the Right Malpractice Insurance
Leveraging available discounts can significantly reduce malpractice insurance costs for physicians. Taking advantage of these discounts allows you to reduce costs while maintaining complete coverage. Work with a Cunningham Group insurance agent to find out which discounts apply to you. Request a quote or contact us today for personalized assistance in securing the best rates for your medical liability insurance.
*This article has been updated with new information
