5 Foolproof Ways to Pay More for Your Medical Malpractice Insurance

We here at Cunningham Group understand that medical professionals don’t want to pay any more than necessary for great medical malpractice insurance coverage. Fortunately, we’ve helped countless clients find better coverage and avoid costly pitfalls. So, let’s take a moment to share some valuable insights—straight from others’ mistakes.

Here are 5 surefire ways to make sure you’re paying too much for your medical malpractice insurance:

1. Leave a Gap in Coverage
   Gaps in coverage are like red flags to insurers. Suppose you left a job but didn’t purchase a tail on your claims-made policy? Even if it was unintentional, insurers see a gap as risky behavior. In fact, it can look as concerning to them as a claim or disciplinary issue! Insurers equate a gap with potential irresponsibility, and that usually translates to higher premiums. So, anytime you’re leaving a position, check if tail coverage is necessary and consider discussing with your agent how to cover any gaps.
2. Ignore Available Discounts
   Think discounts are too much effort? No problem—insurers will happily take full price! But if you’re looking to pay less, it’s worth asking your agent about any discounts you might qualify for. Some agents will suggest these automatically, but not always. Things like no recent claims, group policies, and even clean driving records can sometimes mean savings. So if you’re looking to spend less, ask about those discounts!
3. Rack Up Recent Claims or Disciplinary Actions
   It’s true—claims and disciplinary actions stick to your record like glue. Whether a claim was justified or not, it’s counted as a risk factor by insurers. Disciplinary actions? Even more so. Having either (or both!) can send your premiums sky-high. It’s always wise to keep a clean record wherever possible to avoid those pesky premium hikes.
4. Go Straight to One Insurance Company
   Why get one quote when you could get five? Believe it or not, going straight to one insurer doesn’t save you any money. State regulations require insurance prices to be fixed, so working with an agency doesn’t add a cost. An agency, however, can provide malpractice insurance quotes from multiple companies all at once, giving you a choice and potentially saving you money by finding the best rate without jumping from company to company.
5. Stick with the Same Insurer Year After Year
   We get it—loyalty is valuable, but with insurance, it’s also expensive! Rates change every year, so even if last year’s provider had the best rate, this year might be a different story. Checking around the market each year helps you avoid premium creep and makes sure you’re always getting the best price for your coverage. Spend a little time, save a lot of money.

Bonus Tip: Don’t Bother Updating Employee Information

Love overpaying? Great! One easy way to pay more is by not notifying your insurer when an employee leaves or is terminated. Insurers base premiums on the number of covered individuals, so don’t let them charge you for someone who’s no longer on your team. A quick call to update your policy could save you a nice chunk of change.

All Kidding Aside, Are You Ready to Save Instead?

We know you’re committed to keeping your hard-earned dollars in your practice. But hey, sometimes paying more for medical malpractice insurance just happens! At Cunningham Group, we believe that paying only what you need for your malpractice insurance should be easy. 

Contact us today to get free, Medical Malpractice Insurance quotes, discuss coverage options, and find the best rates to protect your practice and your wallet.

*This article has been updated with new information