Top Reasons Doctors Should Choose an A-Rated Malpractice Insurance Provide

Choosing an A-rated malpractice insurance company is key to protecting your medical practice. An A-rated insurer indicates strong financial stability, ensuring your insurer can cover large claims. This reliability is essential when facing potential liabilities, giving physicians peace of mind that their coverage provider is financially sound and capable of handling claims when needed.

Why Choosing an A-Rated Insurance Company Matters for Physicians

Opting for an A-rated malpractice insurance company is necessary for physicians seeking reliable coverage. An A-rated insurer signifies financial strength and stability, ensuring they can handle large claims and provide dependable protection in case of litigation. These companies are evaluated for their ability to meet obligations, giving physicians peace of mind that their insurer can process claims efficiently and cover potential liabilities, no matter how complex. Choosing an A-rated insurance provider helps safeguard your practice and ensures long-term security.

The Risks of Choosing a Low-Rated Insurance Company

Choosing a non-“A”-rated malpractice insurer can expose physicians to significant risks. Low-rated insurers may delay claims processing, making it more difficult for doctors to resolve disputes in a timely manner. Additionally, these companies may lack the financial stability to cover substantial legal fees or settlements, putting physicians’ financial security at risk. Without the backing of a strong, reliable insurance provider, physicians may face long-term consequences, including higher out-of-pocket expenses and the potential for coverage gaps. Low-rated malpractice insurance policies can also lead to frustration and increased liability exposure, which can damage your practice’s reputation and operations.

How “A”-Rated Companies Provide Better Coverage and Claims Support

When it comes to malpractice coverage, “A”-rated companies offer significant advantages. These insurers provide faster claims resolution, a crucial factor for physicians who want to avoid prolonged legal battles. They also offer better legal defense for doctors, which can make a big difference in the outcome of a malpractice case. By choosing an A-rated malpractice insurer, physicians gain the peace of mind knowing their insurance company ratings reflect a commitment to protecting doctors financially during a claim. These companies are also better equipped to handle large malpractice lawsuits, ensuring that the doctor’s financial losses are minimized and their professional reputation is upheld.

VIDEO: Why is an “A”-rated company important when buying medical malpractice insurance?

Join us on the latest episode of Healthcare Matters as we sit down with Richard J. Rymond, a trial attorney at Reminger Co., LPA who specializes in medical, dental and other forms of professional, commercial and general liability. In this episode, we ask him to explain what physicians should do if they are facing a liability claim and they receive a records request from the patient or a third party. Rymond details the appropriate response, as well as pitfalls facing physicians, such as wanting to alter or clarify records, dealing with records requests from patients who have not paid for services and whether or not it’s appropriate to consult with other physicians about a records request.

Transcript

“AM Best is the independent rating agency that in fact rates all insurance companies. An a-rated carrier is one of the top, and actually the top rating that can be given to an insurance company. These highly rated companies are basically the companies that have the financial strength and resources to pay all their obligations, their policy and contractual obligations. So from that standpoint, essentially it’s the ability to pay claims and to keep their policies in force.”

Richard J. Rymond has been with Reminger Co., LPA since joining the firm as a law clerk in 1980. He is the Dental Liability Group Practice Co-Chair, and has tried more than 100 jury trials, focusing on medical and dental liability, commercial liability, professional liability and general liability. He is a regular speaker on risk management programs for physicians, dentists and allied health professionals and serves as an assistant professor at the Case School of Dental Medicine.

Choose Cunningham Group to Protect Your Practice 

Protect your practice by choosing A-rated malpractice insurance with the right coverage for your needs. At Cunningham Group Insurance, we specialize in helping physicians compare A-rated malpractice insurance policies to find the best fit for your practice. Whether you’re looking for comprehensive coverage or need guidance on the claims process, we’re here to assist.

Reach out today for expert guidance or to get a malpractice insurance quote. Let us help you navigate the complexities of medical malpractice insurance and secure the protection you need. Consult with a malpractice insurance broker who understands your unique needs and ensures you get the best policy terms.