If you're a healthcare provider, you know that medical malpractice insurance isn't optional. You also know that obtaining the right coverage can be downright expensive. While there's no way to get around your need for medical malpractice insurance, there are ways to get around the high cost for your premiums. Here are four simple steps you can take to save money on your medical malpractice insurance. 

Shop More Than One Provider

If you typically shop for one provider, you may not be getting the best rates for your coverage. That's because insurance premiums fluctuate among providers, even for the same coverage. The best way to make sure that you're getting the lowest cost for the best coverage is to shop more than one provider. Unfortunately, that can be a time-consuming process if you're trying to do it on your own. To make sure you're getting the best rate for your medical malpractice insurance, work with an independent agent. They have the ability to shop multiple providers to find you the best rates. 

Ask About Discounts and Credits

If you're not asking about discounts and credits, you're missing a great opportunity to save money on your medical malpractice insurance. Much like your home and auto insurance providers offer discounts and credits, your malpractice insurance carrier will do the same. In fact, you can't get discounts for being an active member of certain professional organizations, and for completing training for risk management. If you're not sure which discounts and credits you're eligible for, be sure to ask when requesting quotes for coverage. 

Pay Attention to Your Location

You might not realize this but the address of your medical practice plays a big role in how much you'll pay for your medical malpractice insurance. If your practice is located in a big city, you may be able to save quite a bit of money on your coverage by relocating to a smaller area. The same is true for certain counties within a state. If you're not sure how your current location stacks up to others in your area, do some comparison shopping. You may find that you'd be better off relocating to a nearby city or county. 

Opt-Out of Automatic Renewals

If you enjoy the ease of automatically renewing your medical malpractice insurance each year, you should know that you could be paying too much for your coverage. To make sure you're not paying too much, opt-out of automatic renewals. Instead, start doing some comparison shopping as soon as you receive your renewal notice. This will give you the opportunity to make changes, if necessary.

 

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