Location- location, location, location, is what you think of regarding real estate prices. Did you know that location is also one of the primary factors in how much a physician pays in premium for malpractice insurance coverage? Because each State has their own unique laws regarding tort liability, premiums can vary greatly depending on the State and/or County you practice in. States that have passed meaningful Tort reform, such as California and Texas, have experienced…
As professional liability agents, one question we often are asked is, “how can I reduce my premium?” Although this question might appear simple, premiums are directly correlated to multiple factors, including practice profiles, policy types and features, physician background, and even market conditions. Diederich Healthcare employs a highly skilled staff that is able to navigate the market, armed with the practice profile, in order to provide physicians and their staff with tailored, cost-effective solutions regarding…
Very often I am asked by physicians, office managers, hospital administrators, and group representatives, “How can I lower my premium?” It also regularly surprises me how many of these people are not taking full advantage of the available discounts. Most already know about the claims free discounts and group discounts. Some even know about the board certification discount and the additional double board certification discount. The most often overlooked discount is the Risk Management Discount….
Medical malpractice insurance is a major expense for physicians in private practice. Naturally, it makes sense to manage this expense to increase profit for your practice. Though if you are a physician or practice manager who has doubted the quality of an insurance company based on the lower premiums they provide, you are not alone. The last thing you should do is choose an insurance policy based solely on a low premium, only to find…
Uncertainty surrounding the Affordable Care Act and continuing changes in the delivery of healthcare are of significant concern for physicians. Doctors across the country are examining the healthcare environment and taking steps to prepare for the impact that this anticipated change will have on their practices. As a result, many are looking for ways to reduce overhead costs while maintaining the core value of their practice – patient care. Medical malpractice insurance represents a significant…
Multiple events in 2011 have continued to lower Florida Medical Malpractice premiums. Carrier competition has created a Florida marketplace where the physicians can benefit from lower costs of professional liability coverage. The following changes contributed to the rate decreases many physicians are now seeing in their practices: Medicus Insurance Company enters Florida Norcal Mutual acquires Medicus Insurance Company The Doctors Company acquires FPIC group Crum and Forster acquires Valiant Insurance Company Medicus Insurance Company receives…
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