We know that your med mal policy renewal is not a favorite topic of physicians or something that they want to spend any more time than they have to thinking about. But, today we would like to talk about tips for a stress free med mal policy renewal. Because it is one of a physician’s biggest costs each year, it is important to take the med mal policy renewal process seriously. And, because physicians are busy, it is important to try and make the process as easy as possible for one’s self.
If a physician’s agent has not informed him or her how a claims-made policy works, he or she may be surprised come renewal time. Because a typical a claims-made policy increases in price considerably from years 1-5, it is important to make sure that physicians shop around. For MyMedicalMalpracticeInsurance.com clients, we send out a spreadsheet with quotes from all of our insurance companies, along with the various five year step-rates, so they can make sure that they are competitively priced from year to year.
For admitted carriers, because they automatically renew, an invoice/bill is sent out 30-60 days before renewal is due.
For surplus lines companies, physicians have to fill out a new application every year.
At MyMedicalMalpracticeInsurance.com, we recommend that physicians keep all of their important insurance documents together in a binder in order to speed the med mal policy renewal process and make it as efficient and painless as possible.
In a binder, we suggest that physicians put:
Current copy of CV
Copy of medical license
Current med mal policy and related documents
Any claim history from previous medical malpractice insurance companies
Past med mal policy documents
Having these documents handy can help to ensure a physician the smoothest renewal possible.
Finally, if you are going to shop for a new med mal policy, physicians should shop at least 30 days before the current policy renews in order to give themselves enough time to receive quotes and make an informed decision.