Medical specialty: Neurosurgeons, anesthesiologists, orthopaedic surgeons, obstetricians, and emergency medicine doctors will pay premiums that are higher than average for medical malpracitce insurance. This is because patients are more likely to have complications or because they have more serious illnesses or injuries.

Location of the practice: A physician in Duval county will pay less for his malpractice insurance than a physician in Dade county, assuming their specialty is the same.

Tort Reform: If the doctor’s state has enacted meaningful medical malpractice tort reform legislation, and if claim amounts are capped by statute, medical malpractice insurance premiums will be lower than they were without tort reform.Caps on how much money patients injured by a doctor’s mistake can receive were declard unconstitutional by the Florida Supreme Court on June 8, 2017. These caps were put into place in 2003.

Limits of liability: Higher limits of liability on a medical malpractice insurance policy result in higher medical malpractice insurance premiums.

Claims experience: If a doctor has experienced claims activity, his or her Florida medical malpractice insurance premium will reflect this experience.

Risk profile: Medical malpractice insurance companies are concerned about the number and types of surgeries a physician performs. Physician malpractice insurance policies will be rated accordingly.

Policy provisions: Some medical malpractice insurance companies offer more robust policies but have higher premiums than others, which offer more stripped-down policies.

Medical Malpractice Insurance Premium Credits

The following are examples of credits often available for physician and surgeon medical malpractice insurance in Florida:

Loss Free Credit — Available if the physician or surgeon has not had a claim in 3, 5, 10 or even 20 years. Credits vary, but can be as much as 25% of the medical malpractice insurance base premium, especially if there is competition from other medical malpractice insurance carriers.

New-To-Practice Credit – Physicians and surgeons who are just beginning their practice have very little exposure to malpractice claims. The first year malpractice insurance premium discount is often as much as 50%. Premium credits diminish over time and, after a period, are no longer available as the physician is no longer new-to-practice.

Risk Management Credit – Some medical malpractice insurance companies offer credits for taking an approved risk management course. Sometimes there is a charge for taking the course. Sometimes it is offered at no charge. Credits are normally 5-10% of the malpractice insurance premium and are good for a few years, at which time the course must be taken again. Courses are offered live or on-line. We highly recommend that a Florida physician or surgeon take a risk management course to reduce the likelihood of having a claim. Remember, medical malpractice claims are awful, no matter who is at fault and no matter the outcome.

Board Certification Discount – This discount is available to physicians and surgeons who successfully complete their board certification. Different medical malpractice insurance carriers give different credits.

Part-Time Credit – A physician or surgeon may receive a sizeable credit on malpractice insurance for working reduced hours, depending on the company. Credits range from 25% to 50% for physicians or surgeons working 20 hours or less per week.

Large Group Credit – Physicians and surgeons who work as part of a larger group may receive premium credits simply for being part of a group. Competitive pressures force many companies to apply significant credits to take a large group from a competitor.

Society Credits – Some medical malpractice insurance companies specialize in putting together malpractice insurance programs for groups of similar specialty physicians. There can also be credits for belonging to a national, state, county or local medical society.

Discretionary Credits – Most medical malpractice insurance carriers can apply discretionary credits depending on how badly they wish to secure or retain a piece of business.

It is important that you ask about receiving maximum credits. We have seen many cases where a physician or surgeon, simply by asking, has been able to reduce the cost of his malpractice policy, especially if he is in a good bargaining position with a clean record and a preferred specialty. At Gracey-Backer, Inc., we specialize in securing the highest quality medical malpractice insurance for our physician and surgeon clients at the best price. We have been serving the physicians and surgeons of Florida since 1925. Our team of professionals works tirelessly so you, the Florida physician and surgeon, can focus on what you do best.

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The bad news is that it is often difficult for a doctor to choose the right medical malpractice insurance company for his practice in Florida. Some offer low rates, some have dividend programs, some have extra coverages that make their programs more attractive.

So how does a Florida doctor go about choosing the best medical malpractice insurance carrier in Florida?

In many cases, the choice of malpractice carriers might be made for him. If he joins an existing practice, that practice probably already has gone through the process of choosing an insurance provider and is happy with its malpractice insurance carrier. If he is employed by a hospital, he does not have to consider the implications of malpractice insurance.

But…for an independent practitioner looking for medical malpractice insurance, or for a group wishing to explore the Florida malpractice marketplace, the following should be considered:

• Quality of the company—As determined by its A.M. Best & Co. rating. Should be in the “A” range with a substantial size. Small companies may not be able to absorb a large loss.
• Length of time in the State of Florida—Important to understand the unique Florida marketplace. Talk with your peers about their experience in the Florida insurance arena.
• Premiums offered for a specialty—Probably the biggest consideration for most doctors. But beware if the medical malpractice premium is too good to be true. Some companies have the reputation of offering low premiums the first year and then increasing them later.
• Dividend or profit-sharing programs available—To reward doctors for loyalty to a malpractice insurance company. Often redeemable at retirement. An excellent forced savings plan for doctors in Florida.
• Risk management courses—To give premium credits and lessen the chances of having a claim.
• “Bells and whistles” on the malpractice policy—Such as Cyber Liability coverage, coverage for DPR events, Employment Practices Liability coverages, etc.

As we say in our office, no one regrets having the right insurance at the time of a loss. The choice of medical malpractice carriers is one of the most important considerations for a Florida doctor. The decision should be made wisely and with regard to the above important considerations.

And when should a Florida doctor re-evaluate his coverage? In a perfect world, he should review and compare his medical malpractice insurance policy with the rest of the market every year. Whenever a Florida practice changes in size, adds or drops practitioners, or has a significant change in scope, the medical malpractice insurance needs should be re-evaluated. An experienced Florida medical malpractice insurance agent can do this for the Florida doctor—at no cost or obligation.

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A physician or dentist is required to carry Workers’ Compensation Insurance if:

• They have four (4) or more employees, full-time or part-time. An exempted corporate officer does not count as an employee.

If you, as a physician or dental employer, are inspected and cannot show proof of Workers’ Compensation coverage, civil enforcement action is taken. You will be subject to a Woorkers’ Compensation penalty equal to two times the amount you should have paid within the preceding two year period (based on your Workers’ Comp code). The fine is usually required to be paid within 90 days and some payment plans are available. Additionally, a Stop-Work Order (SWO) may also be issued if a physician or dental employer:

• Understates or conceals payroll in an attempt to reduce the Workers’ Compensation premium;
• Misrepresents or conceals employee duties in an effort to secure a lower Workers’ Compensation physician or dental classification;
• Otherwise attempts to avoid paying workers’ compensation premiums.

Remember that it is against the Florida Workers’ Compensation law for a physician or dental employer to:

• Work without Workers’ Compensation Insurance when required to do so;
• Work in violation of a Stop-Work Order;
• Make a false statement for the purpose of obtaining Workers’ Compensation insurance coverage or to reduce Workers’ Compensation premiums;
• Fail to report an injury to the Workers’ Compensation insurance carrier;
• Discharge or threaten to discharge an employee for filing or attempting to file a Workers’ Compensation claim;
• Deduct the Workers’ Compensation premium from an employee’s pay;
• Misclassify an employee as an independent contractor for the purpose of avoiding paying the proper Workers’ Compensation premium.

A Florida Workers’ Compensation policy can be issued in as little as 24 hours. Contact us today and avoid costly penalties and possible felony charges.

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• Be Sure your Home Is Properly Insured for Replacement Cost, not Market Value – Don’t confuse the market value of your home, which includes the value of your land, with the replacement value. Your land is not covered for fire, windstorm, vandalism, etc. so you are wasting your money if you try to insure these things. You are looking for what it would cost to replace the home itself with a new home if you had to rebuild. A cost estimator can help determine this replacement value.
• Raise Your Deductible – The deductible is the amount of money you will pay out of pocket in the event of a loss. At our agency, we believe that it is cost effective to maintain a relatively high deductible. Through the years, you will save a considerable amount of money by maintaining a high deductible, even if the savings in one year is minimal. Remember, if you live in a disaster-prone area, your insurance policy may have a separate deductible for certain kinds of damage. If you live near the coast in the East, you may have a separate windstorm deductible.
• Make your Home more Disaster-Resistant – By making your home more resistant to loss, you can save significant premium dollars. Consider adding storm shutters or impact glass. Reinforce your roof. Consider renovating your plumbing, heating, and electrical systems to reduce the possibility of fire or water damage.
• Improve your Home Security – Burglar and fire alarms are not cheap, but can give you significant discounts on your homeowners insurance. Purchase systems that ring at the local police or fire station. If you were to have a house fire or if you were to be visited by a burglar, you will be very glad that you made investments in quality alarm systems.
• Maintain a Good Credit Score – Establishing an excellent credit history can cut the cost of your homeowners and automobile insurance. Insurance companies are relying more and more on credit scores to price their policies and decide whether or not to accept a new customer. Be sure to pay your bills on time, only purchase the credit you need, and keep your credit balance as low as possible to improve your credit score. It is wise to check your credit score regularly.
• Review your Coverages Every Year – During the year, you may decide to add or sell items of value—like jewelry or furs—and can then add or delete them from your scheduled items (extra insurance for items whose full value is not covered by standard homeowners’ policies such as expensive jewelry, high-end computers and valuable art work). This can save you money and fine tune youe homeowners policy.
• Don’t Forget About the Cost of Homeowners Insurance When Purchasing a Home – If you are buying an older home, you will save money if the electrical, plumbing, and heating systems are up to date and if the construction is up to code. If you buy in a flood-prone area, remember the extra cost of flood insurnace. Flood damage is NOT covered by a homeowners policy. If you are in area prone to wind damage, a concrete block home is preferred over a frame home. Check the CLUE (Comprehensive Loss Underwriting Exchange) report of the home you are thinking of buying. These reports contain the insurance claim history of the property and can help you judge some of the problems the house may have.

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]]> https://www.graceybacker.com/insurance-written-excess-surplus-lines-company/ Tue, 17 Jan 2017 00:00:48 +0000 https://www.graceybacker.com/?p=2009 Generally, a policy is written through the Excess and Surplus Lines company (E&S) because a standard carrier will not write the risk. The reasons for this are many, but usually include: The risk does not meet underwriting guidelines of standard carriers, due to claims history, age of the property, location or the risk, or cancellation […]

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]]> Generally, a policy is written through the Excess and Surplus Lines company (E&S) because a standard carrier will not write the risk. The reasons for this are many, but usually include:
• The risk does not meet underwriting guidelines of standard carriers, due to claims history, age of the property, location or the risk, or cancellation by another company;
• Your risk is not familiar to the standard underwriters, so they are uncomfortable writing it;
• Your risk is larger than the capability of standard carriers to insure it; or
• Your liabiilty requirements are greater than those acceptable to the admitted market.

In Florida, a standard insurance company, also called an admitted carrier, is one licensed by the state of Florida, bound by rate and form regulations, and strictly regulated to prevent abuse and fraud.

Admitted carriers are bound by law to contribute to the Florida State Guaranty Fund, which is used to pay losses if an insurance carrier becomes insolvent or otherwise unable to pay its claims. In contrast, an Excess and Surplus Lines (E&S) insurance company is not required to be licensed by the State of Florida. It can, however, conduct business in the state through a wholesale broker or managing general agent. Surplus lines insurers may be subject to greater capitalization requirements than standard insurance companies.

Excess and Surplus Lines carriers are also referred to as non-admitted or unlicensed carriers. They are usually domiciled in another state, but allowed to operate in different states. While they are not regulated by the Florida Department of Insurance and are given more flexibility within the free market system, they are regulated in other ways. For instance, they must submit financial background statements, articles of incorporation, a list of officers, and other pertinent information. Surplus lines carriers may pay higher taxes to the state.

E&S carriers cannot write business that can be written by standard, admitted carriers. They do not come under the auspices of the Florida State Guaranty Association (FIGA) and may only write a policy if it has been rejected by three admitted carriers. The State keeps a list of registered E&S companies, and policies can only be written by carriers on this list.

Because Excess and Surplus Lines carriers are not regulated in the same way as the standard carriers, they have much more flexibility to tailor coverage, charge the appropriate rate regardless of the State filing, and modify the policy form to make the risk more acceptable. They can add additional exclusions or other conditions that might put restrictions or demands on the insured. This is good for the consumer as well as for the company. It allows the carrier to accept risks that standard insurers refuse.

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]]> https://www.graceybacker.com/cyber-liability-cover/ Tue, 06 Dec 2016 00:00:11 +0000 https://www.graceybacker.com/?p=1999 The HIPAA/HITECH federal law, which became effective on March 26, 2013, put real teeth into a healthcare provider’s responsibilities regarding the use, collection and disclosure of Personal Health Information (PHI). In today’s environment, the potential release of personal health information or sensitive data because of a cyber attack, computer virus, improper disposal of paper records, […]

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]]> The HIPAA/HITECH federal law, which became effective on March 26, 2013, put real teeth into a healthcare provider’s responsibilities regarding the use, collection and disclosure of Personal Health Information (PHI). In today’s environment, the potential release of personal health information or sensitive data because of a cyber attack, computer virus, improper disposal of paper records, insider criminal activity, technological malfunctions or even an employee mistake such as a lost or stolen laptop is a very serious concern. Offices of healthcare providers are especially vulnerable because they:
• Take in client social security numbers;
• Accept insurance;
• Take Medicare/Medicaid;
• Have a website or use an email;
• Use third party vendors;
• Process credit cards;
• Utilize bank account information;
• Store healthcare records and other non-public information.

A physician’s office may have firewalls, virus protection, anti-spam systems, and procedures to protect passwords and prevent employees from downloading dangerous material. But these measures are not foolproof. Failure to comply with the HIPAA/HITECH law could result in a fine of up to $1,500,000! In addition, the out- of-pocket costs without proper insurance coverage are staggering:

• Credit monitoring costs (estimated at $20 to $30 per record)
• Notification costs (estimated at over $200 per record)
• Significant attorney costs

The law requires that, among others, the following assurances be in place to safeguard personal health information:

• Business Associate Agreements requirements;
• Requirements to provide patients with electronic copies of their records;
• Mandates requiring businesses to have in place the following to protect personal health information;
• Confidentiality procedures
• Data encryption for electronic health record systems
• Incident response plans in the event of a data breach
• Staff training to promote compliance

A cyber liability insurance policy assists insureds in meeting the terms of these new strict regulations, enforced by the Office of Civil Rights. If you have a data breach, you can literally make one phone call to the “Breach Response Service” and they will take over.

The following coverages are provided under a cyber liability policy:

• Information Security and Privacy Liability Insurance—coverage for third party claims alleging a financial loss as a result of a breach;
• Regulatory Defense and Penalties Insurance– Coverage for forensic expenses (to determine the extent of the breach) as well as defense costs and fines/penalties for violations of privacy regulations;
• Website Media Content Liability Insurance– Coverage for online and offline media. Includes coverage for claims alleging copyright/trademark infringement, libel/slander, false advertising, plagarism, and personal injury;
• Privacy Breach Response Services Insurance- Includes all reasonable legal, public relations, advertising, IT forensic, credit monitoring and postage expenses incurred by the insured for notifying a third party of a pricacy breach;
• Data Recovery Costs Insurance – Includes all reasonable and necessary sums required to recover and/or replace data that is compromised, damaged, lost, erased or corrupted;
• Cyber Extortion Insurance – Coverage for extortion expenses and extortion monies as a direct result of a credible cyber extortion threat.

In addition, policyholders have access to tools to create policies and procedures in their practices as well as monthly newsletters to keep them abreast of the changing law. Online templates are available to create privacy notices, sample policies and procedures manuals, training courses for employees and security officers, phone and email support. You will also have online access to consultants and attorneys on data security issues.

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]]> https://www.graceybacker.com/needs-workers-compensation-insurance/ Tue, 18 Oct 2016 00:00:09 +0000 https://www.graceybacker.com/?p=1966 Workers’ compensation insurance covers medical and rehabilitation costs as well as lost wages if your employees are injured or become ill as the result of their job without regard to fault. Workers’ compensation insurance also provides death benefits to surviving spouses and dependents. Coverage is provided on the premises or off-premises or in an automobile […]

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]]> Workers’ compensation insurance covers medical and rehabilitation costs as well as lost wages if your employees are injured or become ill as the result of their job without regard to fault. Workers’ compensation insurance also provides death benefits to surviving spouses and dependents. Coverage is provided on the premises or off-premises or in an automobile while on business.

If a business carries workers’ compensation insurance, it means that injured employees relinquish their right to sue the business for negligence. Conversely, the employees have the peace of mind that they can recover for work-related injuries or sickness without resorting to a lawsuit.

Any business that has W2 employees or 1099 contract workers needs workers’ compensation insurance. Any employee who works for an employer regardless of classification is considered an employee and is covered under the workers’ compensation policy. This includes full-time employees, part-time employees, independent contractors and contracted laborers. Sole proprietors and general partners are automatically excluded from coverage unless they request the coverage in writing. Corporate officers are automatically covered by the policy unless they ask to be excluded.

Some states don’t require an employee to be covered if he or she works solely on commission. Some states even exclude certain categories of workers, including farm workers, domestic employees, or seasonal or casual workers. In some states, business owners’ immediate family members who work for the business may not require coverage.
Interestingly, a few states, namely Texas and New Jersey, give employers the option to not purchase workers’ compensation insurance at all. It is important to note, though, that just because the state allows an employer to go without workers’ compensation insurance, the employer is still liable under the state’s workers’ compensation laws for injured workers. Not having workers’ compensation insurance, even if allowed by a particular state, does not relieve the employer of financial responsibility for injured workers.

Most states also allow large employers to self-insure for workers’ compensation, but the rules about who can and cannot self-insure again vary significantly from state to state. A general rule is that if you have employees who aren’t owners of the company, you probably need workers’ compensation insurance.

Be careful about contracted employees. Most states will treat an uninsured contractor or subcontractor as your employee if he or she is injured while doing work for your company. An example is if you are a sole proprietor and do not carry workers’ compensation insurance on yourself. Then you hire a plumber to do work in your office. If the plumber does not carry workers’ compensation insurance and is hurt working on your premises, he may come back and make a claim against you. Anyone you hire to do work for your company could be eligible for workers’ compensation benefits from your company. That’s why many larger companies will contractually require anyone doing work for them to show proof of workers’ compensation insurance.

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]]> https://www.graceybacker.com/five-ways-save-dental-malpractice-insurance/ Tue, 02 Aug 2016 00:00:00 +0000 https://www.graceybacker.com/?p=1954 Florida dentists face many financial challenges in maintaining a dental practice. Among these is the cost of dental malpractice insurance. Not only do premiums vary widely by Florida dental malpractice insurance companies. But there are ways to save significant premium dollars that the Florida dentist might not be aware of. By “shopping” your dental malpractice […]

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]]> Florida dentists face many financial challenges in maintaining a dental practice. Among these is the cost of dental malpractice insurance. Not only do premiums vary widely by Florida dental malpractice insurance companies. But there are ways to save significant premium dollars that the Florida dentist might not be aware of. By “shopping” your dental malpractice insurance, the Florida dentist can reap huge savings without sacrificing quality. It is best to contact an independent dental malpractice agency who represents many different dental malpractice companies. You may be surprised when you compare policies and rates from different carriers that the cost of dental malpractice insurance is less than anticipated. The following are some of the credits that you may be missing and that, by shopping your insurance, you may be able to reap:

Claims-Free Credit

The major Florida dental malprctice insurance companies offer significant premium credits if you have not had a dental malpractice claim. Claims-free credits average around 10% of the annual policy premium.

Risk Management Credit

Avoiding a potential claim means a lot to your dental malpractice insurance company and to your practice. Therefore, dental malpractice insurance companies offer premium credits of around 10% of the annual policy premium if you take an approved course. It is important to take a course that focuses on the dental practice rather than a generic course that can apply to physicians, chiropractors, or other healthcare providers. Remember…dental malpractice claims, even if bogus, are awful. They are very costly, both in terms of time, money and emotional health. The very best practice is to do everything possible to avoid a claim in the first place.

Location Differences in Premium

Where you practice in Florida can make a real difference in the amount you pay for dental malpractice insurance. In general, the more populated areas of the State, where there is a more litigious climate, are more expensive for all types of insurance. A specialist in Florida dental malpractice insurance will be able to guide you on locations.

Specialty Discounts

Most dental malpractice companies in Florida are adopting a “procedural-based rating system”, meaning that they are adjusting their rates according to the nature of your Florida dental practice. For instance, some dental malpractice companies rate up for the use of general anesthesia, IV sedation or IM sedation. Some add a surcharge if you remove impacted wisdom teeth or place dental implants. If you do not perform any of these procedures, your dental malpractice insurance premium will generally be lower, depending on the company. This is why it is a good idea to “shop” your dental malpractice insurance every so often, in order to qualify for the very best rates available.

New Companies in the State of Florida

Don’t assume that there is not a lot of competition in Florida among dental malpractice insurance companies. New companies, seeing an opportunity in the State, generally reduce their rates to attract new dentists. This is why it is important to talk with a dental malpractice agent who is not aligned with one company. A Florida dentist should carry his dental malpractice insurance with an agent who represents a variety of dental malpractice insurance companies so they may shop the insurance every year.

Gracey-Backer, Inc. is a full-service dental malpractice insurance agency. We represent several of the major Florida dental malpractice insurance companies. We offer our dental clients a wide spectrum of insurance services, including office policies, workers compensation insurance, personal home and automobile insurance and personal excess liability insurance.

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]]> https://www.graceybacker.com/choose-florida-dental-malpractice-insurance-company/ Tue, 19 Jul 2016 00:00:00 +0000 https://www.graceybacker.com/?p=1944 Just as each dentist is different, and each dental practice is different, each dental malpractice insurance company operating in Florida is also different. Some are big, some are small. Some insure all dental specialties, some prefer one specialty over another. Some have been around for a long time, some are trying to gain a foothold […]

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]]> Just as each dentist is different, and each dental practice is different, each dental malpractice insurance company operating in Florida is also different. Some are big, some are small. Some insure all dental specialties, some prefer one specialty over another. Some have been around for a long time, some are trying to gain a foothold in the state.

Given the many malpractice insurance companies operating in Florida, and the complexities of dental malpractice insurance, how does a Florida dentist choose the best malpractice insurance company for his or her specific practice?

The following steps below can guide the Florida dentist to the right medical malpractice company:

1. Find those Florida dentist malpractice insurance companies which specialize in insuring dentists. Not all do. Some malpractice insurance companies operating in Florida really specialize in insuring physicians and surgeons. Florida dentists are a sideline. It is important to choose a dental malpractice insurance company that understands the unique needs of the Florida dentist. Risk Management programs should be geared strictly to the Florida dentist and not to Florida physicians and surgeons.
   Check with your peers. They are a good reference for the right dental malpractice insurance company in your area and in your specialty. If one of your colleagues has been sued for dental malpractice, he or she can give you a very realistic account of the quality of the defending company.
2. Contact an Agent. It is best to deal with an independent insurance agent who specializes in the sales and service of dental malpractice insurance. He or she knows the players, has the rates, and can shop your dental malpractice insurance among a variety of quality companies. Your dental malpractice insurance agent can give you the A.M. Best Company ratings as well as information on the financial condition of the dental malpractice companies operating in Florida. You can also check with your local Better Business Bureau to review any complaints against your prospective dental malpractice insurance company.
3. Obtain quotes. Your dental malpractice insurance agent can secure quotes from various dental malpractice insurance companies for you. Often, you will only need to complete one application, which your dental malpractice insurance agent can fan out to various companies he or she represents. Be sure to submit a complete application to avoid time-wasting questions and follow-ups.
4. Compare policies. Not all policies are created equal. The least expensive dental malpractice insurance quote may reflect the weakest policy. This weakness could very well come back to haunt you if there is a claim. Compare and contrast such features as:
   • Limits of Liability – amount of coverage in the event of a claim
   • Prior Acts Date – the date after which a dental claim is covered on a claims-made policy
   • Claims-made or Occurrence form
   • Defense Costs – inside or outside the limit of liability
   • Exclusions – what is not covered

Gracey-Backer, Inc. represents several of the finest dental malpractice companies in the State of Florida. We have been in business since 1925 and are one of the oldest and most respected dental malpractice insurance agencies in the state. Our agents specialize in the sales and service of dental malpractice insurance for oral surgeons, dental specialists, general dentists, and dental office staff. Being a “full-service” insurance agency, we can handle dental malpractice insurance and your dental office policy, your workers compensation insurance and your personal lines insurance, giving you ease of doing business and minimizing the risk of a gap in your insurance program.

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]]> https://www.graceybacker.com/qualify-credits-dental-malpractice-insurance-policy/ Tue, 28 Jun 2016 00:00:55 +0000 https://www.graceybacker.com/?p=1929 One of the aims of our Florida dental malpractice insurance agency is to be sure all of our dental clients qualify for the maximum credits on their dental malpractice insurance policy. The following is a list of some of the credits available to Florida dental practitioners on their dental malpractice insurance. If you have not […]

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]]> One of the aims of our Florida dental malpractice insurance agency is to be sure all of our dental clients qualify for the maximum credits on their dental malpractice insurance policy. The following is a list of some of the credits available to Florida dental practitioners on their dental malpractice insurance. If you have not been made aware of these credits, you could be robbing yourself of valuable premium savings.

Claims-Free Credit
Some dental malprctice insurance companies give significant premium credits if you have not had a claim in the recent past. Claims-free credits average around 10% of the annual policy premium.

Risk Management Credit
Most dental malpractice insurance companies give a premium credit if you successfully take one of their Risk Management courses. This Risk Management credit is generally around 10% of the annual malpractice policy premium. The benefit of taking a quality Risk Management Course that focuses on dentists is the ability to help avoid claims in the first place. A dental malpractice claim is very costly, both in terms of time, treasure and emotional health. The very best practice is to do everything possible to avoid a claim in the first place.

Specialty Discounts
Most dental malpractice companies in Florida adjust their rates according to the nature of your dental practice. For instance, some dental malpractice companies rate up for the use of anesthesia, including general, IV or IM sedations. Some rate up if you remove impacted wisdom teeth or place dental implants. If you do not perform any of these procedures, you dental malpractice insurance premium will generally be lower, depending on the company. This is why it is good to shop your dental malpractice insurance every so often, in order to qualify for the very best rates available.

New Companies in the State of Florida
Dental malpractice insurance companies entering the State of Florida generally reduce their rates to attract new dentists. In most cases, rates for their dental malpractice insurance policies have remained stable. There is significant competition, tort reform initiatives have reduced claims frequency, and the effects of meaningful risk management courses are being felt. Again, this is why you should regularly shop your dental malpractice insurance with an agent who represents more than one dental malpractice insurance company.

Gracey-Backer, Inc. is a full-service dental malpractice insurance agency. We represent several of the major Florida dental malpractice insurance companies. We offer our dental clients a wide spectrum of insurance services, including office policies, workers compensation insurance, personal home and automobile insurance and personal excess liability insurance.

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