One of the reasons a Florida physician and surgeon should use a qualified medical malpractice insurance agent is because the agent can shop the medical malpractice insurance each year. If the physician or surgeon goes directly to an insurance company instead of using an agent, he or she has lost the ability to shop the insurance among several medical malpractice insurance carriers.
The Florida medical malpractice insurance marketplace fluctuates each year. Malpractice insurance companies come and go. A company that is competitive one year may not be competitive on either the price or the features of medical malpractice insurance the next year. With a change in management, a company can change its appetite for business, and may either become more aggressive in terms of pricing or more conservative. The average Florida physician or surgeon, busy enough in his or her own practice, cannot be expected to keep up with the ever-changing medical malpractice insurance landscape. This is where a medical malpractice insurance agent’s services are invaluable for the Florida physician or surgeon.
So, what can an agent offer? First, they should know the overall medical malpractice picture in the State of Florida. Is the medical malpractice market “hard”, with rising prices and shrinking benefits, or is it “soft”, with competitive pricing, plenty of competition, and expanding benefits? What does each of the major carriers charge for a specific specialty? How are the medical malpractice insurance companies rated? And even who are the players? Insurance company personnel can migrate from one company to the next, thereby changing the appetite and reputation of the carrier. An experienced medical malpractice insurance agent can steer a Florida physician or surgeon with confidence because they have done their homework.
Second, the medical malpractice insurance agent can conduct a thorough review of a physician’s insurance program. They can present quality options for the malpractice insurance, pointing out strengths and weaknesses of the various medical malpractice insurance companies. They can dig into the policies, making sure there are no potential gaps.
And, finally, an agent that is part of a full-service insurance agency can offer the Florida physician or surgeon a quote on other lines of business, such as office insurance, workers’ compensation insurance with dividend plans, cyber liability insurance, employment practices liability insurance, and home and automobile insurance. They thereby simplify the insurance program for the doctor. They can save the Florida physician or surgeon valuable premium dollars by eliminating duplication and avoiding gaps.