Frequently Asked Questions

Are There Other Considerations When Selecting An Insurer?

It is important to select an insurer that has the financial strength to survive for the long term. Always ask for a company's financial rating. There are a number of rating services. The oldest is A. M. Best and Company. Your insurer should have an A. M. Best rating of at least "A-." This is the range occupied by most solid malpractice insurers, but by itself is not enough to make a decision. Determine how long the insurer has been in business and particularly how long it has been operating in your state. Compare its premium to those of its competitors and obtain a satisfactory explanation if it is too much lower that its competition.

Professionals newly entering private practice often have "new practitioner" discounts available to them. These discounts may vary between companies. Also, many companies offer discounts to professionals who work part-time, have taken a risk management course or have been claims free for a number of years. Make sure to inquire about these discounts if you think you may qualify.

As with any overview, this insurance information is general and intended to help you make informed decisions. The actual policies available in your state may contain features not discussed above. An insurance policy is a contract between you and an insurance company. You should read and understand any policy that you purchase. If you have any questions, have the company or insurance broker or agent take as much time as you need to explain policy terms to your satisfaction.

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