How to Stop Malpractice Insurance Rate Increases
Although insurance companies determine whether to increase insurance rates, there are various ways to lower or stop increases to your premiums. Many professionals carry malpractice or professional liability insurance to protect them in case they are sued. Doctors, dentists, psychiatrists, accountants and lawyers are among the people who pay malpractice premiums. Some states maintain strict insurance regulations, such as Wisconsin, which requires all practice chiropractors to carry professional liability insurance.
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Instructions
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Implement strict checks and balances so that errors are minimized. A client might make a malpractice claim based your actions or failure to act (omissions). Common malpractice claims for accountants include failure to file tax returns on time.
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Analyze your case management system so that no files or clients are neglected. Consider investing in a paperless office to find files quickly.
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Compare malpractice quotes from different companies and explore discounts through your professional organization. For example, the DC Bar Association negotiates with an insurance company to provide lower malpractice premiums for lawyers.
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Voice concerns to your elected officials. Highlight how you cannot continue practicing unless rates are reasonable. The Illinois Department of Financial and Professional Regulation forced a state malpractice insurance company to reduce premiums paid by physicians.
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Evaluate tort reform measures. Malpractice rates are believed to decrease when there is a cap or limit to the amount of money that clients win.
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Tips & Warnings
Previous disciplinary actions, malpractice claims and lawsuits filed against you significantly impact your malpractice rates, which you cannot escape, for instance, by moving to another state.
Be prepared for high malpractice rates if your profession is inherently hazardous, such as surgery or emergency medicine.
