Why You Need a Med Mal Insurance Broker
When it comes to navigating the complex world of medical malpractice insurance, we know it’s a painful item on your to-do list that feels overwhelming and tedious. Healthcare providers and practices often have limited time and resources to shop for and maintain medical malpractice insurance. That’s why it’s our job to do this for you.
To help you make an informed choice, we've compiled the top reasons why you need a med mal insurance broker and why L&J should be your broker of choice.
1. Your time is valuable.
As a healthcare provider, your focus should be on practicing medicine, not filling out mountains of paperwork and sifting through endless insurance options. Why you need a med mal insurance broker becomes clear when you consider that we handle all the legwork for you. We create one submission package with a single application for all insurance companies to review and offer terms. We then negotiate on your behalf to meet your goals. This could include improved terms, moving to an admitted carrier, shoring up coverage gaps, or obtaining better pricing. The alternative would be you approaching all companies individually, completing multiple applications, navigating phone trees and generic email inboxes, and trying to negotiate with carrier representatives that you don’t have an established relationship with. We save you valuable time and ensure you're presented with the best possible terms and pricing.
2. We represent you and not the insurance company. That’s what you get with a med mal insurance broker vs an agent.
Agents are contractually bound to represent a single insurance company and can only offer that company’s products. When working with an agent, you’re restricted to whatever coverages and pricing that company gives you. Brokers, on the other hand, represent you. Our loyalty lies with you and not the insurance companies. Why you need a med mal insurance broker: we provide personalized service, broader access to insurance markets, and a strategic approach to your coverage. We advocate for you by selling your unique story and needs to multiple insurance companies, finding the best terms tailored specifically to you, rather than fitting you into a pre-packaged policy. By choosing us, you ensure your interests are always prioritized.
3. We excel at crafting custom solutions with quality insurance companies.
Every healthcare provider and practice has their own coverage needs, and we’re here to build a solution for you. After placing thousands of insurance policies, we can confidently say virtually all providers and procedures can be insured. It’s an incredibly rare occurrence that coverage can’t be obtained. From healthcare providers who have experienced personal or professional road bumps to the newest, non-FDA approved procedure, we are experts in finding coverage for providers in all stages of their careers and personal journeys and can create comprehensive, custom solutions that grow with you and your practice.
It’s a core principle of ours to only place policies with top-notch med mal insurance companies that are financially strong. We prioritize placing coverage with carriers who we believe will be longstanding participants in the med mal marketplace. We are selective with the kinds of companies we work with to ensure that policyholders won’t be left in a difficult position should a company go out of business.
4. We translate the jargon.
Insurance terms like "tail," "nose," "occurrence," and "claims-made" can be confusing and lead to massive gaps in coverage if not thoroughly understood. We are independent experts who can explain these concepts in simple terms, ensuring that you fully understand your coverage. We act as your translator, making sure you grasp all aspects of your policy and ensure that all necessary coverages are considered.
There are no such things as stupid questions with us. Our role is to guide you through the process, break down all the relevant terms, and make sure you feel comfortable and confident in your purchase and coverage. We know you worked very hard to get where you are, and we want you to sleep soundly at night knowing you’re protected.
5. We know the market and keep you informed.
The world of medical malpractice insurance is constantly shifting, influenced by changes in healthcare, the economy, regulatory and legal updates, natural disasters, and societal factors. We stay on top of industry trends, leveraging this knowledge to ensure you’re always getting the best possible coverage. We keep you informed of how the marketplace is moving and the direct impact you can expect to see as a result on your premium, renewal terms, market search, and more. We make sure the ever-changing landscape benefits you wherever possible.
6. We’re a partner who is here long after the policy is purchased, just one of the many benefits of a malpractice broker.
Medical malpractice insurance is highly regulated and complex, but we are experienced brokers who understand the ins and outs of the system. From the start of your search through to your retirement, we strategize to help you navigate these rules, often finding creative ways to structure your policy to your benefit. We are a resource you can and should utilize long after we find your med mal policy. We provide guidance on how to best bring on new providers, add procedures, wind down your practice, start a new business, and more. This personalized approach ensures you're always getting the best deal possible and that your coverage evolves with you and your changing practice.
We are also a small but mighty team. We have nearly four decades of experience amongst us and can create a custom solution for nearly every med mal insurance need. With L&J as your brokers and long-term partners, you can be confident that we take care of the caretaker. We are here to alleviate the pain points of obtaining and maintaining your med mal coverage by leveraging our expertise, always being readily available, and priding ourselves on always doing what’s right for the client above all else. Reach out today.