Having the right medical malpractice coverage is critically important for physicians, dentists, and other medical providers, as well as the groups and facilities where they practice. This coverage protects the provider’s reputation, personal finances, and their practice. We can help clients streamline their coverage needs and accomplish a cohesive defense while maximizing savings.
Where is the industry headed? An insurance broker can help you make sense of these five trends that are affecting the medical malpractice liability insurance market and make a recommendation on the best products to meet your coverage needs:
- Medical malpractice is becoming a hard market. Rates are increasing, underwriting guidelines are tightening, insurers are consolidating as financial reserves are eroding.
- Smaller insurance companies are experiencing insolvency – meaning they may not be able to pay member claims.
- There is an overall increase in the severity of claims as companies see larger payouts and settlements.
- Ongoing healthcare consolidation is decreasing the size of the medical malpractice market, as large healthcare organizations move toward self-insuring their medical malpractice insurance.
- Despite these challenges, there are opportunities for creative, premium-saving solutions such as captives.
We can help you make an informed decision about which insurance solution is right for you. For more information on medical practice liability coverage, contact us, today.