Home Blog Business & News 6 Common Mistakes Medical Professionals Make When Buying Insurance
6 Common Mistakes Medical Professionals Make When Buying Insurance
By Shayne Bevilacqua, MBA | 04-10-2017

Insurance is critical if you work in the health industry. A survey by the American Medical Association in 2010, found that 61% of physicians had been sued by the end of their career.

Without the right insurance, you risk being financially responsible for any claims made against you, yet so many medical professionals make errors when buying insurance. Here are six of the most common mistakes made:

  1. Not Buying Cyber Security

As a medical practitioner, your organisation will have lots of data, which is what cybercriminals want. According to IBM, there was an 1166% increase in reported health care records breached between 2014 and 2015. Not securing information or being protected against a data breach is dangerous.

  1. Considering Price

While costs in business are important, when it comes to protecting your business’ finances – you can’t compromise on insurance. Lower cost premiums may look good, but they might not fully cover you.

  1. Not Reading The Terms And Conditions

Always ensure you know the requirements of your insurance cover. Make sure you know how long claims can take to be resolved, or if there are exemptions in your coverage you should be prepared for.

  1. Failing To Seek Numerous Quotes

While you might be busy, not seeking a range of quotes and offers for your insurance ahead of time can mean that you aren’t going to get the best deal for your medical practice.

  1. Seeking Insurance Too Late

Even if you haven’t had a claim made against you, you need to ensure you are protected every moment of your professional career. Waiting until you have a disgruntled patient is not going to help if their claim is about an incident that occurred during a time you weren’t covered.  While most states require medical professional liability insurance, or medical malpractice, not all do.  Don’t wait until it’s too late, and make sure there are no gaps in your coverage!

  1. Not Seeking Professional Help

While insurance agents for a specific carrier will not offer you unbiased advice about insurance. They can only tell you about products they sell. An independent broker, on the other hand, is legally obliged to give you the best advice. Therefore, always seek the professional advice of a broker to ensure you find out what cover you really need.  Find a good one by asking your peers who they use and if they would highly recommend them.

What medical insurance tips do you have?

Let us know in the comments below.