https://medpli.com/wp-content/uploads/2019/11/AdobeStock_270789669.jpg MEDPLI delivers “A” rated professional liability coverage to medical doctors practicing in Arizona. As an independent broker, MEDPLI works for doctors to ensure they receive strong protection, while lowering premiums for doctors who deserve discounts for their good claim history. MEDPLI helps physicians who are changing jobs (need tail insurance?), starting new practices, or just trying to get the best deal on their medical malpractice insurance. The Arizona malpractice insurance market is dominated by one carrier, yet many good options exist. Knowing you have options is the first step towards lowering your premium. Nearly half of Arizona physicians are covered by MICA (Mutual Insurance Co of Arizona). Other “A” rated carriers Arizona doctors trust for malpractice insurance include NORCAL Group, MedPro Group, The Doctors Company, Aspen American Insurance Company, ProAssurance, and others, as well Risk Retention Groups (please note that RRGs are not admitted carriers). It is important to distinguish not only the type of insurer, but their financial strength, when selecting a carrier to protect your practice’s professional liability exposure. The carriers named above are admitted in Arizona, which gives you the peace of mind that the Arizona Department of Insurance has approved their filings. Furthermore, admitted carriers participate in the Arizona Property and Casualty Insurance Guaranty Fund, which would provide up to $300,000 for covered claims in the event the issuing carrier becomes insolvent. Insolvency is a problem for policyholders because they could be responsible for any amount beyond the maximum $300,000 that could be paid in the event of an adverse malpractice judgement. To mitigate the likelihood of your insurance carrier becoming insolvent, MEDPLI recommends seeking coverage from a carrier with an AM Best rating of “A” (Excellent). AM Best is a U.S.-based credit rating agency that focuses on the insurance industry. Affordability of your malpractice insurance policy is important to your bottom line. Rates can vary carrier-to-carrier, for essentially apples-to-apples coverage. For example, many orthopedic surgeons in Arizona pay $35,000-$40,000 per year for malpractice insurance, while others pay less than $30,000. Why do rates vary? Each carrier has its own specific appetite for particular risks, based on their own analyses. For example, MedPro may have a good rate for Allergists, but The Doctors Company might be more competitive for OBGYNs. ProAssurance might have a compelling coverage proposition for General Surgeons, while Aspen has the best rates for Internal Medicine and Family Practice doctors (those with a good claim history may qualify for a rate below $9,000). The American Society of Plastic Surgeons has endorsed The Doctors Company since 1990, yet many plastic surgeons can qualify for a lower rate with another “A” rated company. The moral of the story: If you are responsible for your own malpractice insurance, you owe it to yourself to enlist a broker to shop the market for you. When you save money on your insurance premium, you free up cash, which you can re-allocate elsewhere in your practice (some clients have reported “investing in new lighting at the office” and “bonus for high performing staff”). The caveat is make sure you stick with an “A” rated carrier, and select a broker with a proven track record in medical professional liability insurance. Arizona physicians can get a quote, email firstname.lastname@example.org or call 800-969-1339 to talk to a medical professional liability insurance specialist. MEDPLI helps private practices and doctors changing jobs with their claims-made and standalone tail insurance.