If you’re a doctor looking for medical malpractice insurance, consider working with an independent broker to save you time and money. Partnering with a trusted, experienced malpractice insurance broker is the best way for doctors to explore multiple coverage options for their specialty and find the best rate.
Why Doctors Should Work With One Experienced Broker
You might think you can get a better rate even faster by applying with multiple brokers – but working with more than one broker does not equal more options or opportunities for lower rates. In fact, it can take an even longer time to get a quote, which could put you at risk if a claim is made against you during a gap in coverage.
You need just one broker partner who is dedicated to you — all the way from submitting your application to communicating with underwriters, obtaining the best rates for new policies and renewals, and more.
Because our brokers get to know each doctor and their needs on an individual level, MEDPLI is the only medical malpractice insurance broker you’ll ever need. Consider us your personal medical malpractice insurance concierge.
Applying With Multiple Medical Malpractice Insurance Brokers Can Delay Your Coverage
Contrary to what many believe, the malpractice insurance underwriting process is done by a human, not a computer. It takes 7 to 10 days for an underwriter to review a multi-page application, depending on how complete it is, to determine a quote. When the underwriter takes additional time to process several applications submitted for you by different brokers, delays occur. This can be confusing if your information varies in each one.
Also, the underwriter will release a quote only to the Broker of Record, which is the first broker to submit your application. However, if you decide to work with a different broker, the underwriter must wait an additional 3 to 5 days before presenting the same quote to the new Broker of Record. You not only wait much longer for the quote, but also risk not being covered if you happen to be sued during that time period.
How MEDPLI Can Partner With You
MEDPLI malpractice insurance advisors work for you, the physician – not hospitals. We are an independent brokerage focusing on individual physicians and small groups, so we specialize in personalized consultations and customer service you won’t find in larger companies that serve mega health systems.
MEDPLI is an established and respected name among underwriters at the leading “A” rated medical malpractice insurance carriers and throughout the marketplace. Here are a few ways MEDPLI works as a trusted broker partner with both physicians and underwriters:
A personalized partnership with physicians
When you request a quote, the MEDPLI team will guide you through the application process, research the coverage, rates, and carrier options specific to your specialty and practice location, and claims history.
Once your application is ready, your advisor will do all of the time-consuming leg work to submit it to carriers with policies that best meet your requirements. Then they will review all quotes and options with you to help you choose the best coverage and rate.
But MEDPLI’s personalized partnership doesn’t end when you accept a quote. The same MEDPLI team will answer your call with any questions about your current coverage, or if you’re changing jobs and need tail insurance, for example. Your advisor helps you ensure that your coverage meets your changing needs as your practice grows and changes. That’s just what a trusted partner does!
Daily communication with underwriters
We work with underwriters on a daily basis, so we understand what information they need to issue a quote – and we know that multiple applications for the same doctor from different brokers can cause confusion and delays. That’s why your MEDPLI advisor will work with you to ensure that your application has the most complete information before submitting it to an underwriter.