In the new pandemic world, many offices are actually seeing an increase of medical liability insurance providers when it comes time for renewal, and they are exploring all options.
Now of course all options are not quality options, and the increased quantity of premium providers has drowned out the characteristics of quality premium plans.
To make sure you are not the victim of a hollow medical liability insurance policy, follow these best practices when it comes time to renew:
Research your region
Even though you may have a long-time vendor, do some research to identify what providers are popular in your state and region. Certain providers may have pricing advantages in your region, or new promotions and policies that may not have been implemented the last time you checked.
Do not be afraid to call or email companies that have left a review about a provider to get their first-hand experience of customer service and the quality of the plan.
Make a checklist
It may seem like oversimplification of the process, but create a custom checklist for even comparisons between premium policy providers. The checklist should include, but is not limited to coverage, exact policy type, policy limits, tail coverage and term details.
If multiple office staff members are reviewing premium policies, have them maintain separate checklists until it’s time to review all policies to ensure complete objectivity and fairness.
The need to negotiate
See a premium policy you like? Priced a bit too high? Do not be afraid to contact the company and try to negotiate a lower premium price. Often, companies can lower the premium when a longer deal is signed (if possible).
When you begin your negotiations already have in mind the highest price you are willing to pay for your premium, and also the maximum length of a premium policy that you would be willing to agree to. After the negotiation, make sure you write a complete “Before and After” list so negotiated gains can be clearly communicated to management.
Reviewing the renewals
If possible, keep a tight time schedule —eight to 12 weeks — for when new policy premiums will be reviewed. Schedule staggered meetings over this time period and select one or two new policies at each meeting that are worth reviewing in detail.
As the process concludes you should have about a half dozen quality policies to review in a timely but not rushed manner.
Patience, purpose and protocol are the three Ps you need to remember for the reality of the renewal process.
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