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Is the Medical Malpractice Insurance Carrier Charging Too Much?



An insurance agency protects the insured party against financial losses that can be the result of a number of mishaps such as fire, accidents, thefts, sickness, etc. A person gets insured against the possible financial loss by purchasing insurance policies specific to the risk he or she perceives is most likely to occur.

The insurance is brought to the consumer by insurance carriers, each specializing in some field or other, such as medical or auto. The insurance carriers are usually large financial companies, which have the capacity of paying for the risks that are covered by the respective policy. In the case of the medical malpractice insurance carrier, this provides insurance to the medical practitioner against the risk of him/her being sued for medical malpractice.

Choosing the Best Medical Malpractice Insurance Carrier

The past decade has seen a steep rise in the cost of the premiums for medical malpractice insurance. This has prompted many doctors to practice without insurance; this creates a high risk situation for the physician and/or the hospital. The rise in cost has been mostly due to the fact the consumer today is more aware of their rights and is willing to go the extra mile required if they think that they will get justice. The rise in medical suits has brought the medical malpractice in the high-risk bracket, which resulted in the medical malpractice insurance carrier raising the cost of the premiums.

In view of the above choosing the right medical malpractice insurance carrier can be a daunting task. The premium of the insurance is usually calculated based on the risk involved. This is why a sick person will have to pay a higher life insurance policy; similarly since the medical malpractice suits are on the rise, the medical malpractice insurance carrier also raises the premiums according to the risk. If the doctor has been sued before the premium will be higher than the standard one, and if he or she has been previously convicted of malpractice the premium could almost double.

In order to choose the best insurance carrier you should look for the one which can provide the best coverage at the lowest premium possible. Many insurance carriers will give discounts on completion of one or two consecutive years without any claims or costs incurred. You should look out for those which provide discounts, combination schemes and investment returns. Though it is difficult, it is not impossible, and with the right kind of effort, you will be successful in finding the right medical malpractice insurance carrier.

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