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Selling Individual-Based Coverage: Medical Malpractice Insurance Broker


If you are interested in helping others help themselves, are independent and enjoy meeting people and striking up conversations, a career as a medical malpractice insurance broker might be for you. As an independent agent, or broker, you will help physicians find the right kind of malpractice coverage for their practice. Here is some background on the career or medical malpractice insurance broker that you should consider before deciding if this is the career for you.

Basics

Most of the time, insurance agencies will hire applicants with a college degree, specifically in business or economics, as well as a license to work in insurance. Insurance companies will require that you are capable to sell to the customers, to be independent in your occupation. As a medical malpractice insurance broker, you would have to have the training and/or experience to be able to sell sufficient insurance to different practicing doctors.

Income

If you are just beginning a career as a medical malpractice insurance broker, or any other insurance broker, you would have to start out at around $30,000 to $66,000. The median income is around $40,000. Most companies pay commission only, which is based on how much you are able to sell, while others pay by salary and commission, salary only or salary plus bonus.

Customers

As a medical malpractice insurance broker, you will work with clients who are physicians or other medical practitioners in need of insurance coverage. The way to determine their coverage is to assess their risk, look at the value of their assets including their practice, their past claims (if any) and long term stability. By this, you can determine their premiums, and how much they will have to pay for their insurance. You may be encouraged to recommend full coverage, in the event of a lawsuit or should any other unfortunate event occur.

If you are a go-getter, wanting a career that will allow you to move up, but also want to help keep others out of financial harm's way, consider a career as a medical malpractice insurance broker. With this type of career, you have the potential to earn a sustainable income with the potential of a bonus, plus use your skill in sales and verbal communication to get ahead. Also, since your clientele will be doctors, it is especially a choice that is good for you financially.

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