Skip to main content

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.

Popular posts from this blog

There Is Little Chance That You Will Win That Medical Malpractice Law Suit

Out of the every five cases that make it to court, only one medical malpractice law suit comes out ahead. This is pretty bad odds by any standard. This happens because the strength of any medical malpractice law suit depends upon the ability of the medical malpractice attorney to put up the technical and non-technical medical terms in a simple and legible language both for the jury and the judge. It also depends upon the capacity of the medical malpractice attorney to gather the required information to back the case. It takes a lot of effort to prove the merits of a medical malpractice law suit and since it involves a lot of expenses, most of the people prefer to settle for out-of-court offers. It easier for the aggrieved person to accept an apology and a modest sum of compensation money, than spend his/her time and money pursuing justice in the court of law - that may never happen in the end. What It Takes To Improve The Chances To Win Your Medical Malpractice Law Suit The claimant ne...
Read more

Facing Confidentiality and Electronic Medical Records Concerns

With more and more hospitals employing the electronic medical record as their standard data collection, storage and retrieval system, there are those who are concerned with the risks in the confidentiality and electronic medical records system. The old way of doing things required a lot of paperwork. This meant more office space was allotted for record keeping. This usually meant a filing cabinet with a key as its main security defense against other people. The talk of confidentiality and electronic medical records keeping true to that sense is only a hype, or fluke. The concerns of confidentiality and electronic medical records falling into the wrong hands are grossly exaggerated. To put these concerns on confidentiality and electronic medical records intrusive capability, the software developers have added several security measures to insure that only those who need to know about your information get it and the information that the doctor is reading is really about you: * ...
Read more

Medical Billing Courses

First things are always first. Even though medical billing has been named one of the fastest growing occupations in the medical field industry, this doesn't mean that it's that easy to get into. Before you can call yourself a true professional in medical billing in every sense of the word, first you must learn the ins and the outs of your chosen profession. Fortunately, medical billing courses are not hard to find. Just log into any major search engine and type the words "medical billing courses" and you should be able to find a long list of online programs for medical billing training. The biggest aspect of medical billing courses and training consists of learning medical terminology, numerical codes to ensure proper financial reimbursement, and health care records management skills. Health care records management skills are especially an integral aspect of medical billing courses since a major part of the medical biller's job is to keep paperwork and payments fl...
Read more