Protect yourself when purchasing malpractice insurance

Never buy on price alone

Smith Brothers Healthcare Practice provides consultative advice educating clients against choosing a malpractice carrier merely because it offers bargain premiums. Important considerations in addition to premium are the malpractice company’s financial stability, their history of defending malpractice claims and risk management philosophy.

Check the malpractice carrier's financial rating

It is imperative that you understand the financial status of your malpractice insurer. We have access to all of the financial rating organizations that evaluate malpractice insurance companies, such as A.M. Best, Standard & Poor’s, and Moody’s.

Ask your current agent tough questions

Question your insurance agent or broker carefully about any carrier they recommend. Smith Brothers Healthcare team protects its healthcare clients from malpractice carriers that have a potentially weak financial outlook.

Questions to ask regarding your current malpractice insurer

  • What is the insurer's direct written premium?
  • How much surplus does the insurer currently have?
  • What is their success rate defending malpractice claims?
  • How many physicians and surgeons do they insure?
  • What is the reinsurance structure and who provides such coverage?
  • If it is a start up malpractice company, what is their claims reserving philosophy?
  • Does the agent or broker have a financial interest in the malpractice carrier they are recommending?

Research, research, research

Our healthcare practice does the work for you and we provide a wealth of knowledge on the malpractice carrier landscape, including market analysis, company annual reports and introductions to company personnel.

To learn more about your malpractice options, please contact a Professional Risk Specialist at Smith Brothers: 860 430-3256.

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