What Medical Malpractice Brokers do for their Agents
Working with a medical malpractice insurance broker has many advantages over working alone as an agent.
The disadvantages of working alone as an insurance agent
- You have limited access to insurance options: Without the relationships and connections of a medical malpractice broker, an individual agent may have limited access to insurance options, making it difficult to find the right coverage for clients.
- Your expertise is limited to your personal experience: Without the specialized knowledge and experience a medical malpractice broker gets from their pool of agents and support staff, an individual agent may not be able to provide valuable guidance and advice to clients on the best insurance options for their specific needs.
- Your negotiating power is limited: Without the resources and connections of a medical malpractice broker, an individual agent may have limited negotiating power when it comes to obtaining the best rates and coverage options for clients. Let’s face it – when you bring in a lot of business, you can negotiate better deals.
- A huge administrative burden: Without the support of a medical malpractice broker, an individual agent may be responsible for handling many of the administrative tasks associated with obtaining coverage, such as submitting applications and gathering necessary documentation, which can be time-consuming and overwhelming for you.
- A lack of risk management services: As an individual agent , you won’t have access to or knowledge of risk management services that can help healthcare providers reduce their risk of malpractice claims.
How a medical malpractice broker can help
By joining with a broker, you can bring in more business and hold on to your existing accounts, because:
- You have access to a wider range of insurance policies: Medical malpractice brokers often have relationships with multiple insurance companies, which allows you to offer a wider range of options to your clients.
- Expertise: A medical malpractice broker will provide valuable guidance and advice to you and your clients as they have extensive knowledge and experience in the field of medical malpractice insurance.
- Negotiating power: Medical malpractice brokers have more negotiating power with insurance companies than individual agents do. You will be able to offer better rates and coverage options for your clients.
- Streamlined process: A medical malpractice broker will streamline the process of obtaining insurance, by handling many of the administrative tasks like submitting applications and gathering necessary documentation. Leaving you free to approach new clients.
- Risk management services: You may also be able to offer risk management services to help your clients reduce their risk of malpractice claims. This will give you a more loyal client base.
Helping agents approach large medical organizations
Working with a medical malpractice broker will also make it easier for individual agent to approach large medical organizations, chasing million dollar accounts, instead of small ones, because:
- Established relationships: Medical malpractice brokers have established relationships with other large medical organizations, so an agent can use these examples to gain access to similar organizations and start a conversation about insurance options.
- Industry expertise: You are no longer a single agent, but the representative of an organization with extensive knowledge and experience in the field of medical malpractice insurance. This makes you more valuable to large medical organizations.
- Credibility: You use the credibility of your broker to gain access to large medical organizations and negotiate a deal with them.
- Tailored solution: A medical malpractice broker will help the agent to create a tailored insurance solution that meets the specific needs of the large medical organization. A lone agent can’t do this.
- Reputation: Medical malpractice brokers have built reputation over time, by working with many clients and insurance companies, which can help you to build trust with a large medical organization, leading to a more successful engagement.
Even an agent selling a different type of insurance, such as life insurance, can transition to the more stable area of medical malpractice insurance by working with a medical malpractice broker.
It would be extremely difficult for an agent to do this alone, as selling medical malpractice insurance is a highly specialized field that requires a deep understanding of the unique risks and exposures faced by healthcare providers. But a broker can provide the agent with the expertise, relationships, and resources they need to succeed in selling medical malpractice insurance.
Aa medical malpractice broker can provide you with the necessary training, mentoring and support to have you on your feet selling medical malpractice insurance in a short period of time. It will require time and dedication from the agent, but the broker will help you to fully understand the market and to steadily work to develop a strong network of clients.
There are so many advantages to working with a broker as a medical malpractice agent and it is certainly the only way an agent can take on large health providers and build a client base that will provide them with a lucrative income in one of the most stable areas of insurance.
insurance for allied health care
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Hospital Insurance typically covers all or part of the potential liability for hospital services. It includes medical malpractice, accidents involving hospital employees and equipment, care during surgery or any other invasive treatment, after-hours care arrangements by staff who need help with their children and more.
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Long term care facilities must protect themselves against potential liability arising from incidents within their facility. Westwood can help you negotiate a package tailored to your long term care facility client.
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Westwood have fostered exceptional relationships with underwriters and we go to great lengths to keep abreast of their latest products, changes in requirements and restrictions, including having weekly calls with the carriers, which you can see here, by joining our insurance insider group.
- Professional Liability Insurance (Medical Malpractice Insurance)
- General Liability Insurance
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- Excess and umbrella coverage
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- Telemedicine Malpractice Insurance
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Westwood President, Michael Richards has extensive experience in setting up alternative structures for larger clients. Here are some examples:
- Starting a Single Parent Captive (Pure captive)
- Joining a Protected Cell Captive (Segregated Cell)
- Micro Captive Insurance
- Group Captive Insurance
- Risk Retention Group (RRG)
- Special Purpose Vehicle (SPV) Captive
- Stand alone ERP (extended reporting period)
- Loss Portfolio Transfers (LPTs)
If you think your client could be large and stable enough to benefit from starting or participating in a captive or has a special need for another alternative structure, contact Michael Richards now by phone: 855 351 7487.