Agents should work with a good medical malpractice broker

by | Dec 16, 2022

Just another mouth to feed is possibly the first thought when considering the use of a wholesale broker, and in many instances there is an element of truth to that. When you set out working as an independent agent, as with any other field, there is a temptation to “do away with the middle man” to increase commission income.

Who can blame you, there are some brokers willing to sit back and take commission for passing your application to insurers then passing proposals and policies back. It’s a seductive concept, one that often makes sense, just not when it comes to highly specialized areas of coverage with complex risks.

Additionally, the often unspoken consequence of removing the middle-man is the avoidance or aversion to selling to larger, more complex accounts that potentially deliver significantly higher commission revenue to you.

One such area of larger and more complex accounts is Medical Malpractice, or medical professional liability, one of the highest growth areas in the commercial insurance industry. The key is finding a professional and effective broker, one who partners and consults with you to understand and protect your client, that is well positioned in that niche area. Those brokers can make a world of difference.

The goal when you combine with an effective broker is you become an unbeatable team, and with the time and effort you save as a result of their expertise, you are able to increase your client base, your average premium and most importantly your commission income.

Medical malpractice is a very complex area of insurance, one that is becoming increasingly more intricate with new laws being passed, new technology being utilized by physicians and social inflation impacting on jury decisions against clients.

A good broker will help you navigate the complex medical malpractice minefield and secure the best possible protection for your client, which in turn will keep them from moving to another agent.

The Advantages of working with a professional medical malpractice broker

A professional broker will give you the following advantages:

  • They will shop your insurance to different carriers, ensuring you provide your client with the best deal.
  • They have the staff and resources to keep abreast of the different policies and the changes to policies with different insurers, so they are sure to find coverage better suited to your client.
  • A good broker will also assist you in understanding how the coverage works and identifying client activities that may fall outside the coverage parameters in some policies.
  • They will help you craft your application, so that it more closely meets the insurer’s expectations and is more readily accepted.
  • A good broker will also help you advise the client in liability mitigation strategies – helping them to avoid being sued. Often it is simple things like improving communication with patients and medical record keeping.
  • In the event that your client has a claim or other issues with their policy, the broker will act as an advocate with your insurer, helping you overcome those issues.

Expand your client base with confidence

Without the support of a broker, you are basically taking on a whole lot of additional responsibilities while being compensated only marginally more. If you aren’t able to keep abreast of developments in medical malpractice coverage, you could be leaving your clients unprotected.

Working with a specialized broker like the Westwood Insurance Group will allow you to expand your client base with confidence in the knowledge that you’re providing clients with adequate coverage at competitive prices.

It can be a hard, lonely road to travel without the support of a professional medical malpractice broker. Complete our agreement and you can get started with the Westwood Insurance Group today.

You can read more about how Westwood is compensated in our compensation disclosure.

Michael Richards

Michael Richards

President, Westwood Insurance Group

Michael began his insurance career over twenty years ago, working with a risk purchasing group, giving him a wealth of experience in both medical malpractice insurance and captives. Since founding the Westwood Insurance Group in 2001, Michael has developed solid relationships with many underwriters serving the healthcare and senior living marketplaces and is able to effectively help commercial agents with coverage for their clients

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Contact Michael Richards now

Michael Richards, President, Westwood Insurance Group

Michael specializes in insurance for this particular group. You can call him on the number below or fill out the form and he will get your message directly:

insurance for hospitals

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.

insurance for long term care facilities

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.

insurance for medical providers

The different types of insurance for medical providers includes medical malpractice insurance, professional liability insurance, errors and omissions insurance, an umbrella policy, and professional indemnity. As a physician, you should have access to all of these types of insurance.

traditional insurance products

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.

    Insurance products at Westwood Insurance Group

    You can find more information on the Insurance Products main page.

    If you have any questions on the different policies, check out our Insurance FAQ's

    alternative structures

    Westwood President, Michael Richards has extensive experience in setting up alternative structures for larger clients. Here are some examples:

     

    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.