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.

About Michael Richards

Working in the specialty chemical business supporting heavy manufacturing for 18 years before a career in insurance served as great training ground for Michael. Serving a variety of businesses and industries introduced him to creative business thinking and processes he brings to Westwood in his role as business manager. As a result, Michael helps Westwood differentiate by listening and responding to client’s problems with a more holistic approach.
More about Michael Richards

other articles that may interest you

Social Media presents an deluge of challenges for Medical Facilities

Unacceptable behavior by physicians and healthcare professionals is on the rise, corresponding with increased attacks on physicians by patientsLive streaming of surgical procedures, particularly plastic surgery has become increasingly popular in recent years and while...

Could the technology behind Bitcoin help secure medical records?

Cyber security is a growing problem for healthcare providers, who often struggle to keep the records of their patients secure. Cyber insurance coverage is not generally mandated by law and many healthcare organizations remain uninsured, even though laws and...

A lesson in Liability Insurance for Chiropractors

A visit to the chiropractor for a 32-year-old patient in Georgia recently led to a $75 million medical malpractice verdict. The claim related to emergency treatment the patient received after collapsing with a brainstem stroke, resulting from chiropractic manipulation...

Liability mitigation is essential for senior living facilities

The senior living industry is under the microscope as more and more people are affected by COVID-19. With two million of America's most vulnerable people currently in senior living facilities and nursing homes, it is essential that the industry looks seriously at...

the impact of social inflation on insurance premiums

Social inflation is a buzzword insurers use to explain the rising costs of insurance claims resulting from primarily increasing litigation arising from more plaintiff-friendly legal decisions and larger compensatory jury awards. While many industry experts put it down...

Senior Care Facilities Rethink Operations post COVID-19

With workers in elder care facilities leaving the industry in droves, assisted living and skilled nursing facilities continue to face pandemic problems. A Morning Consult poll from September 2021, found that 20% of healthcare workers quit during the pandemic, while...

GenStar™ – Stability in an uncertain market

The healthcare industry has been rocked with more change in the last two years than we've seen in decades, which has led to uncertainty for insurers. The pandemic and the associated implementation of government policies left many people with negative perceptions of...

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 physicians

The different types of insurance for physicians 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.