Using an Insurance Broker

With many medical malpractice insurers pullingout of the market and those remaining gettingmore selective, some specialists who look forcoverage may be well advised to work with aninsurance broker who can shop several differentinsurers rather than to depend on an agent whorepresents only 1.

Brokers can be a valuable resource, saving busydoctors time and effort, because they have accessto several insurance carriers. With the malpracticeinsurance market tightening, the broker's ability toshop several different insurers can cut down on theamount of research that certain physicians have todo personally to find a policy. Also, at a time whenmany doctors believe that their options on malpracticeinsurance are narrowing, a broker mayhelp them find more alternatives to consider.

If possible, find a broker who works with a largenumber of different insurance companies. That listis one of the most important elements in choosinga broker—the companies should get high marksfrom insurance rating services like AM Best.

When filling out applications for insurance, beaccurate and truthful about any past claims; anyproblems in this area will result in outright rejection.And be leery of a broker who tells you that 1application will work for more than 1 carrier; youshould apply to each carrier individually.