When the time comes to renew your medical indemnity insurance, it’s easy to stick with the same insurer. This could be a costly decision, because you might do better by switching. As a consumer, you are well within your rights to shop around and obtain alternate quotes. In fact, a regular review of your medical indemnity insurance is the best way to ensure you are getting the right coverage and a fair price.
There are a multitude of reasons you may choose to obtain a medical indemnity insurance quote:
Your circumstances have changed – you are starting in private practice, changed or expanded your healthcare specialty, or your billings have increased or decreased since last year.
You’re eligible for other discounts – based on your age and history, you may qualify for significant discounts with a new policy. You may also be entitled to discounts if you are starting out in private practice.
You want better value – your current policy worked for you in the past, but is no longer competitively priced.
You want better cover – your current policy may not have recently introduced coverage features – obtaining a medical indemnity insurance quote will allow you to compare cover across the different medical indemnity insurers.
You’re paying more than you should – you’ve been claim-free for several years but your premiums keep increasing.
You want better customer service – you’re experiencing poor service and response times with your existing medical indemnity insurer and may have had difficulties when making a claim or seeking medico-legal advice.
An insurance broker can offer you transparency and advocacy, saving you time, money and worry. Insurance can be very complicated, and an insurance broker can obtain a medical indemnity insurance quote on your behalf and demystify insurance jargon, help you understand cover and ensure you are properly protected.
Ask your broker to obtain a medical indemnity insurance quote and compare policies to find the best value coverage.
Regularly review your medical indemnity policy and compare what the competitors are offering.
Check the terms and conditions of your current policy to see if cancellation penalties apply – some penalties may not be legally enforceable.
Make sure you understand and comply with the formal cancellation procedures of your policy.
Check how long it will take to have the new policy activate.