Chapter 5: How to Find Business Insurance for Your Medical or Healthcare Practice
By now, you know where your risks lie, which policies can protect your small practice, and which federal laws to consider when running your office.
Finally, it's time to look at your options for finding insurance coverage. You have two distinct choices:
- Go the solo route and find the policies you need on your own.
- Team up with an insurance agent and let them work their magic.
Here's what your insurance-buying process will entail if you go it alone:
- Assess your risks. Leave no stone unturned and make sure you account for every risk exposure you may face while running your practice. This is the foundation from which you'll build your plan.
- Check the insurance companies' ratings. If you're shopping online, this step is especially important. Look for a carrier with a rating of "A" or better. These carriers are nationally renowned for their industry-tailored products, reliable terms, and quick payouts.
- Request rates from multiple carriers. After identifying carriers you can trust with your money and the future of your business, request quotes from multiple carriers. This allows you to comparison shop on price and coverage, both of which vary from one carrier to another.
- Compare the coverage offerings. The rate isn't the only important feature of your insurance policies. Read the fine print to ensure you aren't missing out on essential protection. Every policy comes with exclusions, so be sure you choose the plan that doesn't leave holes in your risk management plan.
- Consider the deductible. All business insurance policies come with a deductible, which is the amount you're responsible for paying before your benefits kick in. A higher deductible is usually paired with lower premiums, and a lower deductible tends to accompany higher premiums. Consider how frequently a covered loss might occur. Then ask yourself how much of that loss you can carry on your own. As a rule, your deductible should be no more than you can spare without jeopardizing your own finances.
As you can see, this process is arduous. And as a healthcare practitioner running a business, you probably don't have time for much extra work.
That's why you may fare better when you work with an insurance agent. With a licensed agent, you can…
- Fill out a single application and receive multiple quotes. Save yourself time and headaches by answering questions about your practice only once. Insureon's agents use data from your application to find policies that fit your needs, and we send you quotes for those policies from multiple top-rated carriers. We're able to do that because our agents have experience working with insurance companies to find coverage for small healthcare practices and know which ones have top ratings.
- Get your questions answered by a person. If you've never bought business insurance before, chances are you'll have questions. When you work with insureon, you'll get a real live human to answer those questions — not some infuriating phone tree. Plus, our agents are trained by industry, so you'll work with a licensed agent who already understands the risks and insurance needs specific to small healthcare businesses. And best of all, your insurance agent will work with you throughout the life of your policy — not just when it's time to renew.
- Avoid wading through insurance industry jargon. The world of business insurance is overrun with jargon. Even the savviest business owners may be left scratching their heads after reading through a policy's fine print. Our agents know the code and will help you understand your policy. We give you a clear and honest understanding of the risks you face and what your policy entails in plain English.
If you're ready to protect your business and let insureon do the legwork for you, simply complete an insurance application today to receive competitive quotes in your inbox in less than 24 hours!
Next: Chapter 6: How to Keep Your Insurance Rates Low