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Insurance for Hard to Place Physicians

Insurance for Hard To Place Physicians 

Finding insurance as a hard-to-place physician can be a daunting challenge, but it’s an essential step in safeguarding your career and financial stability. Whether due to a history of malpractice claims, disciplinary actions, or practicing in high-risk specialties, being classified as hard-to-place doesn’t mean you have to go without the protection you need.

Specialized malpractice insurance policies are designed to address your unique circumstances, providing the coverage required to protect against legal claims, meet hospital credentialing requirements, and maintain your ability to practice.

How difficult is it to source Insurance for Hard to Place Physicians?

Navigating the complex terrain of medical malpractice insurance can be particularly challenging for physicians who have faced board actions or have a claims history. These professionals, often termed as “hard to place” or high-risk physicians, may find themselves in a precarious position when seeking the necessary insurance to practice medicine.

Understanding the Challenge

Medical malpractice insurance is a critical component for physicians, offering protection against legal claims regarding their professional practice. However, insurers often assess the risk of insuring a physician based on past claims, disciplinary actions, or board sanctions. This risk assessment is crucial, as it influences the insurer’s decision on whether to offer coverage and at what cost. Physicians with a history of legal challenges or claims are frequently deemed high-risk, making it difficult for them to obtain traditional malpractice insurance. This classification as “hard to place” stems from the insurer’s perspective that past incidents may predict future claims, thereby increasing the insurer’s risk exposure.

The Impact of Being Hard to Place

The designation of being a high-risk physician has significant implications. First, traditional insurance carriers may outright refuse coverage, leaving these professionals in a vulnerable position without the necessary protection against potential claims. In the event that coverage is offered, it may come at a prohibitively high cost, reflecting the increased risk.

Westwood Insurance understand these challenges and have a wealth of experience in sourcing suitable insurance for medical professionals in the ‘hard to place’ category. Contact us now and let’s get started in finding a suitable solution for you. Contact us now.

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The Options Available for Hard to Place Physicians

 
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Risk Retention Groups

RRGs are liability insurance companies owned by its members. For physicians who are hard to place, joining an RRG can be an effective solution. These groups can sometimes accept hard to place physicians.
 
 
Surplus Lines Insurers

Surplus Lines Insurers

These insurers specialize in covering risks that standard insurers refuse. While they may offer coverage to high-risk physicians, it’s important to note that their premiums can be significantly higher, and they are not always subject to the same regulations as standard insurers.
 
 
Tailored Solutions

Tailored Solutions

Working with brokers like Westwood who specialize in high-risk profiles can sometimes yield customized insurance solutions. These brokers have the expertise and connections to negotiate coverage terms with insurers that might not be widely advertised.
 
 
State High-Risk Pools

State High-Risk Pools

Some states have established high-risk pools as a safety net for physicians unable to secure insurance through the private market. These pools can provide a viable option, though they often come with higher premiums and may have limited coverage.
 
 
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Professional Liability Trusts

In some cases, joining a professional liability trust can offer an alternative to traditional insurance. These trusts, often set up by professional associations or similar groups, provide a collective self-insurance mechanism for members.
 
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five-starsMy Insurance agency has done business with Westwood for over 10 years and always found them to be professional...

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Shira Abrams
02 May, 2023

five-starsI’ve worked with Michael Richards and his team now for many years and I can unequivocally say that they are by far the...

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Joe Roth
11 June, 2023

five-starsWestwood Insurance Group, with Dale and Liz are a pleasure to work with in helping solve for my insured’s insurance needs...

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Greg Cullom
08 Nov, 2023

five-starsLaura has been a great contact for us over at the Westwood Insurance Group. She is extremely communicative...

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30 June, 2023

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Kathy Natale

Kathy Natale
25 Sept, 2024

Speak with an Insurance Professional

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Michael Richards

Michael specializes in sourcing the most suitable insurance for hard-to-place physicians at the best price. You can call him or fill out the form and he will get your message directly.

Call 216-502-4967 or
Fill Out the Form