Running your own private practice involves a lot more than treating patients. As a business owner, you’ve got to juggle financials, staff, equipment, and—of course—insurance.
You already know that insurance is a must for protecting your practice, but how often do you actually review or shop for new coverage? If you can’t remember the last time you checked your policies, it might be time to dig into it.
Let’s talk about how often you should shop for insurance for your practice and why it matters.
Why It’s Important to Review Your Insurance Regularly
Insurance is one of those things that can sneak up on you if you’re not paying attention. Sure, you might be covered, but are you covered properly? And are you paying more than you need to?
Insurance rates fluctuate, and what worked for your practice last year might not be the best fit today.
Regularly reviewing and shopping for insurance can save you money and make sure you’re protected against any curveballs life throws at your practice.
Types of Insurance to Review
There are a few different types of insurance you probably have as a private practice owner, and each one needs regular attention.
1. Malpractice Insurance
This is the big one. You can’t operate a medical practice without malpractice insurance. It protects you from claims of negligence, and those premiums can get hefty.
Since rates can change, especially with shifts in healthcare regulations, it’s smart to review your malpractice policy at least once a year. If there’s any significant regulatory change or a shift in the type of services you offer, take another look sooner.
2. Property Insurance
Think about everything inside your practice—the equipment, furniture, technology—your property insurance covers all of that in case something like a fire, theft, or flood happens.
As your practice grows, so does the value of what’s inside, so you want to make sure your property insurance is keeping up. Again, check in on this at least once a year because rates fluctuate, or whenever you make big purchases like new equipment.
3. Health Insurance for Staff
Offering health insurance to your staff is a great way to attract and retain talented employees. However, healthcare costs are always rising, and the insurance market is constantly changing. Make it a habit to review your staff health insurance policies yearly. You want to be sure you’re offering competitive benefits without draining your budget.
How Often Should You Shop for Insurance?
Now that you know what to review, the question is how often you should shop for new rates. The answer is: at least once a year.
An annual review of your practice’s insurance policies helps you stay informed about rate changes and any new coverage options available. If you’re happy with your current coverage, no problem—at least you’ll know you’re still getting a good deal. You may want to delegate this to a staff member and have them bring you the latest quotes.
1. Stay on Top of Market Trends
The insurance market doesn’t stay the same year after year. Premiums go up and down, new coverage options pop up, and there are always changes in regulations. Keeping an eye on trends will help you avoid surprises and make sure you’re not paying more than necessary. If you notice premiums spiking or new providers entering the market, it’s time to shop around.
2. Use an Insurance Broker
Shopping for insurance can be a hassle, especially with everything else you’ve got going on. That’s where an insurance broker can help. A good broker knows the industry inside and out and can compare multiple options for you. They’ll make sure you’re not overpaying or missing out on better coverage.
Tips for Shopping Around for Insurance
Shopping for insurance doesn’t have to be a hassle if you know what you’re doing. Here are a few tips to help:
Request Multiple Quotes
Getting multiple quotes from various insurance companies allows you to evaluate the spectrum of options available. This approach helps you find the best possible coverage at competitive prices.
Evaluate Coverage vs. Cost
Price matters, but does the cheapest option meet your needs? Carefully balance cost against the comprehensiveness of coverage. Like choosing the perfect fit for a suit, the cheapest might not always look—or work—the best.
Negotiating with Insurance Providers
Don’t shy away from negotiating with insurance providers. Use your leverage to discuss better rates or more favorable terms. Negotiation is an art that can lead to significant savings and enhanced coverage.
Conclusion
Insurance is one of the biggest costs of running a private practice, so it’s worth your time to shop around and make sure you’re getting the best coverage for your money. Aim for an annual review, and always keep an eye on market changes. By staying proactive, you’ll protect your practice and save money—giving you more peace of mind to focus on what really matters: your patients.
