Professional Liability Insurance: Risk and Reward
The Medical Professional Liability Insurance Industry has been in a “soft” market for roughly a decade. This time has allowed many to forget that markets are cyclical and that – at some point – soft markets become hard markets. Irresponsible decisions made during good times get amplified during bad times. Providers should exercise caution today, and understand not only the financial strength and vision of the companies with which they partner, but whether they have a proper infrastructure to implement their respective strategic plans.
Responsible decision-making should not be confused with paying high prices. On the contrary, the strongest carriers are typically better-equipped to compete on price. The key is understanding that the negotiation process should be transparent, and well-coordinated by a seasoned broker. Companies and brokers that discourage due diligence should be avoided.
By working with Toro, providers and systems can understand, and take advantage of, the considerable resources that exist in the professional liability industry. Toro approaches medical malpractice insurance as only one factor of an enterprise risk management strategy. Consider that privacy, billing, patient satisfaction, population health and “value-based” payment designs are all central to a comprehensive professional liability program and many “med mal” carriers have either the internal resources, or the desire to form external partnerships to assist their clients.
Toro works with brokers and providers to help them tap existing resources and build new programs based on each client’s most pressing challenges.