Changing Malpractice Insurers

Question: We are meeting with a representative from a malpractice insurance company. What should we consider or ask before making a change?

Answer: There are two main things to consider: the financial stability of the company and the details of its policies.

Many insurers are no longer offering med-mal, since they lose too much money on it. Others have gone bankrupt offering it, so you'll want to be careful.

Check with the state insurance department. Is the carrier licensed in your state? Ask if a state insurance fund is available in case the company runs into financial difficulty.

Be sure to visit www.AMBest.com to review reports on the company's financial standing. Standard and Poor's will also give you a report, for a price.

Also, make sure you fully understand what kind of policy they offer and its limitations.

Finally, look at price.