Shopping for Malpractice Insurance? Look Beyond Price

When it comes to malpractice insurance, it's not a good idea to choose a plan based solely on low price. Learn why now.

Posted in Naturopath on Monday, July 11, 2016

Sometimes when I shop, I choose the least expensive item. This is true when I'm buying paper towels; I don't see a real difference in quality from one brand to the next. 

But when purchasing higher dollar items, such as a vehicle, computer or TV, I consider the features, price and the overall value. The lowest price is not necessarily the best value.

Many people think about insurance in the same way I view paper towels. However, this is a product where value is the key, not price. Insurance is unlike other products we purchase because we don't ever want to use it and most people don't really understand exactly what they are buying. As a result, the lowest priced option is many times very attractive.

The problem is that not all insurance policies are created equally. It is in your best interest to read the fine print and be an educated consumer.

Malpractice insurance for example.

Most products on the naturopathic market may appear similar. But there are differences you should closely examine when you are looking for malpractice insurance. Consider the company behind the plan. Ask about their level of experience, and that of their claims staff. It’s better to do your homework now, before you face a malpractice allegation. Because, once you do, it’s too late.

Learn more about what to look for in malpractice insurance.