Insurance Coverage Needs for Medical Practices
Graduating from residency is an exciting milestone that unlocks numerous career opportunities. Whether you choose to work for a health system, join a private practice, or start your own, one critical factor remains constant: the need for proper malpractice insurance. If you’re employed by a health system, this is typically taken care of for you. However, if you opt for private practice or self-employment, securing professional liability coverage becomes your responsibility—a step you cannot afford to overlook.
The Importance of Malpractice Insurance
Malpractice insurance is more than just a formality—it’s an essential safeguard against potential legal claims. Navigating the options and selecting the right coverage can feel overwhelming, but partnering with a knowledgeable, licensed insurance agent who puts your needs first can make all the difference.
Expert Guidance from Mike Shay
At Cornerstone Healthcare Consulting, we rely on the expertise of Mike Shay, a licensed insurance agent with Steinmiller Insurance based in Rochester, New York. In a recent conversation, our owner, Missy Starowitz, sat down with Mike to explore the essentials of securing the right malpractice insurance—whether you’re an employer or an employee.
Beyond Malpractice Insurance
Mike goes beyond just malpractice coverage—he offers a comprehensive look at the business insurance you’ll need if you plan to own a medical practice. Even for non-practice owners, Mike highlights essential additional coverages that extend beyond malpractice insurance to ensure complete protection. While this might seem like an attempt to sell more insurance, Mike emphasizes the value of a simple umbrella policy. For as little as $200 per year, it can provide $1,000,000 in extra liability coverage, safeguarding your home, personal assets, and car with an added layer of security.
Why Trust Mike Shay and Steinmiller Insurance?
Mike Shay is a highly trusted professional who has consistently proven to be an invaluable resource for many of our clients. With a consultative approach, he excels at identifying opportunities to deliver value while offering personalized coverage tailored to each client’s unique needs.
Conclusion
For new doctors, understanding the insurance requirements for medical practices is essential. From malpractice coverage to additional business and personal policies, having the right protection is critical. Working with a trusted insurance agent can help ensure you’re fully covered and prepared for any challenges.
Ready to learn more? Watch our video with Mike Shay for expert insights on securing the perfect insurance for your medical career.
