Graduating from residency is an exciting milestone, but it opens up a myriad of career paths—employment with a health system, joining a private practice, or even starting your own practice. One vital aspect that cannot be overlooked, regardless of your career choice, is securing the right malpractice insurance. If you’re employed by a health system, this is often handled for you. However, if you choose other forms of employment or self-employment, obtaining professional liability coverage becomes your responsibility.

The Importance of Malpractice Insurance

Malpractice insurance is not just a formality; it’s a necessity for protecting yourself against potential legal claims. Understanding your options and choosing the right coverage can be daunting, but it’s crucial to work with a licensed insurance agent who prioritizes your best interests.

Expert Guidance from Mike Shay

We at Cornerstone Healthcare Consulting trust Mike Shay, a licensed insurance agent with Steinmiller Insurance in Rochester, New York. In a recent video, our owner Missy Starowitz sat down with Mike to discuss how to ensure you have the right malpractice insurance, whether you’re an employee or an employer.

Beyond Malpractice Insurance

Mike doesn’t stop at malpractice coverage. He provides an overview of the business insurance you’ll need if you decide to own your practice. Even if you’re not a practice owner, Mike outlines essential additional coverages that go beyond malpractice insurance to ensure you’re fully protected. This might sound like a way to sell more insurance, but as Mike points out, a simple umbrella policy can provide an extra layer of protection for your home, personal assets, and car for as little as $200 per year, offering $1,000,000 in additional liability coverage.

Why Trust Mike Shay and Steinmiller Insurance?

Mike Shay is a trusted contact who has been an invaluable asset to multiple clients of ours. His consultative approach focuses on identifying opportunities to benefit the client while providing the best coverage tailored to individual needs.

Conclusion

Understanding the different insurance requirements for medical practices is crucial for new doctors. Whether it’s malpractice insurance or additional business and personal coverages, being well-informed and working with a reliable insurance agent can make all the difference.

Ready to get started? Watch our video with Mike Shay to learn more about securing the right insurance for your medical career.