With expenses on the rise, you may be reassessing your spending and looking for ways to cut costs. Learning how to lower your liability insurance premiums while maintaining coverage can be impactful when evaluating your personal finances.
Whether you're just starting out or transitioning into a new phase of your career, if you’re insured through HPSO, you may have access to several discounts that can be applied to your professional liability premiums. These discounts are not just financial relief. They are also meant to support your professional development and commitment to risk management.
New Healthcare Providers: Empowering Recent Graduates
Starting your career as a newly licensed healthcare provider is exciting – but it can also come with a lot of financial pressure. That’s why HPSO offers a new graduate discount to help you start your career with confidence.
If you’ve graduated within the past 12 months, you may be eligible for a 3-year discount. Here's how it may break down:
- 60% off in your first year of coverage*
- 40% off in your second year
- 20% off in your third year
*Please note, if you reside in California, Florida, New York or South Carolina, you may only be eligible for a 50% discount in your first year of coverage.
The recent graduate discount also applies if you’re currently insured and completed training in a new specialty, such as transitioning from physical therapy to athletic training. This is one of the many ways HPSO supports your growth as a healthcare professional.
Part-Time Practice: Balancing Work and Savings
If you’re working part-time, you can get up to 50% off your premium. This applies whether you’re juggling multiple roles, easing into retirement or simply choosing a lighter schedule.
To be eligible for this discount, you must:
- Work 24 hours or less per week (including hours for multiple jobs, if applicable)
- Maintain an active professional license
It’s the same quality coverage, tailored to fit your workload.
Retirement/Leave of Absence: Supporting Life Transitions
If you’re retired or on leave, you can receive a 50% discount. This can help support you if you’re no longer actively employed but maintain your professional license. It's a way to reduce financial stress during life transitions but still allows you to continue to contribute to your community through volunteer work.
Risk Management Credit: Continued Education
Risk management is a cornerstone of professional practice, and HPSO is here to support that commitment. By completing approved seminars or workshops, you may earn a 10% credit for up to three consecutive policy years.
To qualify, you must complete at least 6 hours of training related to your practice, such as:
- Attending live webinars
- Clinical demonstrations
- Medical lectures
- Courses in patient safety and communication
- Training on documentation best practices
These programs are designed to help you stay informed, reduce liability exposure, and promote safe, effective care.
You can renew this credit every three years by completing another qualifying course, allowing you to keep savings going as you grow in your profession.
Conference Risk Management Credit: Networking and Learning
Participation in professional conferences isn’t just an investment in your development – it can also lead to savings on your insurance. If you attend a professional association-sponsored conference – whether in person or virtually, you may be eligible for a 10% risk management credit.
These events are a powerful way to:
- Stay on top of emerging trends in your field
- Earn continuing education credits
- Engage with experts and peers
- Deepen your understanding of risk reduction and patient safety
Conferences that qualify are typically hosted by national, regional, or state professional associations. Once your attendance is verified and approved, the discount will be applied directly to your policy.
It’s one more way HPSO helps support your growth—professionally and financially.
Conclusion
Professional liability insurance is important, but it does not have to break your budget. By understanding and leveraging these discounts, you may have access to significant savings while maintaining quality coverage.
Whether you’re starting out, working part-time, continuing your education, or preparing for retirement, HPSO offers a range of options designed to support you at every stage in your career, and life.
Need more information? Give us a call, or check out our other resources and FAQs.
Disclaimers:
Eligibility requirements apply. Policy terms and rates may vary by state and are subject to state approval.
Claims will be evaluated for coverage based upon the specific facts and circumstances presented, the issued policy terms, conditions and exclusions. If coverage is afforded, the amounts payable under a policy are subject to applicable deductibles and limits of insurance. An interpretation of coverage does not predict the outcome of a claim.
The new graduate discount is not available for claims-made policies. May be used up to two times per career. Minimum premium rates apply.
If you notify HPSO within 10 days of your leave or retirement date, the credit can be applied retroactively. Volunteering without pay does not affect your eligibility.