Malpractice Insurance for Physicians and Other Healthcare Providers
Physicians are typically at the heart of a malpractice lawsuit, and according to the American Medical Association, more than 60% of physicians over age 55 have been sued at least once. As a physician, your career is at risk of a malpractice lawsuit that could be financially devastating. With limitations on your employer’s insurance that you may not be aware of, you could find yourself owing thousands of dollars in your own defense when that coverage fails.
Why You Need Your Own Professional Liability Insurance
Consider the likely gaps in your employer’s malpractice insurance that are leaving your career exposed:
- Claims-made insurance that doesn’t cover suits filed after you have terminated your employment
- Policy limits that may not be high enough to protect you and all your co-workers
- Coverage that may not be included for lost wage reimbursement, licensing board hearing reimbursement and defense costs
- Coverage that likely doesn’t extend outside of the workplace, such as when you engage in volunteer or part-time work
Contact us us to learn how a professional liability policy from Thompson Professional Insurance Agency can help you cover these gaps with superior coverage at an affordable rate.
How Much Will My Medical Malpractice Insurance Cost?
With medical malpractice insurance being one of the most significant expenses that physicians and other healthcare providers face yearly, one of the first questions physicians and other healthcare providers ask us is, “How much is this going to cost?” There are several factors that determine the general cost of malpractice insurance.
- Your Medical Specialty
Specialties that involve more risk generally have higher premiums.
- Your State and Area
Because the medical malpractice climate can vary greatly from state to state and even within a state, due to things like the existence of medical malpractice caps, tort reform or not, claims frequency, medical malpractice insurance rates can vary greatly within a specialty from state to state and even between counties and different insurance carriers in the same state.
- Your Claims History
Another obvious factor that can greatly influence your medical malpractice insurance cost. Physicians or providers who have a history of medical malpractice claim(s) often face higher medical malpractice insurance rates.
- Your History of Licensing Issues
Like #3, above, physicians or other providers who have faced disciplinary issues regarding their medical license will often face higher medical malpractice insurance premiums.
- Your Workload
Physicians or other providers who practice part-time may pay lower insurance costs than their full-time colleagues. If you are practicing less than full-time, be sure to let us know and save yourself some money.
- Your Type of Practice Setup
This is where the details of your practice come into play. The structure and nature of your practice can influence your rate. Does your practice use experimental treatments? Are you practicing telemedicine? Are you joining a very large practice? The details matter.
- Your Eligible Discounts
Every physician should ask their medical malpractice insurance agent what discounts they are eligible to receive. Significant discounts often exist for physicians who are new-to- practice, who complete approved risk management seminars, or who are claim-free for five or more years.
These are the major factors that influence the cost of medical malpractice insurance. If you’d like to talk about them, or have additional questions, don’t hesitate to contact us today.
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CONTACT US TOLL-FREE FROM ANYWHERE IN THE UNITED STATES: 844.283.7257 or DIRECT 225.636.5062