And how having the right coverage can help save your practice in case of an incident.
Written by Christine Lacagnina
Written by Christine LacagninaChristine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Reviewed by Jeffrey Green
Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
Updated июля 14, 2021
Save on Professional Liability Insurance
Our independent agents shop around to find you the best coverage.
When you work with the human body, you’ve got to take numerous extra precautions to protect yourself and your career. One such action involves getting set up with the right coverage just in case of disaster. That means finding adequate medical malpractice insurance.
An independent insurance agent can help you get set up with the right kind of medical malpractice insurance for your needs. Even better, they’ll get you equipped with the proper coverage long before you ever need to actually use it. But before that, let’s take a deep dive into this crucial coverage.
Save on Professional Liability Insurance
Our independent agents shop around to find you the best coverage.
Medical malpractice insurance is essential a form of professional liability insurance designed to protect healthcare professionals against lawsuits relating to professional errors resulting in injury or death. Doctors and other workers in the medical field rely on this coverage to save their practice from extremely costly lawsuits that could otherwise lead to bankruptcy.
Medical malpractice insurance is a critical coverage for anyone who works with the human body. Though unintentional, professional errors can be devastating for both patients/clients and the practitioner.
An independent insurance agent can help you determine if your practice is in need of medical malpractice insurance.
When shopping for coverage, it's important to understand that medical malpractice insurance comes in three major forms. These include:
Tail coverage extends a policy's protection after its term ends. Retiring physicians often purchase tail coverage to protect themselves even after they're no longer working. An independent insurance agent can help you select the right type of medical malpractice insurance for you.
Medical malpractice insurance is a special form of professional liability insurance designed to protect professionals in the medical field. This coverage protects medical professionals from the legal expenses required to defend and settle medical malpractice lawsuits, as well as settlement fees if they’re found to be liable for the claim.
Your independent insurance agent can further explain the critical protections provided by medical malpractice insurance, and why you may need it.
Medical malpractice insurance is available from many different insurance companies, and the best way to find the right carrier for you is through working with an independent insurance agent. Independent insurance agents know which insurance companies to recommend to meet your needs, and can provide informed suggestions based on company reliability, rates, and more.
Berkshire Hathaway Group is the clear current market leader for medical malpractice insurance. Other leading insurers of medical malpractice coverage include CNA Insurance Group and Liberty Mutual.
Medical malpractice insurance unquestionably provides a ton of critical coverage for professionals in the medical field, but it doesn’t cover everything. Coverage also comes with its own set of exclusions, like:
Your independent insurance agent can help address any concerns you may have about what your medical malpractice insurance excludes.
The cost of your medical malpractice insurance depends on several factors, such as the type of practice you have, your experience in the field, your location, claims history, and more. Coverage is much more expensive in select states, as shown below.
| Characteristic | Value in million U.S. dollars |
|---|---|
| New York | $1,60.15 |
| California | $757.99 |
| Pennsylvania | $644.2 |
| Florida | $603.38 |
| Illinois | $462.73 |
| New Jersey | $406.14 |
| Texas | $334.99 |
| Massachusetts | $321.5 |
| Georgia | $300.21 |
| Maryland | $287.83 |
| Ohio | $225.16 |
| Arizona | $205.34 |
Recently, medical malpractice insurance premiums in the state of New York totaled $1.6 billion, by far the highest of the US overall. The second-costliest state for medical malpractice insurance was California, with coverage premiums totaling nearly $758 million.
An independent insurance agent can help find exact medical malpractice insurance quotes for coverage in your area, as well as scout out the most affordable policies you qualify for.
It's critical to have coverage for yourself and your practice against common, and devastating, professional errors. Here are just a few examples of common incidents for which medical malpractice insurance is necessary.
An independent insurance agent can help you find the most comprehensive medical malpractice insurance to protect your practice from these common claims and more.
Medical malpractice insurance is not Federally required, but many states do require various professionals to have coverage. Some medical professionals opt to "go bare," or not have coverage, because they believe they will be less of a target to get sued.
Other professionals opt to go without coverage because of the high costs of the premiums. Regardless of whether coverage is required, it's critical for your practice to have this protection.
Medical malpractice insurance comes in several different forms. With the help of an independent insurance agent, you'll review your options, including:
Even if your company or practice already provides medical malpractice insurance, it may not be enough to meet your needs. An independent insurance agent can help you evaluate your specific risk level to determine if you should purchase additional coverage.
The limits shown on your medical malpractice policy are probably written similarly to how they show up on your car insurance. Insurance limits are often displayed as two amounts, such as $1 million/$3 million.
An independent insurance agent can explain more about the coverage limits in your medical malpractice insurance policy, and help you add extra coverage if necessary.
Medical malpractice insurance is not Federally required, but many states do require various professionals to have coverage. Some medical professionals opt to "go bare," or not have coverage, because they believe they will be less of a target to get sued. Other professionals opt to go without coverage because of the high costs of the premiums. Regardless of whether coverage is required, it's critical for your practice to have this protection.
Medical malpractice insurance will protect you financially if you get sued for professional errors, such as wrongful diagnosis or surgical errors that result in harm to your patients/clients. Coverage protects you from costly lawsuit expenses that you'd have to pay out of pocket for otherwise, and can help your coverage keep its doors open in case of a major incident.
The cost of your medical malpractice insurance will depend on several factors, such as your occupation, years of experience, claims history, location, and more. An independent insurance agent can help find quotes for your area.
To determine how much coverage you need, work together with an independent insurance agent. Together, you'll evaluate your risk level and practice's specific needs for coverage.
Basically, anyone who works with the human body and has the potential to cause injury or death to their clients/patients. Coverage is often purchased by physicians and their assistants, nurses, optometrists, physical therapists, chiropractors, and more.
Save on Professional Liability Insurance
Our independent agents shop around to find you the best coverage.
When it comes to helping insurance customers find the absolute best medical malpractice coverage, no one’s better equipped to help than an independent insurance agent. Independent insurance agents search through multiple carriers to find providers who sell medical malpractice insurance, deliver quotes from a number of different sources and help you walk through them all to find the best blend of coverage and cost.
