How Much Will Your Medical Malpractice Insurance Cost?
With medical malpractice insurance being one of the most significant expenses that physicians face yearly, one of the first questions physicians ask us is, “How much is this going to cost me?” There are several factors that determine the general cost of malpractice insurance.
1. Your medical specialty.
As you’d probably guess, specialties that involve more risk generally have higher premiums.
2. Your state.
Because the medical malpractice climate can vary wildly from state to state, due to things like the existence of medical malpractice caps or not, medical malpractice insurance rates can vary greatly within a specialty from state to state.
3. Your claims history.
This is another obvious factor that can greatly influence your medical malpractice insurance cost. Physicians who have a history of medical malpractice claim(s) often face higher med mal insurance rates.
4. Your history of licensing issues.
Like #3, above, physicians who have faced disciplinary issues regarding their medical license will often face higher medical malpractice insurance premiums.
5. Your workload.
Physicians who practice part-time pay lower insurance costs than their full-time colleagues. If you are practicing less than full-time, be sure to let your insurance agent know and save yourself some money.
6. Your type of practice set-up.
This is where the details of your practice come into play. The structure and nature of your practice can determine if your rate goes lower or higher. Does your practice use experimental treatments? Are you practicing telemedicine? Are you joining a very large practice? The details matter.
7. 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 participate on risk management seminars, or who have gone claim-free for a number of 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.