Colorado Malpractice Insurance
Table of Contents
- How to buy malpractice insurance in Colorado.
- How to save money on your malpractice insurance.
- How much does medical malpractice insurance cost in Colorado?
- Medical malpractice requirements in Colorado.
- Best medical malpractice insurance companies in Colorado.
- Why partner with Cunningham Group in Colorado?
- Historic medical malpractice insurance rates in Colorado – since 2000.
- History of malpractice insurance in Colorado.
- Resources for Physicians.
Colorado Malpractice Insurance
Colorado has enjoyed a stable and moderate medical malpractice climate during the past few decades. Rates are moderate, with premiums for specialists like obstetricians coming in at about $50,000 per year. Prior to medical liability reforms in the 1980s, this was not the case. The Centennial State passed comprehensive tort reform that included damage caps, helping reduce Colorado rates. The state also has a variety of insurers competing for physicians’ business, but the rate spectrum can vary greatly.
Our 2023 Physician Buyers Guide for purchasing malpractice insurance in Colorado gives you the information necessary to obtain the strongest, most financially secure policy at the best price. When shopping for coverage, you need a full view of the Colorado marketplace to find the company that best fits your situation. Choose a broker that can offer multiple quotes from all the major malpractice insurance companies in Colorado.
How to buy malpractice insurance in Colorado.
The best way to buy malpractice coverage is to work with a reputable malpractice insurance broker in Colorado who can generate multiple quotes. Your broker will walk you through the lengthy insurance application and underwriting process. Click to get medical malpractice insurance quotes from every major Colorado malpractice insurance company.
Typically, the malpractice insurance purchasing process goes like this:
- Submit your information for your free medical malpractice insurance quote from every major insurance company in Colorado.
- One of our veteran malpractice insurance agents who specializes in the Colorado market will contact you to learn more about your specific needs.
- We shop your coverage to every major insurance company in Colorado.
- We present you with a number of insurance quotes and give you the information necessary to make an educated and informed decision. Don’t worry. We’re here every step of the way, helping you get the best price with the best company.
At renewal time, we restart the process of shopping your coverage among every major carrier to keep your policy properly priced.
How to save money on your malpractice insurance.
- The easiest way to save money on your medical malpractice insurance policy is by working with a broker who has the access to generate quotes from every major insurance company, offering an accurate view of the marketplace. As one of the top brokers in Colorado, we can guide you through the application and underwriting process so you’re confident you secured the best price with the right insurer for your situation.
- The most common limits in Colorado are $1 million/$3 million. Limits of liability play a major role in determining the overall cost of your policy. Some companies will offer lower limits to save you money. We don’t recommend this. We want your risks fully indemnified so you never have to pay an award out of pocket. Let us save you money by shopping your coverage rather than skimp on protection..
- Check out our 7 secrets your medical malpractice insurance agent won’t tell you page to get insider information on buying physician malpractice coverage in Colorado.
How much does medical malpractice insurance cost in Colorado?
Rates for physician malpractice insurance don’t vary much depending on where you practice within the state. Most major insurance companies classify Colorado as a single territory, which means your specialty’s base rate does not vary depending on your practice address. But you still want multiple quotes to get an accurate view of the marketplace. This is one of the many reasons it’s important to work with an insurance agency that specializes in medical malpractice insurance. Below are mature, base rates with no credits or discounts. We typically get our clients a 30-50% reduction from these rates:
- Internal Medicine Average Rate $8,748
- General Surgeon Average Rate $25,110
- OB/gyn – Average Rate $38,249
The cost of your malpractice coverage can vary greatly due to a number of factors, including your claims history, the type of patient interactions you have, the insurance company you are placed with and more. Cunningham Group created this premium estimation tool by drawing from its database of thousands of physician clients. Below are five malpractice estimation premium buckets to gauge how expensive your coverage should be. The buckets are numbered 1 to 5 — with #1 being the least expensive and #5 the most costly.
Medical malpractice requirements in Colorado.
Limits of Liability: The most common limits of liability in Colorado are $1 million per claim with an annual aggregate cap of $3 million.
Most hospitals require a physician carry malpractice insurance prior to granting admitting privileges. Some of the hospital systems requiring this include, but are not limited to, Presbyterian-St. Luke’s Medical Center, Denver Health Hospital, Littleton Adventist Hospital and Saint Joseph Hospital in Denver.
Best Medical malpractice insurance companies in Colorado.
- Medical Protective
- The Doctors Company
Why partner with Cunningham Group?
Partnering with Cunningham Group will give you a full view of the Colorado marketplace. We can get you quotes from all the major insurance companies and help you choose the policy that best fits your needs and budget. Our veteran insurance agents average 10+ years of industry experience. Let us help you secure medical malpractice insurance quotes from every major insurance company in Colorado.
Historic Medical Malpractice Insurance Rates in Colorado for Physicians.
Brief History and other important facts of medical malpractice insurance in Colorado.
Colorado has enjoyed a stable and moderate medical malpractice climate for the past few decades. Rates are moderate, with premiums for specialists like obstetricians coming in at about $50,000 per year. Prior to medical liability reforms in the 1980s, this was not the case. However, the Centennial State was able to pass comprehensive tort reform, including damage caps, which has helped keep Colorado rates down. The state also has a variety of carriers competing for physicians’ business.
Tort Reform in Colorado
Colorado passed major tort reforms in 1988 with the Health Care Availability Act (HCAA). This act created a $1 million overall cap on malpractice awards, with a $250,000 cap on noneconomic damages (raised to $300,000 in 2003). The HCAA also established periodic payments for future damages and created procedures and rules of evidence in medical malpractice cases. The HCAA withstood a constitutional challenge in 1993, when the Colorado Supreme Court found that “the concerns that prompted the General Assembly to pass the HCAA, as expressed in the declaration of intent as well as the legislative history of the act, reasonably support the passage of the act.” This judicial stamp-of-approval on the state’s damage-cap legislation created an actuarial predictability that allows medical malpractice insurers to offer the moderate premium rates that Colorado physicians enjoy.
Additional Colorado reforms include the requirement for plaintiffs to file a “certificate of review” within 60 days of service of the lawsuit on the defendant, a measure intended to reduce frivolous lawsuits. In 2003, Colorado passed a physician apology statute, which allows physicians to take responsibility for a poor outcome and provide an apology but prevents anything said in the apology from being admitted in court. In the same year, Colorado passed a law limiting vicarious liability, meaning that a physician practice or hospital, while liable for its own negligence, cannot be held liable for the negligent acts of its employed physicians.