Indiana Malpractice Insurance
Table of Contents
- How to buy malpractice insurance in Indiana.
- How to save money on your malpractice insurance.
- How much does medical malpractice insurance cost in Indiana?
- Medical malpractice requirements in Indiana.
- Best medical malpractice insurance companies in Indiana.
- Why partner with Cunningham Group in Indiana?
- Historic medical malpractice insurance rates in Indiana – since 2000.
- History of malpractice insurance in Indiana.
- Resources for Physicians.
Indiana Malpractice Insurance
The Indiana malpractice insurance climate is enviable with premiums considered inexpensive when compared to neighboring states. Indiana was one of the first states to make comprehensive reforms to its medical liability system through the Indiana Compensation Act for Patients (INCAP) of 1975. Indiana does have a patient compensation fund, which you can read more about in the History of malpractice insurance in Indiana section down the page.
Our 2023 Physician Buyers Guide for purchasing malpractice insurance in Indiana 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 Indiana 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 Indiana.
How to buy malpractice insurance in Indiana.
The best way to buy malpractice coverage is to work with a reputable malpractice insurance broker in Indiana 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 Indiana 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 Indiana.
- One of our veteran malpractice insurance agents who specializes in the Indiana market will contact you to learn more about your specific needs.
- We shop your coverage to every major insurance company in Indiana.
- 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 Indiana, 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 Indiana 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 coverage in Indiana.
How much does medical malpractice insurance cost in Indiana?
Rates for physician malpractice insurance don’t vary much depending on where you practice within the state. Most major insurance companies classify Indiana 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 $7,503
- General Surgeon Average Rate $24,937
- OB/gyn – Average Rate $38,447
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 Indiana.
Limits of Liability: The most common limits of liability in Indiana are $500,000 per claim with an annual aggregate cap of $1.5 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, Parkview Regional Medical Center, Northwest Health-Porter, Franciscan Indianapolis and Ascension.
Best Medical malpractice insurance companies in Indiana.
- Medical Protective
- The Doctors Company
Why partner with Cunningham Group?
Partnering with Cunningham Group will give you a full view of the Indiana 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 Indiana.
Historic Medical Malpractice Insurance Rates in Indiana for Physicians.
Brief History and other important facts of medical malpractice insurance in Indiana.
Indiana was one of the first states to carry out comprehensive reforms to its medical liability system through the Indiana Compensation Act for Patients (INCAP) of 1975. INCAP capped total damages at $500,000 (since increased to $1.25 million, the cap is set to increase to $1.65 million in 2017 and $1.8 million in 2019) and created one of the first patient compensation funds (PCF). A patient compensation fund is a state-established liability funding mechanism, providing medical malpractice coverage in excess of the primary insurance requirements of the state’s healthcare workers. In the case of Indiana, that primary requirement is $250,000 worth of malpractice insurance. Nearby states like Indiana, Michigan and Ohio have no patient compensation fund, so most physicians carry at least $1 million in malpractice insurance. The patient compensation fund arrangement protects Indiana physicians from paying the exorbitant insurance rates found in neighboring states.
Despite these positive measures, there are still potential problems in the Hoosier State. According to a May 2016 article from the Indianapolis Business Journal, physicians and hospitals are facing increased fees to continue funding the Indiana Patient’s Compensation Fund. In recent years, the fund has had to provide large payouts to malpractice victims, including $66 million in 2013 to more than 300 victims of an ear-nose-throat specialist, who performed unnecessary or negligent surgeries and was profiled on “America’s Most Wanted.” In total in 2013 the fund paid out $176 million, the most since it was created in 1975. Though the fund is still solvent, the balance in it has swung widely in recent years, dipping as low as $5.3 million in 2003 and as high as $189 million in 2009.
Tort Reform in Indiana
In addition to total damage caps and a patient compensation fund, Indiana has added collateral source reform, limits on attorney fees, allows for periodic payments and has an apology law. Recent efforts have focused on increasing the damage cap to keep pace with inflation, with increases approved in spring 2016.
On July 1, 2019, Indiana decreased the surcharge rates for physicians by 10.9 percent, and rates for hospitals will decrease by 12.3 percent, which experts say will result in an approximate $20 million savings for the healthcare community. This is the first decrease in surcharge rates since 2012.