Massachusetts Malpractice Insurance
Table of Contents
- How to buy medical malpractice insurance in Massachusetts.
- How to save money on your malpractice insurance.
- How much does medical malpractice insurance cost in Massachusetts?
- Medical malpractice requirements in Massachusetts.
- Best medical malpractice insurance companies in Massachusetts.
- Why partner with Cunningham Group in Massachusetts?
- Historic medical malpractice insurance rates in Massachusetts – since 2000.
- History of malpractice insurance in Massachusetts.
- Resources for Physicians.
Massachusetts Malpractice Insurance
Medical malpractice insurance in Massachusetts is expensive, especially so for specialists like surgeons and obstetricians. But there is a wide variety of medical malpractice insurance companies to choose from in Massachusetts. Shopping your coverage amongst all the available admitted and surplus carriers, as well as risk purchasing groups, can help you save.
Our 2023 Physician Buyers Guide for purchasing malpractice insurance in Massachusetts 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 Massachusetts 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 Massachusetts.
How to buy malpractice insurance in Massachusetts.
The best way to buy malpractice coverage is to work with a reputable malpractice insurance broker in Massachusetts 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 Massachusetts 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 Massachusetts.
- One of our veteran malpractice insurance agents who specializes in the Massachusetts market will contact you to learn more about your specific needs.
- We shop your coverage to every major insurance company in Massachusetts.
- 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 Massachusetts, 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 Massachusetts 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 Massachusetts.
How much does medical malpractice insurance cost in Massachusetts.
Rates for physician malpractice insurance don’t vary much depending on where you practice within the state. Most major insurance companies classify Massachusetts 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 $13,244
- General Surgeon Average Rate $40,258
- OB/gyn – Average Rate $86,739
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 Massachusetts.
Limits of Liability: The most common limits of liability in Massachusetts 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: Massachusetts General in Boston, Brigham and Women’s in Boston and UMass Memorial Medical Center in Worcester.
Best Medical malpractice insurance companies in Massachusetts.
- Medical Protective
- Controlled Risk Insurance Company of Massachusetts
- Medical Professional Mutual Insurance Company
- Ironshore Specialty Insurance Co.
Why partner with Cunningham Group?
Partnering with Cunningham Group will give you a full view of the Massachusetts marketplace.. 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 Massachusetts.
Historic Medical Malpractice Insurance Rates in Massachusetts for Physicians.
Brief History and other important facts of medical malpractice insurance in Massachusetts.
Professional liability insurance in Massachusetts is very expensive, particularly for specialists like surgeons and obstetricians. However, there is a wide variety of insurers to choose from in Massachusetts, including surplus carriers and risk purchasing groups, which has helped to keep rates lower than they might be otherwise. Massachusetts requires all insurers in the state to make their products available to all specialties and practice types, which further increases options for physicians.
Tort Reform in Massachusetts
Though noneconomic damages are capped at $500,000 in the Commonwealth, this measure has had limited success in keeping rates down due to a provision in the law that allows for damages to be higher if there is “a substantial or permanent loss or impairment of a bodily function or substantial disfigurement, or other special circumstances in the case which warrant a finding that imposition of such a limitation would deprive the plaintiff of just compensation for the injuries sustained.” Plaintiff lawyers have found this standard easy to meet.
In 2012, Massachusetts passed a comprehensive law based on the Disclosure, Apology & Offer (DA&O) model to help resolve medical liability cases and control costs. Under this model, healthcare professionals, hospitals and their professional liability insurers are encouraged to disclose to patients and their families when an adverse outcomes occurs; investigate and explain to the injured party what happened; establish risk management systems intended to prevent the incident from recurring; and, when appropriate, apologize as well as offer fair financial compensation prior to the patient having to resort to legal action. The law does not preclude an injured patient from consulting a medical malpractice attorney, and should the offered compensation be refused, the statement of apology would not be admissible in any court proceedings.