Montana Malpractice Insurance
Table of Contents
- How to buy medical malpractice insurance in Montana.
- How to save money on your malpractice insurance.
- How much does medical malpractice insurance cost in Montana?
- Medical malpractice requirements in Montana.
- Best medical malpractice insurance companies in Montana.
- Why partner with Cunningham Group in Montana?
- Historic medical malpractice insurance rates in Montana – since 2000.
- History of malpractice insurance in Montana.
- Resources for Physicians.
Montana Malpractice Insurance
Montana has expensive malpractice rates when compared to its neighboring states. There are many malpractice insurance options available for physicians in Montana.
Our 2023 Physician Buyers Guide for purchasing malpractice insurance in Montana 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 Montana 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 Montana.
How to buy malpractice insurance in Montana.
The best way to buy malpractice coverage is to work with a reputable malpractice insurance broker in Montana 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 Montana malpractice insurance company.
Typically, the malpractice insurance purchasing process goes like this:
- Submit your information Click to get medical malpractice insurance quotes from every major Montana malpractice insurance company.
- One of our veteran malpractice insurance agents who specializes in the Montana market will contact you to learn more about your specific needs.
- We shop your coverage to every major insurance company in Montana.
- 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 Montana, 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 Montana 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 Montana.
How much does medical malpractice insurance cost in Montana?
Rates for physician malpractice insurance don’t vary much depending on where you practice within the state. Most major insurance companies classify Montana 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 $10,921
- General Surgeon Average Rate $45,581
- OB/gyn – Average Rate $67,118
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 Montana.
Limits of Liability: The most common limits of liability in Montana 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, Benefis in Great Falls, Bozeman Health Deaconess Hospital, and Providence Saint Patrick in Missoula.
Best Medical malpractice insurance companies in Montana.
- The Doctors Company
- UMIA Insurance
- Yellowstone Insurance Exchange
- Endurance American Specialty Insurance
Why partner with Cunningham Group?
Partnering with Cunningham Group will give you a full view of the Montana 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 Montana.
Historic Medical Malpractice Insurance Rates in Montana for Physicians.
Brief History and other important facts of medical malpractice insurance in Montana.
Montana has relatively high malpractice rates when compared to many of the states in the Northwest. The state is not dominated by any one carrier, with many companies competing for physicians’ business. Montana has also implemented many reforms to its medical liability system. In recent years, rates have been holding steady or decreasing.
Tort Reform in Montana
Montana made many reforms to its medical liability system in the mid-1990s. Among the most important reforms was the establishment of a $250,000 cap on noneconomic damages in 1995. Other reforms included changes to joint and several liability rules in 1997; allowing for periodic payments; and collateral source reform.