North Carolina Malpractice Insurance
Table of Contents
- How to buy medical malpractice insurance in North Carolina.
- How to save money on your malpractice insurance.
- How much does medical malpractice insurance cost in North Carolina?
- Medical malpractice requirements in North Carolina.
- Best medical malpractice insurance companies in North Carolina.
- Why partner with Cunningham Group in North Carolina?
- Historic medical malpractice insurance rates in North Carolina – since 2000.
- History of malpractice insurance in North Carolina.
- Resources for Physicians.
North Carolina Malpractice Insurance
North Carolina has a stable malpractice insurance marketplace, with moderate premiums and many carriers. Like many other states, North Carolina has seen the number of medical malpractice claims fall sharply in recent years.
Our Physician Buyers Guide for purchasing malpractice insurance in North Carolina 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 North Carolina 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 North Carolina.
How to buy malpractice insurance in North Carolina.
The best way to buy malpractice coverage is to work with a reputable malpractice insurance broker in North Carolina 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 North Carolina 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 North Carolina.
- One of our veteran malpractice insurance agents who specializes in the North Carolina market will contact you to learn more about your specific needs.
- We shop your coverage to every major insurance company in North Carolina.
- 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 North Carolina, 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 North Carolina 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 North Carolina.
How much does medical malpractice insurance cost in North Carolina?
Rates for physician malpractice insurance don’t vary much depending on where you practice within the state. Most major insurance companies classify North Carolina 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 $8,303
- General Surgeon Average Rate $26,897
- OB/gyn – Average Rate $40,788
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 North Carolina.
Limits of Liability: The most common limits of liability in North Carolina 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, Atrium Health Cabarrus in Concord, Cape Fear Valley Medical Center in Fayetteville and Duke Raleigh Hospital.
Best Medical malpractice insurance companies in North Carolina.
- Medical Protective
- The Doctors Company
Why partner with Cunningham Group?
Partnering with Cunningham Group will give you a full view of the North Carolina 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 North Carolina
Historic Medical Malpractice Insurance Rates in North Carolina for Physicians.
Brief History and other important facts of medical malpractice insurance in North Carolina.
According to data from the National Practitioner Database (NPDB), there were 309 malpractice claims in 2004 in the Tar Heel State. In 2014, claims numbered only 147. According to the 2019 Lawsuit Climate Survey, Ranking the States: A Survey of the Fairness and Reasonableness of State Liability Systems, from the Institute for Legal Research, an affiliate of the U.S. Chamber of Commerce, North Carolina ranked highly for the fairness and reasonableness of its state liability system, coming in at number fourteen overall.
Tort Reform in North Carolina
North Carolina has instituted several reforms to its medical liability system over the years. It was among the first states to adopt alternative dispute resolution, which can offer a simpler means of settling disputes. These alternatives include mediation, arbitration, a summary jury trial and early neutral evaluation. North Carolina first began testing these methods in 1991, establishing a series of pilot programs that required mediation of civil actions. This system was effective in reducing both the length of conflict and the overall costs.
In 2001, a law capping noneconomic damages at $500,000 for medical malpractice cases was passed. The law made exceptions if the plaintiff suffered disfigurement, loss of use of part of the body, permanent injury or death, as well as if the defendant was found to have been reckless, grossly negligent, fraudulent, or committed the acts with intent or malice. The North Carolina damage cap is indexed to inflation.
In 2007, the North Carolina General Assembly passed the Voluntary Arbitration of Health Claims Act, which capped total damages at $1 million in medical professional liability claims where both parties agreed to use binding arbitration. The act created a well-defined system of alternative dispute resolution for medical liability cases, allowing medical malpractice insurance providers to offer more stability in premiums.