Rhode Island Malpractice Insurance
Table of Contents
- How to buy medical malpractice insurance in Rhode Island.
- How to save money on your malpractice insurance.
- How much does medical malpractice insurance cost in Rhode Island?
- Medical malpractice requirements in Rhode Island.
- Best medical malpractice insurance companies in Rhode Island.
- Why partner with Cunningham Group in Rhode Island?
- Historic medical malpractice insurance rates in Rhode Island – since 2000.
- History of malpractice insurance in Rhode Island.
- Resources for Physicians.
Rhode Island Malpractice Insurance
Similar to its neighboring states, Rhode Island has expensive medical malpractice rates and has one of the highest amounts paid per capita for malpractice claims against physicians.
Our 2022 Physician Buyers Guide for purchasing malpractice insurance in Rhode Island 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 Rhode Island 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 Rhode Island.
How to buy malpractice insurance in Rhode Island.
The best way to buy malpractice coverage is to work with a reputable malpractice insurance broker in Rhode Island 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 Rhode Island 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 Rhode Island.
- One of our veteran malpractice insurance agents who specializes in the Rhode Island market will contact you to learn more about your specific needs.
- We shop your coverage to every major insurance company in Rhode Island.
- 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 Rhode Island, 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 Rhode Island 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 Rhode Island.
How much does medical malpractice insurance cost in Rhode Island?
Rates for physician malpractice insurance don’t vary much depending on where you practice within the state. Most major insurance companies classify Rhode Island 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 $13,264
- General Surgeon Average Rate $47,685
- OB/gyn – Average Rate $103,330
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 Rhode Island.
Limits of Liability: The most common limits of liability in Rhode Island 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, Kent Hospital in Warwick, Rhode Island Hospital in Providence and The Westerly Hospital.
Best Medical malpractice insurance companies in Rhode Island.
- The Doctors Company
- ProSelect Insurance Co.
- American Casualty Co.
Why partner with Cunningham Group?
Partnering with Cunningham Group will give you a full view of the Rhode Island 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 Rhode Island.
Historic Medical Malpractice Insurance Rates in Rhode Island for Physicians.
Brief History and other important facts of medical malpractice insurance in Rhode Island.
Rhode Island has historically had higher than average medical malpractice rates. The state had one of the highest amounts paid per capita for malpractice claims against physicians in 2014, at $23.60 per person. Only New York had a higher amount per capita for medical claims. In such a climate, premiums for high-risk specialties like obstetrics, neurosurgery and orthopedic surgery on the spine are quite high, and even general practitioners will pay a lot for coverage. In a 2010 report, Pacific Research Institute ranked Rhode Island as the state with the “worst tort laws in the United States.” In another report by the free-market think tank, Pacific Research Institute ranked Rhode Island as one of the states with the worst medical tort laws on the books.
Tort Reform in Rhode Island
Rhode Island made a major tort reform push in 2006, when then-Gov. Donald Carcieri urged lawmakers to support his Health Care Tort Reform Act, which he promised would bring balance to the state’s tort system. At the time, the American Medical Association had named Rhode Island as one of 21 states suffering a medical liability crisis. In the years leading up to Gov. Carcieri’s push to pass the Health Care Reform Act, Rhode Island medical malpractice insurance premiums had been increasing 40- to 100-percent annually, forcing many physicians to retire early or move to another state for malpractice insurance relief. The bill would have reduced the statute of limitations on medical liability claims from three years to two; required a timely disclosure of expert testimony; capped noneconomic damages at $250,000; limited the amount of attorneys’ fees that can be collected; established a pre-trial screening mechanism at the outset of the claim to determine if the case has merit; and changed the rules on prejudgment interest to discourage plaintiffs from waiting for years before filing a claim. Unfortunately for the Rhode Island healthcare community, the reform bill did not pass.