Virginia Malpractice Insurance
Table of Contents
- How to buy malpractice insurance in Virginia.
- How to save money on your malpractice insurance.
- How much does medical malpractice insurance cost in Virginia?
- Medical malpractice requirements in Virginia.
- Best medical malpractice insurance companies in Virginia.
- Why partner with Cunningham Group in Virginia?
- Historic medical malpractice insurance rates in Virginia – since 2000.
- History of malpractice insurance in Virginia.
- Resources for Physicians.
Virginia Malpractice Insurance
Virginia’s doctors and healthcare professionals are at risk every day for a malpractice claim. Each individual interaction and healthcare decision made that impacts a patient’s care, puts them at risk for medical malpractice. Virginia physicians should carry medical malpractice insurance to protect their finances and their careers. Medical malpractice lawsuits can be filed in Virginia for a few different conflicts including treatment discrepancies, perceived lack of treatment and other claimed departures from accepted Virginia standards of medical care. As with any lawsuit, there must be proof that harm resulted from a Virginia healthcare professional’s negligence. Learn more about Virginia’s malpractice insurance requirements and how you can find optimal coverage for your unique needs.
How much does medical malpractice insurance cost in Virginia?
Rates in Virginia vary greatly depending on where you practice. For example, a general surgeon in Arlington (a suburb southwest of D.C.) could see an annual malpractice premium of $23,500. That same general surgeon could move their practice to Mechanicsville (a suburb northeast of Richmond) and see their malpractice premium drop to $15,000. 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 $6,934
- General Surgeon Average Rate $20,802
- OB/gyn – Average Rate $28,411
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.
Factors that Affect Malpractice Insurance Premiums:
- Practice Location
- Amount of coverage needed: More coverage means a higher premium
- Type of policy preferred: Every policy is different, and every medical practitioner has different needs
- Medical specialty: Higher-risk specialties that require unique expertise will naturally have higher premiums
- Working hours: Longer working hours ( more strained individual) will have higher premiums
- Previous malpractice claims history: If you have a history of claims, insurance companies will see you as a higher risk and require a higher premium to cover you
How Does the Process Work?
- You will submit your information through a secure medical malpractice insurance quote form.
- You can always call us and speak to an agent immediately.
- A veteran medical malpractice insurance broker in Virginia will be assigned to you.
- We shop your Physician Malpractice Insurance to every major malpractice insurance in Virginia.
- Your insurance agent will take the time and go over all of your options with you, explaining everything to make certain you make the right decision.
- We get you your insurance policy at the best price with a major insurance company.
- At renewal time: We start the shopping process all over again, getting you quotes from all the major malpractice insurance companies to again make certain you’re properly priced.
Request your free medical malpractice insurance quote and learn why more people choose us over anyone else in the nation.
Virginia Medical Malpractice Requirements
In Virginia, state law does not require healthcare professionals and physicians to carry medical malpractice insurance. They also do not have any minimum requirements for medical malpractice insurance. However, most hospitals require a physician to carry malpractice insurance prior to granting admitting privileges. Some of the hospital systems requiring this include, but are not limited to:
- Carilion Roanoke Memorial in Roanoke
- Centra Lynchburg General Hospital in Lynchburg
- Henrico Doctors’ Hospital in Richmond
- Inova Fairfax Hospital in Falls Church
Virginia Limits of Liability
The most common limits of liability in Virginia are $2.45 million per claim with an annual aggregate cap of $7.35 million. Virginia’s medical malpractice cap is adjusted annually and increases each year.
Purchasing Medical Malpractice Insurance in Virginia
The best way to buy medical malpractice coverage is to work with a reputable licensed Virginia malpractice insurance broker who can generate multiple quotes specifically for your unique needs. Your broker will also walk you through the lengthy insurance application and underwriting process. This allows you to pick the best coverage at the best price. View medical malpractice insurance quotes from every major Virginia malpractice insurance company.
Top Virginia Medical Malpractice Companies
- The Doctors Company
- ProAssurance Indemnity Co.
- Medical Protective
- Professionals Advocate Ins. Co.
- MAG Mutual
Our Physician Buyers Guide for purchasing malpractice insurance in Virginia 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 Virginia 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 Virginia.
Historic Medical Malpractice Insurance Rates in Virginia for Physicians.
Save Money by Working with a Virginia Malpractice Insurance Agent
You can save money on your medical malpractice insurance by working with a Virginia insurance agent or broker. Brokers shop for the best available policies to determine which ones are best suited for your unique needs at the lowest cost. In the medical malpractice insurance industry, agent commissions are already built into your premium. You pay the same amount for coverage whether you use an agent or purchase directly from the insurance company. Let us be your advocate. Request your free Virginia medical malpractice insurance quote now.
Why Virginia Doctors Choose Cunningham Group
Virginia physicians choose Cunningham Group because we are one of the few medical malpractice insurance agencies that take the time to understand your specific employment situation and your approach to patient care. With access to every major medical malpractice insurance company in Virginia, our team is uniquely qualified to get you the best coverage at the most affordable price. Most Virginia agents only have access to one or two medical malpractice insurance companies. Our almost-universal access lets us shop your coverage among nearly every available company, which means Virginia malpractice insurers compete for your business.
Medical Malpractice Tort Reforms in Virginia
Virginia generally has a positive medical liability climate for physicians and has had a few different medical malpractice reforms that benefit healthcare professionals over the years. Some of these reforms include:
- Medical Malpractice Damage Caps: Virginia was one of the first states to implement damage caps, which were enacted through the Medical Malpractice Act of 1976. Passed in response to the medical malpractice crisis of the 1970s, this law capped aggregate damages in the Old Dominion State at $750,000. Virginia is one of only a few states with an aggregate cap on damages. An aggregate cap is different from a noneconomic damage cap in that it applies to all damages (pain and suffering, medical bills, loss of income, and punitive damages). The cap also applies to all defendants collectively, not per defendant. Virginia’s cap was set at $2,050,000 in 2012 and will increase each year by $50,000 through 2031.
- Medical Malpractice Review Panels: In addition to damage caps, the Medical Malpractice Act also instituted a system of medical malpractice review panels that are responsible for assessing the validity of medical malpractice claims. At the request of either party, the case can be directed to a panel that consists of two doctors, two lawyers, and a judge who will review the claim and determine if it has merit. The panel is charged with determining whether the evidence supports the conclusion that the physician failed to comply with the standard of care and whether that failure caused the injury. The findings of the panel are non-binding, but any opinion of the medical review panel is admissible as evidence in a subsequent action.
- Birth-Related Neurological Injury Fund: Finally, in 1986, Virginia established its Birth-Related Neurological Injury Fund, which compensates infants who suffer permanent, disabling damage to the brain or spine caused by oxygen deprivation or injury during labor, delivery or resuscitation. The birth injury program was intended to remove delivery-room lawsuits from the court system and provide an alternative way of compensating the plaintiff because these cases have a higher rate of success and tend to result in large monetary awards. The program restructured the way injured infants are compensated for their injuries by eliminating the lump sum awards common in malpractice awards; instead, providing payment on a reimbursement basis.