West Virginia Malpractice Insurance
Table of Contents
- How to buy medical malpractice insurance in West Virginia.
- How to save money on your malpractice insurance.
- How much does medical malpractice insurance cost in West Virginia?
- Medical malpractice requirements in West Virginia.
- Best medical malpractice insurance companies in West Virginia.
- Why partner with Cunningham Group in West Virginia?
- Historic medical malpractice insurance rates in West Virginia – since 2000.
- History of malpractice insurance in West Virginia.
- Resources for Physicians.
West Virginia Malpractice Insurance
West Virginia has an expensive medical malpractice marketplace. Though premiums don’t approach the highest rates in states like New York and Illinois, West Virginia physicians still pay more than physicians in many of its surrounding states.
Our 2021 Physician Buyers Guide for purchasing malpractice insurance in West 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 West 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 West Virginia.
How to buy malpractice insurance in West Virginia.
The best way to buy malpractice coverage is to work with a reputable malpractice insurance broker in West Virginia 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 West Virginia 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 West Virginia.
- One of our veteran malpractice insurance agents who specializes in the West Virginia market will contact you to learn more about your specific needs.
- We shop your coverage to every major insurance company in West Virginia.
- 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 West Virginia, 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 West Virginia 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 West Virginia.
How much does medical malpractice insurance cost in West Virginia?
Rates for physician malpractice insurance don’t vary much depending on where you practice within the state. Most major insurance companies classify West Virginia 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 $16,844
- General Surgeon Average Rate $49,777
- OB/gyn – Average Rate $69,113
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 West Virginia.
Limits of Liability: The most common limits of liability in West Virginia 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, Charleston Area Medical Center General Hospital, J.W. Ruby Memorial Hospital in Morgantown, and United Hospital Center in Bridgeport.
Best Medical malpractice insurance companies in West Virginia.
- Medical Protective
- The Doctors Company
- West Virginia Mutual Ins. Co.
- Endurance American Specialty Ins. Co.
Why partner with Cunningham Group?
Partnering with Cunningham Group will give you a full view of the West Virginia 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 West Virginia.
Historic Medical Malpractice Insurance Rates in West Virginia for Physicians.
Brief History and other important facts of medical malpractice insurance in West Virginia.
West Virginia has made several reforms to its medical liability system, but the problem of high premiums has persisted in the state. Perhaps this is due, in part, to the Mountain State’s abysmal tort law system. According to the Institute for Legal Reform’s 2019 report Ranking the States: A Survey of the Fairness and Reasonableness of State Liability Systems, West Virginia ranked 46th overall, as well as on overall treatment of tort and contract legislation, discovery and scientific and technical evidence.
West Virginia has implemented many reforms to its medical liability system, beginning with the Medical Professional Liability Act of 1986, which had the objective of providing “adequate and reasonable compensation to those persons who suffer from injury or death as a result of medical negligence,” while balancing “the cost of liability insurance coverage… and retaining qualified physicians and other healthcare providers.” The legislation capped noneconomic damages at $1 million, limited joint and several liability, established minimum expert requirements and provided procedural safeguards.
In 2001, legislation was passed requiring a Certificate of Merit to be filed before a medical malpractice case could proceed. And, in 2003, several more reform measures were passed, including a provision to allow healthcare workers to write-off 21 percent of their adjusted medical malpractice insurance premium on their taxes. The 2003 legislation also created the West Virginia Physicians Mutual Insurance Company (WVPMIC), the only non-profit mutual medical liability insurance company in West Virginia. It was started with a $24 million loan from West Virginia taxpayers and currently insures about 70 percent of the state’s healthcare workforce. The West Virginia General Assembly also made changes to the state’s noneconomic damage cap, reducing the amount recoverable to $250,000 for most cases and $500,000 if the injury involved death, permanent and substantial physical deformity, loss of use of a limb or bodily organ system or permanent physical or mental injury preventing an individual from independently caring for himself or performing life sustaining activities. The damage cap was challenged in 2011, but was upheld by the West Virginia Supreme Court.