Wisconsin Malpractice Insurance
Table of Contents
- How to buy medical malpractice insurance in Wisconsin.
- How to save money on your malpractice insurance.
- How much does medical malpractice insurance cost in Wisconsin?
- Medical malpractice requirements in Wisconsin.
- Best medical malpractice insurance companies in Wisconsin.
- Why partner with Cunningham Group in Wisconsin?
- Historic medical malpractice insurance rates in Wisconsin – since 2000.
- Wisconsin Patient Compensation Fund.
- Resources for Physicians.
Wisconsin Malpractice Insurance
Wisconsin medical malpractice premiums are low. The Wisconsin Legislature has passed tort reforms that include a noneconomic damage cap, patient compensation fund and mechanisms to discourage frivolous lawsuits. These reforms help keep Wisconsin premiums affordable for physicians of all specialties. While most insurers consider the state one territory, price does fluctuate dependent on which medical malpractice insurance company you choose for coverage.
Our 2023 Physician Buyers Guide for purchasing malpractice insurance in Wisconsin 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 Wisconsin 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 Wisconsin.
How to buy malpractice insurance in Wisconsin.
The best way to buy malpractice coverage is to work with a reputable malpractice insurance broker in Wisconsin 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 Wisconsin 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 Wisconsin.
- One of our veteran malpractice insurance agents who specializes in the Wisconsin market will contact you to learn more about your specific needs.
- We shop your coverage to every major insurance company in Wisconsin.
- 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 Wisconsin, 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 Wisconsin 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.
- Typically, the malpractice insurance buying process goes as follows:
- Limits of liability play a major role in determining your overall cost. Some companies might recommend lowering your limits to lower your malpractice premium cost. We do not. We do not ever want to see client forced to pay a verdict out of pocket.
- Check out our 7 secrets your medical malpractice insurance agent won’t tell you page to get insider information on buying coverage in Wisconsin.
How much does medical malpractice insurance cost in Wisconsin?
Most of the major insurance companies classify Wisconsin as one territory, so rates don’t vary much based on where you practice within the state. The cost of malpractice insurance does fluctuate significantly between the various medical malpractice insurance companies offering coverage. 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 $3,261
- General Surgeon Average Rate $9,781
- OB/gyn – Average Rate $14,945
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 Wisconsin.
Limits of Liability: The most common limits of liability in Wisconsin 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, Ascension Columbia Saint Mary’s Hospital in Milwaukee, Aurora BayCare Medical Center in Green Bay, and University Hospital in Madison.
There is a Wisconsin Patient Compensation Fund in place for physicians.
Best Medical malpractice insurance companies in Wisconsin.
- Medical Protective
- MAG Mutual Insurance Co.
- MMIC Insurance
Why partner with Cunningham Group?
Partnering with Cunningham Group will give you a full view of the Wisconsin 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 Wisconsin.
Historic Medical Malpractice Insurance Rates in Wisconsin for Physicians.
History of MedMal in Wisconsin and about the Wisconsin Patient Compensation Fund.
Wisconsin began reforming its medical liability system in the 1976, with the creation of the Wisconsin Medical Malpractice Patient Compensation Fund. The PCF charges an annual “membership fee” and requires a physician to carry minimum coverage of $200,000 per claim and $600,000 annual aggregate of all claims. Any verdict in excess of the underlying, primary coverage is paid by the PCF. In effect, the PCF pools and minimizes its members’ risk of a jackpot verdict, keeping their insurance premiums to a minimum. Wisconsin also has a Joint Underwriting Association (JUA). JUAs help keep premiums in check by providing insurance to physicians who are unable to obtain affordable insurance in the marketplace.
In 2019, the Wisconsin Legislature passed House Bill H 3760, which merges the Wisconsin Patient Compensation Fund (PCF) with the Wisconsin Joint Underwriting Association (JUA) into a new organization to be called The Wisconsin Medical Malpractice Association (SCMMA). Effective Jan. 1, 2020, the PCF merged into the Wisconsin Medical Malpractice Association. The SCMMA will assume all obligations and responsibilities of the PCF, while retaining all obligations and responsibilities of the JUA. On Jan. 1, 2020, the PCF Board, with oversight of the Department of Insurance, provided for the orderly and expeditious winding down of the PCF. All outstanding affairs and existing contractual obligations of the PCF became the responsibility of the SCMMA on Jan. 1, 2020. After January 1, 2020, the PCF ceased to exist except as for purposes of winding down its affairs.
In addition to its Patient Compensation Fund, the Palmetto State has implemented many tort reforms. In 2004, then-Governor Mark Sanford made a legislative push to address ongoing liability issues in the state. The result was the Wisconsin Medical Malpractice & Patient Safety Reform Act, which was passed in 2005. This act addressed both general tort reform and specific reforms to the medical liability system. General tort reforms included joint and several liability reform; venue reform; reforms to the Statute of Repose (similar to a statute of limitations, but with more restrictions); and introduction of measures to sanction lawyers and other parties filing frivolous claims. Medical liability-specific reforms included a $350,000 cap on noneconomic damages in medical malpractice cases ($1.05 million for multi-defendant lawsuits); required plaintiffs to file a notice of intent to sue, and for both parties to participate in mandatory mediation (a claim can still be filed if a resolution cannot be reached in mediation); required that any expert testimony that is delivered in “bad faith” be reported to professional licensing agencies; and protected emergency room physicians from liability for medical malpractice unless there is evidence that the doctor acted in a manner that was grossly negligent. The bill offers similar protections to obstetricians when providing emergency care unless the doctor acted in a manner that was grossly negligent.