Policy Limits in Medical Malpractice Insurance: A Doctor’s Guide

Peace of mind is important when you’re caring for patients. Medical malpractice insurance protects you from lawsuits alleging negligence or mistakes, but understanding the details of your policy is crucial. Let’s delve into policy limits, and the maximum amount your insurance company will pay for a lawsuit against you.

Breakdown of Policy Limits:

Think of policy limits as your financial safety net. They cover two key areas:

  • Damages awarded to the plaintiff: This could include compensation for medical expenses, lost wages, pain and suffering, and other losses the plaintiff incurs.
  • Legal defense costs: Your insurance company will cover the lawyer’s fees and other expenses associated with defending you in court.

Types of Medical Malpractice Policy Limits:

There are two main types of policy limits to consider:

  • Per Claim Limit: This is the maximum amount your insurance company will pay for a single malpractice claim, regardless of how many claims you have in a year.
  • Aggregate Limit: This is the total amount your insurance company will pay for all claims filed against you during a policy period (usually one year).

Example:

Imagine your policy has a limit of $1,000,000/$3,000,000.

  • This means the insurance company will pay up to $1,000,000 for each individual claim against you.
  • It will also pay a maximum of $3,000,000 for all claims filed against you during the year, regardless of how many claims there are.

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Choosing the Right Limits: It’s All About You

There’s no one-size-fits-all answer when it comes to policy limits. Here are some key factors to consider when choosing the right coverage for your needs:

  • Your Specialty: Higher-risk specialties like neurosurgery or obstetrics typically require higher policy limits due to the potential for larger damage awards in lawsuits.
  • Practice Setting: If you work in a high-risk setting like a hospital emergency room, you might need higher limits than a doctor in a private practice.
  • State Malpractice Damage Caps: Some states have caps on non-economic damages awarded in malpractice cases. This can affect the amount of coverage you need.

Unsure where to begin? Ask your broker!

Benefits of Working with a Broker

Choosing the right policy limits can feel overwhelming.  This is where a medical malpractice insurance broker can be your hero.

Here at Cunningham Group, we’re not just brokers; we’re your partners in risk management. We have access to every major insurance company,  so we can get you quotes from all of them, allowing you to compare rates and coverage options. Every company is different, and an experienced broker can help you find the  right fit for your unique needs and budget.

Beyond Policy Limits: Additional Coverage Options

A good broker can also explain additional coverage options like excess (umbrella) insurance, which provides extra protection above your base policy limits. This can be crucial for peace of mind.

Ready to Find the Right Coverage?

Policy limits are a critical aspect of your medical malpractice insurance. Don’t settle for anything less than the best protection for your practice. At Cunningham Group, we’re dedicated to helping you find the best available malpractice insurance quotes and ensure you have the right level of coverage throughout your career.
Find the best available malpractice insurance quotes and see how Cunningham Group can work with you to ensure you have the right level of coverage to protect yourself throughout your career.

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