MEDICAL MALPRACTICE 101

Medical malpractice insurance is a type of professional liability insurance that covers medical providers for the services they render in the event of a medical malpractice claim. 

Requirements and/or limits for medical malpractice insurance coverage vary by state. However, almost every state, employer and 3rd party payor/insurance company requires coverage. 

Some Employers Provide Coverage, Some Do Not

It is imperative when taking a new position to find out if you will be required to purchase your own medical malpractice insurance coverage or if it will be provided to you by your employer. 

Most physicians purchase the minimum level of coverage required by their state and/or institution. However, it is important to understand all of the limits associated with your policy and make sure that you feel comfortable with that level of coverage and understand if/when you may required to pay any additional costs, fees and/or damages above those limits, should you incur a claim. 

If you would like to discuss the limits in your state and/or if you should consider additional coverage, please contact us. 

Many factors influence the cost of medical malpractice insurance, including:

• Location
  
• Specialty
  
• Procedures
  
• Years in practice
  
• Claims history
  
• Regulatory or disciplinary actions
  
• Applicable discounts

The cost of medical malpractice insurance coverage can vary widely from company to company and state to state and should only be one factor in selecting coverage. Other factors that should always be considered are company size, policy-features and financial strength.  

• New-to-practice
  
• Claims-free
  
• Risk management/CMEs
  
• Part-time and quarter-time hours