In general, medical professionals that specialize in high-risk fields like obstetrics and neurosurgery pay the most for malpractice insurance. The average yearly premium for medical malpractice insurance was $6,729 in 2020, per the Medical Liability Monitor’s report. However, several states pay their medical professionals substantially more than this average.
With an average yearly premium of $50,000, New York has the highest medical malpractice premiums nationwide, according to the same analysis by the Medical Liability Monitor. The states of Florida, California, Pennsylvania, and New Jersey also have high premiums.
While having medical malpractice insurance is a legal requirement in every state, it is not always necessary for doctors to have a certain level of protection. Alaska, California, Indiana, Kansas, Maine, Maryland, Massachusetts, Minnesota, Montana, Nevada, New Hampshire, Oregon, Utah, Vermont, Virginia, and Wisconsin are some of the states that fall under this category.
An insurance policy known as tail coverage covers claims that come up after a doctor retires or leaves a practice. To safeguard themselves from future claims, doctors who retire or leave a practice may think about acquiring tail coverage. The price of tail coverage varies according on the type of insurance chosen and the length of the coverage period. Do physicians require professional liability insurance?
Professional indemnity insurance, commonly referred to as errors and omissions insurance, protects professionals in the event that they are accused of malpractice or carelessness. Despite the fact that professional indemnity insurance includes medical malpractice insurance, doctors may also require additional protection based on the nature of their practice. For instance, medical professionals who offer telemedicine services could require additional protection against cyber liability and data breaches. It’s crucial for doctors to speak with an insurance expert to figure out what kind of coverage is best for their practice.
Finally, the state and speciality of the doctor can have a significant impact on the cost of medical malpractice insurance. While all states demand that doctors have malpractice insurance, some do not specify the level of protection that must be provided. If a doctor retires or leaves a practice, they should think about getting tail coverage to shield themselves from further legal action. Finally, depending on the nature of their practice, doctors may require additional coverage; to ascertain what kind of coverage is required, they should speak with an insurance professional.