Arkansas Medical Malpractice Insurance

Arkansas Medical Malpractice Insurance Coverage

Coverage Requirements

Medical malpractice insurance coverage in the State of Arkansas is not legally required of physicians.  However, many hospitals, practices and/or health insurance companies require that their providers have coverage as a condition of working with them.  In addition, many health care providers also choose to get medical malpractice insurance coverage because they don’t want to personally run the risk of facing a claim and/or a possible payout from their own assets, out-of-pocket.  And, many providers also don't want to have to navigate the claim process alone, from obtaining legal counsel, to working a case through the legal system, to figuring out if they should settle or proceed with a case in court.     

The typical limits of coverage in Arkansas are $1M/$3M.  This means that most healthcare providers purchase medical malpractice insurance with coverage up to $1M per claim, and $3M aggregate.  “Aggregate” means that the policy will pay out up to a total of $3M in one policy year. 

What is the Med Mal Climate Like in Arkansas?

There is a wide variety of liability insurance carriers in Arkansas, which is good for providers.  But, unfortunately for physicians, there is no damage cap for non-economic medical malpractice damages in Arkansas. 

What Kind of Coverage is Available in Arkansas?

In Arkansas, both Claims-Made and Occurrence-type coverage policies are available.

Who Can We Get You Malpractice Insurance Coverage with in the State of Arkansas?

As an agency, Nexus has access to all of the major carriers in Arkansas, including surplus lines/non-admitted carriers.   

Cost of Malpractice Insurance

In Arkansas, the cost of medical malpractice insurance is relatively low, when compared to other states.  And, rates do not vary widely across the state by location.  Costs in Arkansas typically vary by specialty, claims history, and procedures being performed.   

As an example, rates in Arkansas for a first year, claims-made medical malpractice insurance policy, for an Internal Medicine physician who is claim free, can range from $3,000-$4,000/year. 

How to Lower the Cost of Your Medical Malpractice Insurance Coverage

When reaching out to us for coverage, know that we can offer you discounts.  Often, we are able to provide discounts for being New-to-Practice, Claim Free, and/or having recently completed qualifying risk management CMEs, among others.       

How Can We Help You and Why Should You Choose Us?

Nexus Insurance Services, established in 2004, is a medical malpractice insurance broker.  As a broker, we can shop the market, reaching out to multiple insurance companies simultaneously, to provide you with a variety of options and to get you the most competitive pricing.  Also, we specialize in medical liability insurance and provide coverage for both medical providers and practices of all sizes. 

Finally, if you have your own practice, we can provide you with any additional needed coverage for your business --including general liability and cyber liability coverage. 

Do you need coverage in Arkansas?  If so, click here to request a free quote. 

Additional Resources:

Glossary

Arkansas State Medical Board

Arkansas Insurance Department

Arkansas Medical Society