Colorado Medical Malpractice Insurance

Colorado Medical Malpractice Insurance Coverage

Coverage Requirements

Colorado is one of only a handful of states in the US to require medical malpractice insurance coverage by law of physicians.

The required minimum limits of coverage are $1M/$3M.  Thus, healthcare providers must 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 Colorado?

In 1988, Colorado passed the Health Care Availability Act (HCAA), which was good news for physicians.  The Act placed a cap on non-economic damages awarded in malpractice cases and has helped to lower the number of claims and keep prices for medical malpractice insurance lower.  While the original cap was $250,000, it was raised to $300,000 in 2003.  And, since then, the caps have been adjusted for inflation.  For more information about the damage caps in Colorado, please see here. 

What Kind of Coverage is Available in Colorado?

Both Claims-Made and Occurrence-type coverage policies are available in the state.

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

At Nexus Insurance Services, we have access to all of the major carriers in Colorado, including surplus lines/non-admitted carriers.   

Cost of Malpractice Insurance

In general, rates in Colorado for a first year, claims-made medical malpractice insurance policy, for a General Internist physician who is claim free, can range from $4,500-$7,500/year. 

How to Lower the Cost of Your Medical Malpractice Insurance Coverage

When applying for coverage with us, know that you may qualify for discounts!  The most common discounts we offer physicians include:  being New-to-Practice, Claim Free, and/or having recently completed qualifying risk management CMEs.       

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

Established in 2004, Nexus Insurance Services is a medical malpractice insurance broker that specializes in medical malpractice insurance for practitioners and practices of all sizes.  And, since we are a broker, we can efficiently reach out to multiple insurance companies simultaneously, to provide you with many quotes so you can easily understand your options.   

In addition to providing medical malpractice insurance, we can also provide general liability and cyber liability coverage for your practice. 

Are you a Colorado practitioner needing coverage?  If so, click here to request a free quote. 

Additional Resources:

Glossary

Colorado Division of Insurance

Colorado Medical Society

Colorado Medical Board