How To Reduce Your Medical Malpractice Insurance Rates

What affects the cost of Medical Liability Insurance?

Geographic Location: One of the major considerations when determining malpractice insurance rates is the state and county where a professional practices medicine. Many insurance providers will look at the potential for malpractice lawsuits in that state and county.

Specialty: Another reason why costs for coverage vary is the difference between specialties. The levels of risks and history of litigation is substantially diverse across medical specialties. For example, anesthesiologists and OB GYNs are the most likely of all physicians to be sued, so they may see higher average insurance rates.

Number and severity of previous claims:  Insurance carriers will want to know your claim history, including the number of claims and severity.  Please let your agent know the situation(s) surrounding any claims and they will work with you to present you in a positive manner. 

Number of hours per week:  Again, please let your agent know if you will be working less than full-time.  If so, your premiums should reflect this. 

Number of individuals needing coverage:  For a practice, or for a provider who has individuals working under them, the number of providers to be covered under the policy will affect the cost of the premium. 

So how can you reduce your medical malpractice insurance costs?

Shop around – Take the time to shop for coverage with an insurance broker, like Nexus Insurance Services, who has access to many insurance companies who will compete for your business and offer the most affordable insurance rates.

Take a risk management CME course – Some insurance companies will offer a discount to medical professionals who take risk management classes. These classes can usually be taken online and last about 1-2 hours.

Become board certified – Medical professionals can also save money by becoming board certified. Doctors who are board certified will often have the lowest premiums.

Look into discounts - If you have been practicing medicine and have not been sued for malpractice, you may be eligible for a claim-free discount. Ask your provider or insurance broker about this type of special discount, so that you can obtain your medical malpractice insurance at a lower price.  Discounts are also often available for those who are new to practice, too.   

As medical malpractice insurance specialists, we are committed to helping you reduce the cost of insurance by doing the shopping and negotiating for you. We can tap into our large database of carriers and resources to get you lower premiums. Let us do the hard work to save you time and money.