Illinois Medical Malpractice Insurance

Illinois Medical Malpractice Insurance Coverage

Coverage Requirements

In the State of Illinois, medical malpractice insurance coverage is not required of physicians by the state.  That said, most hospitals and/or health insurance companies require physicians to carry such coverage in order to work with them.  And, most providers prefer to have coverage so they don't have to face the expenses and logistics of defending a claims themselves, paying out-of-pocket, and/or without an advocate. 

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

What is the Med Mal Climate Like in Illinois?

In Illinois, generally speaking, the cost of medical malpractice insurance is high, but the opportunities are high, too.  Illinois has a number of larger metropolitan areas in addition to Chicago –which, itself, is home to several large top-rated medical schools and hospitals in the area, including Northwestern University Feinberg School of Medicine, University of Chicago Pritzker School of Medicine, Rush University Medical College, and University of Illinois at Chicago College of Medicine.   

What Kind of Coverage is Available in Illinois?

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 Illinois?

As an agency, we have access to all of the major carriers in Illinois, including surplus lines/non-admitted carriers.   

Cost of Malpractice Insurance

In Illinois, the cost of coverage can vary significantly depending on county, specialty, and physician claim history.  Cook County is one of the most expensive counties in the nation to get professional liability coverage, due to its high population, litigious climate, high concentration of medical practices and healthcare institutions, and juries that tend to make large awards.  Thus, the high cost of coverage in the state is due to both the frequency and severity of claims. 

In general, rates in Illinois for a first year, claims-made medical malpractice insurance policy, for physicians who are claim free, can range from $2,500-$50,000/year. 

How to Lower the Cost of Your Medical Malpractice Insurance Coverage

When reaching out to us for coverage, please ask about discounts.  Often, we are able to offer 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?

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

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

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

Additional Resources:

Glossary

IDFPR

Illinois State Medical Society

IL Department of Insurance