18 May How much is malpractice insurance for doctors?
Physician malpractice insurance can cost anywhere from a few hundred dollars for an internist in the rural Midwest to a few hundred thousand dollars for a high-risk surgeon in an urban environment. Generally, the more complicated the procedure, the more likely an adverse outcome; this is why an OB/GYN pays more than a family practitioner for medical malpractice. Location also plays a significant role in determining rates. Places like Downstate New York and Cook County Chicago have some of the most expensive malpractice insurance rates because plaintiff’s bar has successfully litigated extraordinarily high jury verdicts and settlements. A judgement against a physician in New York City could easily be 10 to 20 times the award compared to a case with the same exact facts in Idaho or Montana. Other factors such as claims history and years in practice play a part in determining malpractice rates, however these factors typically determine credits or debits derived from an insurer’s rate which takes into account the specialty and territory. With the recent new competition in the New York malpractice insurance market, it is important to shop around to ensure you’re getting the best rate.
Phalanx Healthcare Solutions is a New York based medical malpractice insurance consultant specializing in insurance and reinsurance solutions for physicians, physician organizations, and healthcare systems. For more information, visit our web site at www.phalanxllc.com.