Unintentional mistakes may happen in the healthcare industry. Even though surgeons are experts in their field, not every operation goes as planned. A slight blunder in the medical field, can result in a significant problem for the person involved... but how much does medmal insurance cost?
Medmal insurance cost varies widely based on several factors, such as the type of healthcare provider, their specialty, the location, the amount of coverage needed, the claims history, and the insurance company. Although medmal insurance cost has stabilized in recent years, it remains one of the most expensive expenses for most medical professionals. The cost of Medical Malpractice Insurance varies, and other factors are taken into account while determining the price.
American Medical Association (AMA), titled "Medical Professional Liability Insurance Premiums: An Overview of the Market from 2008 to 2017," reported that premiums have remained relatively stable. The AMA research used data from its Annual Rate Survey to reveal that 74.2 percent of malpractice insurance premium categories remained the same in 2017 as the previous year, while 12.4% of categories saw decreases year over year. Medmal insurance cost an average of $7,500 each year. However, there are numerous sorts of doctors and various insurance options. It's also worth noting that some states have a cap on the amount of damages that can be awarded in medical malpractice lawsuits, which can affect the cost of insurance. For instance, in states with lower caps, insurance companies may charge lower premiums because they have less potential liability.
Here's how SelectFirst Insurance Can Help You
To get a more accurate estimate of the cost of medmal insurance, it's best to speak with an insurance company who specializes in this type of coverage. SelectFirst Insurance is dedicated to helping you with your insurance quotes. Thousands of physicians have trusted us for reliable malpractice insurance. It only takes a few minutes to fill out our quote form. Get your FREE insurance quote today.