What does Medical Malpractice Insurance Cost? – Malpractice insurance, a form of professional liability insurance, covers a variety of specific risks present within the healthcare profession. Doctors, surgeons, dentists…all of these professionals and more should have adequate coverage when it comes to medical malpractice. Even with employer coverage, you should also buy your own medical malpractice insurance. Why? What if a patient accuses you of wrongdoing, whether real or perceived? Any of these claims can devastate your medical practice, both financially and in regards to your reputation. To protect yourself from these instances, it’s necessary to have medical malpractice insurance.
Medical Malpractice Insurance – What does it cost?
You may wonder how much it all costs, though. You’ll need enough coverage for your specific type of physician practice to cover your legal defense and settlement costs, essentially covering your legal liability as a health practitioner. Because malpractice suits can be very expensive, you need to find a reliable medical malpractice insurance company that can connect you with the full protection you need.
The cost of this type of policy will vary by what you do and where you are located. For example, a heart surgeon or obstetrician is at greater risk of a lawsuit than an RN who draws blood. Costs also depends on the state in which your practice is located. Take Minnesota, for example, where medical malpractice can cost between $4,000 and $17,000 a year, depending on what your specialty is. It’s even higher in California, where a surgeon may pay between $22,000 and $34,000 a year.
The amount of coverage you purchase is also a deciding factor in the final price tag. Generally, you don’t want to settle for the cheapest insurance rate; instead, work with the professionals at The Kerr Agency to come up with the specific coverage that meets your needs at a cost you can afford. It’s important to be covered. Did you know that up to 98,000 people die each year due to a preventable medical error? These medical errors cost hospitals up to $29 billion each year.
A recent study shows that the cost of medical malpractice in the United States is $55.6 billion a year, translating to 2.4 percent of annual health-care spending, according US News and World Report. This include the $45.6 billion in defensive medicine costs, which is when doctors prescribe unnecessary tests or treatments to avoid lawsuits.
As a physician, you can expect to pay about 3.2 percent of your total revenue to medical malpractice insurance. This cost is well worth the peace of mind it gives you, though. Would you be prepared to shell out thousands of dollars for a lawsuit or settlement if a patient were to make a claim against you? What about the hit to your reputation as an upstanding doctor in the community? Your career could be ruined.
Finding coverage for your specific risks is imperative. Look to The Kerr Agency to help match you with the right policy for your line of work. Call us today at 732-383-5865 to talk to a qualified professional.