How much does medical malpractice insurance cost?

Medical malpractice insurance costs can vary significantly based on several factors, including:

1. Medical Specialty: The risk associated with different medical specialties varies, with higher-risk specialties such as surgery and obstetrics generally having higher insurance premiums.

2. Location: Malpractice insurance costs can vary by state and region, reflecting differences in medical malpractice claim rates and legal environments.

3. Claims History: A history of malpractice claims or lawsuits can increase the cost of insurance.

4. Experience: Early-career physicians typically pay higher premiums than experienced doctors with a proven track record of safe practice.

5. Coverage Limits: The higher the limit of liability coverage, the higher the premium.

6. Deductibles: A higher deductible can lower the premium, but it means you'll have to pay more out of pocket if a claim arises.

7. Insurer: Different insurance companies may charge different rates for the same coverage.

As an example, according to the Medical Liability Monitor:

- The average annual medical malpractice insurance premium for all physicians in the United States was $234,000 in 2022.

- Surgeons paid an average annual premium of $376,000, while family physicians paid $79,000.

- Obstetrician/gynecologists paid an average of $183,000 in malpractice insurance.

It's important to note that these are averages, and individual premiums may vary significantly. Physicians should shop around and compare quotes from multiple insurers to find the best coverage at an affordable price. Additionally, some states have patient compensation funds or caps on malpractice awards, which can affect insurance costs.