How much does medical malpractice insurance cost for professional?

Medical malpractice insurance costs vary depending on the specialty of the professional, the state in which they practice, the number of years they have been practicing, and their claims history. In general, the higher the risk of a specialty, the more expensive the insurance. For example, surgeons and obstetricians/gynecologists typically pay more for malpractice insurance than primary care physicians. Additionally, states with higher malpractice award caps tend to have higher malpractice insurance rates.

According to the Medical Liability Monitor, the average annual cost of medical malpractice insurance for physicians in the United States was $150,000 in 2020. However, there is a wide range in rates, with some physicians paying as little as $50,000 per year and others paying over $500,000 per year.

Here are some factors that can affect medical malpractice insurance costs:

* Specialty: The risk of a medical malpractice claim varies depending on the specialty of the physician. Some specialties, such as surgery and obstetrics/gynecology, are considered to be higher risk than others, such as primary care medicine.

* State: Malpractice award caps vary from state to state. States with higher award caps tend to have higher malpractice insurance rates.

* Years of experience: Physicians with more years of experience are typically considered to be lower risk for medical malpractice claims. This is because they have more experience and are less likely to make mistakes.

* Claims history: Physicians who have a history of malpractice claims are typically considered to be higher risk for future claims. This is because they are more likely to be sued again.

Medical malpractice insurance is an important expense for physicians, but it is essential for protecting their financial security. By understanding the factors that affect medical malpractice insurance costs, physicians can make informed decisions about how to purchase the coverage they need.