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How to Reduce Medical Malpractice Insurance Rates

Purchasing medical malpractice insurance can be a Medical Malpractice Insurance Costs costly expense for medical professionals, especially in recent years with premiums on the rise. Premiums have risen so much that many doctors have been forced to move to states that offer lower premiums or stop practicing medicine altogether. Regardless, there are ways that you can reduce medical malpractice insurance rates.

The average cost of insurance can vary from city to city or state to state, but that’s not the only consideration taken into account to determine rates. Let us first offer a brief overview of why premiums vary so much.

Geographic Location: One of the major considerations when determining malpractice insurance rates is the state where a professional practices medicine. Many insurance providers will look at the set insurance rates as well as the potential for malpractice lawsuits in that state and branch of medicine.

Speciality: Another reason why costs for coverage vary is the difference between specialties. The levels of risks and history of litigation is substantially diverse across medical specialties. For example, anesthesiologists and OB GYNs are the most likely of all physicians to be sued, so they may see higher average insurance rates.

So how can you go about reducing medical malpractice insurance costs?

  • Shop around – Don’t just accept the insurance that your employer provides. Take the time to shop your coverage around with several insurance companies who will compete for your business and offer the most affordable insurance rates.
  • Take a risk management course – Some insurance companies will offer a discount to medical professional who take risk management classes. These classes can usually be taken online and last about 1-2 hours.
  • Become board certified – Medical professionals can also save money by becoming board certified. Doctors who are board certified will often have the lowest premiums.
  • Claims-free discount – If you have been practicing medicine for five years and have not been sued for malpractice, you may be eligible for a discount. Ask your provider or insurance broker about this type of special discount, so that you can obtain for example surgeon malpractice insurance at a great price.

As medical malpractice insurance specialists we are committed to helping you reduce the cost of insurance by doing the shopping and negotiating for you. We can tap into our large database of providers and resources to get you lower premiums. Let us do the hard work to save you time and money.

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