Purchasing medical malpractice insurance can be a 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?
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.