Orthopedic surgeons in Florida need comprehensive insurance policies to reduce their risk of steep medical malpractice payouts.
In 2020, a jury for a medical malpractice wrongful death suit found two orthopedic surgeons responsible for the death of a Florida woman when she developed a deep vein thrombosis after suffering from a fractured ankle, with one surgeon found 5% liable and another found 95% liable. The jury awarded $30 million to the decedent’s husband for past and future mental pain and suffering and loss of companionship.
Why Florida Orthopedists need Medical Malpractice Insurance
Orthopedic surgery is one of the most frequently sued specialties in Florida.
Orthopedists tend to be sued for:
Though significant changes have been made to tort law, Florida has one of the highest loss rates in the country for settling medical malpractice claims. Settling and defending these cases in the state has cost the state 2.9x the national average.
Florida does not have a limit on the amount of compensation a plaintiff can recover for past and future economic damages such as medical care necessitated by the malpractice, lost income, lost future earning capacity, and any other measurable economic losses attributable to the defendant’s malpractice.
The right medical malpractice insurance will protect you from multiple factors in the event of a lawsuit. These are:
Orthopedic Surgeon Medical Malpractice Insurance Requirements and Rates in Florida
High-risk specialists like orthopedic surgeons may need policies with limits that are greater than the state’s requirements.
Florida law states that practicing physicians must carry $100,000.00 in malpractice insurance, and if they want hospital staff admitting privileges, they must carry $250,000.00 in coverage.
High-risk medical providers like orthopedic surgeons tend to choose more sizable limits and will generally opt for higher liability policies at $1,000,000.00 per claim/$3,000,000.00 aggregate.
A mature claims-made premium for an orthopedic surgeon practicing in Miami is estimated at $70,000.00, but there are multiple factors that can impact the cost, such as location and claims history. If a doctor has had multiple claims filed against them, it will likely increase the cost of their insurance premium. To get your personalized rate estimate, please request a quote.
| City | Premium Estimate |
|---|---|
| Miami | $70,000 |
| Jacksonville | $50,000 |
| Tampa | $35,000 |
| Orlando | $35,000 |
| St. Petersburg | $35,000 |
| Port St. Lucie | $45,000 |
| Tallahassee | $35,000 |
| Cape Coral | $35,000 |
| Ft. Lauderdale | $65,000 |
How to Find the Best Orthopedic Surgeon Medical Malpractice Insurance Providers and Policies in Florida
Some of the top malpractice insurance carrier options for Florida orthopedic surgeons include:
Each of these carriers has an AM Best rating of “A- (Excellent)” or better.
The best way to ensure you get a policy that suits your coverage needs at a competitive rate is to use the services of an independent broker who specializes in medical malpractice insurance. You will save time filling out applications and you will get to compare quotes with the help of an expert. We recommend starting to shop for coverage no less than 30 days prior to your new coverage effective date, and we can fast-track your quotes if necessary.
At MEDPLI, we are champions of private practice and love to help our clients succeed in launching, growing, and maintaining their private surgical practices in Florida.