In Need of Medical Malpractice Insurance in Colorado?
If you are a physician needing medical malpractice coverage in Colorado, MEDPLI will work for you as your only trusted broker.
Use the information in this 2024 Buying Guide to get ready to discuss your medical malpractice insurance needs with a MEDPLI insurance broker. Get a quote.
Colorado Medical Professional Liability Insurance Market Summary
Physicians in Colorado have many options for obtaining medical malpractice insurance, but we recommend carriers rated “A” by A.M. Best because of their long-term financial solvency and a history of providing robust financial and legal support for Colorado physicians.
Some of the top-rated medical malpractice insurance companies serving Colorado physicians include:
Save time and effort by getting a wide range carrier quotes through MEDPLI as your single point of contact. You can get a quote through us today.
Malpractice Insurance Rates for Colorado Doctors
This information includes general estimated premiums which can vary greatly based on many factors, such as practice location, medical/surgical specialty, and past claims history. Talk to a MEDPLI broker to get quotes tailored to your unique coverage needs.
| Specialty | Approximate Rate | Minimum Rate | Maximum Rate |
|---|---|---|---|
| Anesthesiology | $15,000 | $6,000 | $17,000 |
| Cardiovascular Disease Minor Surgery | $18,000 | $9,000 | $26,000 |
| Emergency Medicine | $23,000 | $16,000 | $34,000 |
| Family Practice No Surgery | $11,000 | $6,000 | $17,000 |
| General Surgery | $40,000 | $20,000 | $61,000 |
| Internal Medicine No Surgery | $11,000 | $6,000 | $16,000 |
| General Practice No Surgery | $11,000 | $6,000 | $17,000 |
| Obstetrics and Gynecology Major Surgery | $52,000 | $37,000 | $77,000 |
| Occupational Medicine | $7,000 | $4,000 | $10,000 |
| Ophthalmology No Surgery | $7,000 | $5,000 | $13,000 |
| Orthopedic Surgery No Spine | $32,000 | $20,000 | $41,000 |
| Gastroenterology No Surgery | $13,000 | $6,000 | $16,000 |
| Pediatrics No Surgery | $11,000 | $6,000 | $16,000 |
| Psychiatry | $7,000 | $5,000 | $13,000 |
| Radiology – Diagnostic | $16,000 | $6,000 | $28,000 |
*Using the CO standard limits of $1,000,000 Each Claim / $3,000,000 Aggregate per year in coverage
Each practice risk profile is different, and your rates could vary significantly. MEDPLI specializes in medical malpractice insurance and tail insurance coverage for Colorado physicians and surgeons. To get estimates based on your specific scenario, reach out for a personalized quote. Get a quote.
Types of Professional Liability Insurance for Colorado Physicians
Here is a brief overview of the most common types of medical malpractice insurance for physicians in Colorado:
1. Claims Made Insurance
Claims-made malpractice insurance provides coverage if the policy is in effect both when the incident took place AND when the claim is filed. If a claim is filed after the end of the policy date, the claim is NOT covered. With a claims-made policy you need tail malpractice insurance, which is a separately purchased insurance policy or endorsement, to make sure you have full protection. Learn more about claims-made insurance here.
2. Occurrence Insurance
Occurrence malpractice insurance provides coverage for incidents that occurred during the policy year, regardless of when a claim is reported to the carrier. Occurrence policies are more costly at the start of the policy, but the rate stays the same for the length of the policy, and there is no need for tail coverage when the policy ends. Read more about occurrence insurance.
3. Tail Insurance
Since most malpractice insurance policies are underwritten on a claims-made basis, you will be exposed to a lawsuit if a former patient files a claim against you and you do not secure tail coverage. When you are preparing to leave your employer, you should seek tail coverage options with an independent broker like MEDPLI. Tail insurance covers you for a specific time period. The new employer’s policy is not going to cover you for prior acts of a former practice, hence tail coverage is needed. Read more about tail malpractice insurance for physicians.
Reach out to an experienced MEDPLI insurance broker who will work for you to find a tail policy at a great price.
Telemedicine in Colorado
As of 1/29/2024, the key telemedicine policies of The Colorado Medical Board include:
- Physicians must be licensed to practice medicine in the state of Colorado in order to use telehealth technologies to evaluate and treat patients located in Colorado.
- Physicians must obtain informed consent from the patient for telehealth encounters/virtual visits. Evidence of this informed consent must be filed in the patient’s medical record.
- Prior to the telehealth encounter, physicians must review and evaluate the patient’s relevant clinical history to make an appropriate medical evaluation, support and establish a diagnosis and treatment plan, and issue prescriptions.
- Physicians are held to the same standards of practice as those in traditional in-person office visits, including continuity and coordination of care. Treatment, including issuing a prescription based solely on an online questionnaire, does not constitute an acceptable standard of care.
Doctors that take care of patients via telehealth are subject to the same liabilities as with in-person treatment. Reach out to a MEDPLI insurance broker to make sure your existing medical malpractice policy extends coverage to perform telehealth services in Colorado.
Colorado’s Damage Caps on Medical Malpractice Lawsuits
The current caps on medical malpractice damages in Colorado are:
- Total damages limited to $1 million
- Non-economic damages limited to $300,000
This cap coincides with the state’s required minimum medical malpractice insurance coverage amounts of $1,000,000 per claim and $3,000,000 annual aggregate per year.
Statute of Limitations for Medical Malpractice Claims
The statute of limitations for medical malpractice in Colorado can be complex and can vary from case to case. Consulting with MEDPLI insurance brokers who understand the ins and outs of this system is an important part of protecting your medical practice with strong medical malpractice insurance coverage.
Medical Malpractice Insurance Outcomes in Colorado
The total malpractice payout in Colorado was $26,750,000 as of 9/30/2023. (Source: National Practitioner Data Bank)
Closing Remarks
Overall, Colorado is a hospitable place for physicians to practice. Tort reform and damage caps have encouraged a competitive medical malpractice insurance marketplace. Colorado was ranked one of the “best” in Medscape’s Best & Worst Places to Practice in 2023 report. Colorado is an attractive place for physicians to live and practice because of job opportunities in high quality healthcare facilities and industry-leading bioscience industries. However, Colorado physicians and surgeons, especially in high-risk specialties, will need strong medical malpractice coverage to protect their practice against financial loss in case of a lawsuit.
