While in residency or fellowship, you probably never needed to concern yourself with medical malpractice insurance. You are now practicing medicine in an imperfect world, and the risk of litigation for medical malpractice insurance is real – around 60% of doctors are sued at least once in their careers.
Now, for the first time, you need your own malpractice insurance protection – a policy that will defend you if you are named in malpractice lawsuit. It can be overwhelming trying to figure out the best carrier and rate for your unique practice. MEDPLI simplifies the process of finding the best coverage to fit your needs as a doctor new to practice. We seek discounts for your good record as well as new to practice discounts, so you can get the best coverage at the lowest rate.
Two major factors that help determine your malpractice insurance rate are your specialty and your location. Litigious cities tend to be more expensive than rural areas and higher risk specialties such as surgeons, OB/GYNs and anesthesiologists tend to see higher rates than lower risk specialties such as family practice or psychiatry. For example, an OB/Gyn in Miami, FL might pay $100,000 per year, while an internist in Champaign, IL might pay $10,000. Both doctors have a good record, new to practice, and have completed extensive training in their specialty, but the data says the OB/GYN is at higher risk of being sued, thus the cost of insurance is much higher.
If you have just finished a residency or fellowship program you might be eligible for new to practice discounts. Keep in mind there are more carrier options than you may know, so enlisting the services of a specialized medical malpractice insurance broker, like MEDPLI, will help illuminate your path to getting the right coverage for you. Contact MEDPLI today at 1-800-969-1339 to get started on your professional liability insurance quotes.