In Need of Medical Malpractice Insurance in Virginia?
Use the information in this 2024 Virginia Medical Malpractice Insurance Buying Guide to get ready to discuss your coverage options with an insurance broker.
If you need a new insurance broker, the MEDPLI team can serve as your only trusted broker.
Virginia Medical Professional Liability Insurance Market Summary
Physicians in Virginia 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 Virginia physicians.
Some of the top-rated medical malpractice insurance companies serving Virginia physicians include:
Cost of Medical Malpractice Insurance In Virginia
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 Claims Made Rate |
|---|---|
| Anesthesiology | $23,000 |
| Cardiovascular Disease Minor Surgery | $27,000 |
| Family Practice No Surgery | $22,000 |
| Gastroenterology No Surgery | $24,000 |
| General Surgery | $51,000 |
| General Practice No Surgery | $22,000 |
| Obstetrics and Gynecology Major Surgery | $68,000 |
| Occupational Medicine | $17,000 |
| Ophthalmology Major Surgery | $18,000 |
| Orthopedic Surgery No Spine | $42,000 |
| Pediatrics No Surgery | $22,000 |
| Psychiatry | $19,000 |
| Radiology – Diagnostic | $25,000 |
| Internal Medicine No Surgery | $23,000 |
*Using the VA standard limits of $2,600,000 Each Claim 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 Virginia 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 Virginia Physicians
Here is a brief overview of the most common types of medical malpractice insurance for physicians in Virginia:
1. Claims-Made Insurance
Claims-made malpractice insurance provides coverage if the policy is in effect 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.
Claims-made insurance policies “step up” as they mature, so the first year rate is lower than subsequent years.
Learn more about claims-made insurance.
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 does not “step up”, 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.
Telemedicine in Virginia
The Virginia Board of Medicine (VBM) provides extensive and precise guidelines for telemedicine providers. Overall, The Board mandates that the standard of care in telehealth virtual visits must adhere to the traditional standard of care of in-person visits, and physicians must be licensed in Virginia in order to provide telehealth services in the state. Some of the other key mandates of Virginia’s telemedicine laws include:
- The electronic technology or media channels used for telehealth visits, including interactive audio or video to diagnose or treat a patient at a different location, must be secure, encrypted, and HIPAA compliant.
- The patient’s informed consent document must filed with the patient’s medical record and include: the patient’s identity, type of medical treatment provided, confirmation of security of patient’s medical information, and permission from the patient to share medical data from the virtual visit with third parties.
- In 2023, House Bill 1754 was passed to allow physicians who are licensed in another state or the District of Columbia to provide telehealth services in order to provide continuity of care, continue a pre-existing physician/patient relationship, or if the physician has performed an in-person exam of the patient within the past 12 months. Other legislation expands the bill to “allow another practitioner of the same subspecialty, at the same group practice, and with access to the patient’s treatment history to provide telemedicine services if the patient’s primary provider is not available.”
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 Virginia.
Virginia’s Damage Caps on Medical Malpractice Lawsuits
Virginia’s medical malpractice damage caps apply to the total amount of compensation recoverable, including both economic and non-economic damages. Since August 1, 1999, the limit on total damages on malpractice claims has increased annually by $50,000, and will continue until July 1, 2031, when the cap will stabilize at $3 million.
Per the Virginia General Assembly, the cap Limits will increase according to the current schedule below:
July 1, 2023, through June 30, 2024: $2.60 million
July 1, 2024, through June 30, 2025: $2.65 million
July 1, 2025, through June 30, 2026: $2.70 million
July 1, 2026, through June 30, 2027: $2.75 million
July 1, 2027, through June 30, 2028: $2.80 million
July 1, 2028, through June 30, 2029: $2.85 million
July 1, 2029, through June 30, 2030: $2.90 million
July 1, 2030, through June 30, 2031: $2.95 million
July 1, 2031, and after: $3 million
Punitive damages are always capped at $350,000, but the limit that may apply to a medical malpractice case depends on when the malpractice occurred.
Statute of Limitations for Medical Malpractice Claims
The statute of limitations for medical malpractice in Virginia can be complex and can vary from case to case. Consulting with a MEDPLI Broker who understands 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 Virginia
The total malpractice payout in Virginia was $49,200,000 as of 9/30/2023 (Source: National Practitioner Data Bank).
Closing Remarks
Ranked among the Top 10 as a “best” state in Medscape’s Best & Worst Places to Practice 2023, Virginia is a very hospitable place for medical professionals to live and work. Salaries can vary based on specialty and practice location, but compensation for providers is good. Damage caps, tort reform, and the competitive insurance rates in the state all provide a stable outlook for doctors.
In addition, the physician workforce, especially the surgeon workforce, is small relative to the national average and is nearing retirement, creating an abundance of jobs. These factors make Virginia an attractive location to start a private practice as a surgeon or OB/GYN. However, physicians and surgeons in high-risk specialties – such as OB/GYN, orthopedics, bariatrics, and other surgical practices – are advised to secure and obtain strong medical malpractice coverage.
