doctor’s malpractice insurance cost

Medical Malpractice insurance can be a major expense for doctors. While the average cost of all different specialties and locations is $7,500, it varies widely, depending on various factors, including the doctor’s specialization, the location of your practice and your claims history.

A doctor ponders the cost of malpractice insurance

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Westwood Insurance Group have extensive experience with medical malpractice insurance for doctors. We work with a variety of carriers to find you the most suitable insurance coverage at the best price.

Quick Quote – Malpractice Insurance for Doctors

The impact of your specialization on cost

A doctor who conducts surgery can expect to pau higher insurance premiums.A doctor’s medical specialty is one of the primary determinants of the cost of insurance. Some specialties inherently carry higher risks due to the nature of their procedures and the potential for complications. For example, Surgeons, obstetricians and podiatrists often have to pay higher premiums than doctors who specialize in primary care or dermatology. While the correlation between specialty and premium costs may seem apparent, it remains a fundamental factor that significantly influences pricing.

For instance in California, rates for a doctor with a family practice or general practice who does not perform surgery start at $9,000/year; while those for a doctor specializing in emergency medicine are over double, starting from $23,000/year and a doctor who performs general surgery will pay closer to $30,000/year. Doctors specializing in obstetrics or gynecology major surgery meanwhile, will pay closer to $43,000/year.


Doctors malpractice insurance cost varies by location

Doctors medical malpractice costs vary from state to stateThe geographical location of your practice has a major influence on the cost of insurance insurance costs. In the United States, medical malpractice insurance is subject to state-level regulations, which leads to considerable variations in premiums across different states. States with a historical prevalence of high-value malpractice claims have higher premium rates.  Many carriers won’t insure doctors in those states, so there is less competition and those who are willing to take the risk, price their policies accordingly. Another level of complexity is introduced by the urban-rural divide, with rural areas typically having lower premiums than urban areas. The political climate, population density, poverty levels, and other regional dynamics further contribute to the intricate tapestry of insurance costs.

Family doctors with can pay $15,000/year in Charlotte and Fargo; $17,000 in Charleston and Nashville; $20,000 in Houston and Denver, $30,000 in Chicago or $345,000 in Manhattan, NY, for the same insurance coverage with limits of $1 million per claim and $3 million total cover.


The impact of your claims history on insurance cost

A doctor’s claims history can have a huge impact on insurance premiums. Those with a track record of malpractice claims, especially if they are found liable or have paid settlements, will no-doubt be charged higher premiums. Those with a clean claims history on the other hand can expect lower premium rates. Many medical malpractice insurance carriers extend a claims-free discount, offering potential reductions. You can also participate in an insurance company’s risk management program, which not only enhances safety practices but also unlocks additional discounts, providing a symbiotic relationship between responsible doctors and cost management.


Other factors that affecting the cost

The limits of coverage that a doctor chooses, impacts the costs of insurance. Higher coverage limits invariably cost more. For some doctors, the flexibility in choice might be limited as hospitals or state laws mandate specific liability limits. Those limits are typically set at $1,000,000 per incident and $3,000,000 aggregate, but in states like Florida, doctors can choose  lower limits of $250,000/$750,000.

Choosing occurrence coverage instead of claims made can also increase the cost of medical malpractice coverage. Occurrence coverage covers you for for incidents that occurred during the policy period, regardless of when the claim is filed, whereas Claims Made does not cover you if a claim is made after the coverage expires, even if the event occurred during the period you were insured. Typically, occurrence coverage can be 20% higher than claims made coverage.


other types of insurance for doctors

Business Owners Policy 9BOP) for physicians in Florida

Business Owners Policy

A comprehensive insurance package designed for physicians with small to medium-sized businesses, providing a blend of liability protection and property insurance.

A florida physician checks medical records, protected by cyber security insurance

Cyber Liability Insurance

Covers you against financial losses associated with data breaches, cyber attacks, and other incidents. Insurers will usually help  fix vulnerabilities as part of this policy.

Commercial Auto Insurance

This is relevant for physicians who use a vehicle for your practice-related tasks. This insurance covers you against auto accidents, theft, and other vehicle-related incidents.

Why medical professionals love to work with us

“Westwood Insurance Group, with Dale and Liz are a pleasure to work with in helping solve for my insured’s insurance needs. Very responsive and eager to help! They are competent and trusted!”

“I have worked with Michael and the team for the past two years and found them to be ethical, competent, attentive and to deeply value their relationships with both agents and underwriters. It is always a pleasure to deal with them”

“Laura has been a great contact for us over at the Westwood Insurance Group. She is extremely communicative and responsive. Their quick turnaround on last minute items is appreciated as well.”

Contact Michael Richards now

Michael and the team at Westwood Insurance Group specialize in sourcing the best insurance for medical professionals and facilities at competitive prices.

You can call him on the number below or fill out the form and he will get your message directly:

Michael Richards

insurance for hospitals

Hospital Insurance typically covers all or part of the potential liability for hospital services. It includes medical malpractice, accidents involving hospital employees and equipment, care during surgery or any other invasive treatment, after-hours care arrangements by staff who need help with their children and more.

insurance for long term care facilities

Long term care facilities must protect themselves against potential liability arising from incidents within their facility. Westwood can help you negotiate a package tailored to your long term care facility client.

traditional insurance products

Westwood have fostered exceptional relationships with underwriters and we go to great lengths to keep abreast of their latest products, changes in requirements and restrictions, including having weekly calls with the carriers, which you can see here, by joining our insurance insider group.

    Insurance products at Westwood Insurance Group

    You can find more information on the Insurance Products main page.

    If you have any questions on the different policies, check out our Insurance FAQ’s

    alternative structures

    Westwood President, Michael Richards has extensive experience in setting up alternative structures for larger clients. Here are some examples:


    If you think your client could be large and stable enough to benefit from starting or participating in a captive or has a special need for another alternative structure, contact Michael Richards now by phone: 855 351 7487.