Florida is a unique market for medical malpractice insurance
Because malpractice insurance can cost 50% more in Florida than in other states, Physicians here typically carry much lower limits of liability — $250,000 per occurrence and $750,000 aggregate over the policy period. In fact, Physicians in Florida are not required to carry medical malpractice insurance at all, provided they post a bond to cover potential claims.
Self-insurance in a high-risk market is typically not something we advise our clients to do. Million dollar awards against physicians are not uncommon in Florida and a $250,000 liability limit leaves you liable for three quarters of a million dollars. An amount that could ruin many small practitioners. Though not as common, Florida juries have awarded some of the largest medical malpractice payouts in United States history, including $216.7 Million for a misdiagnosis of stroke symptoms.
Contact us now for some sound advice in sourcing adequate medical malpractice insurance in Florida.
how much is medical malpractice insurance in Florida?
Medical malpractice insurance in Florida varies according to your specialty, your location and the coverage limits you choose. For instance, insurance for a Miami physician specializing in family medicine is around $25,000/year for limits of $250,000 per claim and $750,000 aggregate; and around $28,000/year for limits of $1 million/$3 million. For Miami physicians in higher risk groups, like general surgeons, it can cost around $75,000/year for limits of $250,000/$750,000 and $90,000/year for limits of $1 million/$3 million.
other types of insurance we can help you with
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.
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.
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:
insurance for allied health care
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.
insurance for medical providers
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.
- Professional Liability Insurance (Medical Malpractice Insurance)
- General Liability Insurance
- Business Owner’s Policy (BOP Insurance)
- Excess and umbrella coverage
- Cyber Liability Insurance
- Telemedicine Malpractice Insurance
- Commercial Property Insurance
- Commercial Auto Insurance
- Directors and Officers Liability (D&O) insurance
- Sexual Abuse & Molestation (SAM) insurance
- Workers’ Compensation Insurance
- RAC Audit Coverage
- Errors & Omissions Insurance
- Employment Practices Liability
- Environmental Liability insurance
- HNO Insurance
- Fully/Partially Funded insurance
- Crime Insurance
Westwood President, Michael Richards has extensive experience in setting up alternative structures for larger clients. Here are some examples:
- Starting a Single Parent Captive (Pure captive)
- Joining a Protected Cell Captive (Segregated Cell)
- Micro Captive Insurance
- Group Captive Insurance
- Risk Retention Group (RRG)
- Special Purpose Vehicle (SPV) Captive
- Stand alone ERP (extended reporting period)
- Loss Portfolio Transfers (LPTs)
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.