physicians malpractice insurance cost

Medical Malpractice insurance can be one of the highest expenses for physicians. While the average cost across the board is $7,500, it varies widely and is influenced by various factors, each playing a pivotal role in shaping costs and coverage decisions. The main factors are the physician’s specialization, the location of your practice and your claims history.

A physician tries to determine the cost of malpractice insurance

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The fastest way to find out how much medical malpractice insurance costs is to enter your details in the form, for a quick quote. All you need are your contact details and NPI number.

Westwood Insurance Group have extensive experience with medical malpractice insurance for physicians. We work with a number of different carriers to ensure you have the best possible insurance coverage available.

Quick Quote – Malpractice Insurance for Physicians

malpractice insurance cost for primary care physicians

A primary care physician consults a patient. The cost of malpractice insurance is important to primary care physiciansThe average malpractice insurance cost for primary care physicians ranges from approximately $5,000 to $12,000 per year, though these figures can vary significantly. These are generally at the lower end of the cost spectrum for physicians, reflecting the lower risk of malpractice claims in primary care.
Several factors affect the cost of malpractice insurance,  such the limits you choose. While normally set at $1,000,000 per incident and $3,000,000 aggregate, primary care physicians in states like Florida can take lower limits, reducing the cost of their policies. Costs also vary widely from state to state and on the type of policy you choose – claims made or occurrence.

Strategies for Managing Malpractice Insurance Costs

  1. Risk Management: Engaging in proactive risk management practices, including keeping thorough patient records and staying updated with continuing medical education, can help reduce the likelihood of malpractice claims.
  2. Group Policies: Joining a group practice or professional organization can lead to lower rates through group policies, as insurers often provide discounts for larger groups.
  3. Shopping Around: When you deal with a broker like Westwood Insurance Group, we shop around to find the best rates and coverage options. Saving you the legwork. We also help you to review and potentially adjust coverage annually.

Click here for a quick quote, or alternatively if you have questions, Click here to speak with on of our team.

medical malpractice insurance for other specializations

A doctor examines a child. Rates for Medical malpractice insurance vary widely for different specializations.The medical specialty embraced by a healthcare provider is a primary determinant of insurance premiums. Certain specialties inherently carry higher risks due to the nature of their procedures and the potential for complications. Surgeons, obstetricians and podiatrists for instance, often find themselves facing elevated premiums compared to their counterparts in primary care or dermatology. While the correlation between specialty and premium costs may seem apparent, it remains a fundamental factor that significantly influences the pricing dynamics.

For instance in California, rates for a physician with a family practice or general practice  with no surgery start at $9,000/year; while those for an emergency medicine physician start from $23,000/year and rates for a physician who performs general surgery start at $30,000/yr. Physicians specializing in obstetrics and gynecology major surgery meanwhile, will find their rates start at $43,000/year.


insurance costs vary for physicians in different locations

Medical malpractice costs for physicians vary from state to stateThe geographical location of a medical practice is a pivotal factor shaping insurance costs. In the United States, medical malpractice insurance is subject to state-level regulations, leading to considerable variations in premiums across different states. States with a historical prevalence of high-value malpractice claims tend to exhibit higher premium rates. The urban-rural divide also introduces another layer of complexity, with rural areas typically having lower premiums than their urban counterparts. The political climate, population density, poverty levels, and other regional dynamics further contribute to the intricate tapestry of insurance costs.

For example, insurance premiums for family physicians with limits of $1,000,000 per claim and $3,000,000 total, can vary from $15,000/year in Charlotte and Fargo; $17,000 in Charleston and Nashville; $20,000 in Houston and Denver, $30,000 in Chicago to a whopping $345,000 in Manhattan, NY.


A physician at a medical malpractice hearing. Claims history is a determining factor in the cost of insurance

variations in cost according to claims history

The claims history of a healthcare provider stands as a significant barometer for insurance premiums. Providers with a track record of malpractice claims, especially those found liable or involved in settlements, are likely to face higher premiums. Conversely, a clean claims history becomes a catalyst for lower premium rates. Many medical malpractice insurance carriers extend a claims-free discount, offering potential reductions. Additionally, participation in an insurance company’s risk management program not only enhances safety practices but also unlocks additional discounts, providing a symbiotic relationship between responsible practice and cost management.


Other factors affecting the cost of medical malpractice insurance.

The limits of coverage a physician chooses impacts the premium costs. Higher coverage limits invariably lead to increased premiums. For some physicians, the flexibility in choice might be limited as hospitals or state laws mandate specific liability limits. Typically, liability limits set at $1,000,000 per incident and $3,000,000 aggregate, but in states like Florida, physicians 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 we can help you with

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.