Cost of malpractice insurance for surgeonsthe cost of malpractice insurance for surgeons

Malpractice insurance, also known as professional liability insurance, protects surgeons against legal claims alleging negligence or mistakes that resulted in patient harm. It covers legal fees, settlements, and judgment costs.

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The fastest way to discover the cost of medical malpractice insurance for surgeons 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 sourcing medical malpractice insurance for surgeons. We work with a number of different carriers to ensure you have the best possible insurance coverage available.

Quick Quote – Malpractice Insurance for Surgeons

how much is malpractice insurance for surgeons?

Malpractice insurance cost for surgeons can vary widely, starting from around $40,000 to well over $100,000 annually. The cost depends on a number of different factors, including:

  • Specialty and Procedures Performed: Higher risk specialties, like neurosurgery, will usually have higher premiums.
  • Geographical Location: Areas with a higher history of litigation or larger settlements will usually have higher insurance costs.
  • Claims History: Surgeons with no history of claims will pay less for insurance than those who have had claims against them.
  • Coverage Limits: Higher coverage limits result in higher premiums.
  • Type of Policy: Occurrence policies typically cost more than claims-made policies because of the period of coverage.

Neurosurgeon n Miami, Florida, could pay around $115,000 annually for malpractice insurance with limits of $1,000,000/$3,000,000. A Bariatric Surgeon, meanwhile would pay around $80,000 for the same coverage.Plastic Surgeon in Florida, would pay around $70,000, the same rate paid by an Orthopedic Surgeon.

Surgeon malpractice insurance cost in Houston or Los Angeles, is around $65,000/year for for a Neurosurgeon with the same coverage. Meanwhile Orthopedic surgeon malpractice insurance cost in those cities would be $30,000 – 40,000.

At the other end of the scale, in Manhattan, NY, A Neurosurgeon pays around $210,000/year. A Manhattan Bariatric Surgeon pays around $130,000, while Orthopedic Surgeons and Plastic Surgeons pay $125,000.

The quickest way to get an accurate quote on your malpractice insurance is to fill out the form at the bottom of this page. We’ll work with a number of different carriers to give you a price for the most suitable insurance at the best price.  

 

what types of malpractice insurance are available for surgeons?

Two different types of coverage are available :

  1. Claims-Made Coverage: These policies only cover you for when the claim is filed, regardless of when the incident occurred. These policies are usually less expensive, provided you are planning to continue the insurance for some time. If you’re planning to retire, or move to another insurance company, you will have to purchase extended coverage. Otherwise you won’t have insurance protection in the event of a claim.
  2. Occurrence Coverage: This covers you for any incident occurring during the policy period, regardless of when the claim is filed. Occurrence coverage is more expensive than claims made coverage, but it is worth considering. It is particularly useful for Surgeons who are planning to retire in the foreseeable future, as the coverage continues.

is there any way for surgeons to reduce the cost of insurance?

Yes, there are several steps surgeons can take to help reduce their premiums, such as:

  • Risk Management Courses: Many insurers offer discounts for medical professionals who complete these courses. Several risk management strategies are outlined on this page: how doctors can manage malpractice risks
  • Choosing a Higher Deductible: Can lower your premiums but you will pay more out of pocket if a claim is made.
  • Group Policies: Joining a group policy with other surgeons will give you lower rates than an individual policy. Insurance companies typically offer discounts for group purchases.
  • Working with a medical malpractice broker: Is important because Insurance carriers will often change their prices or conditions. Carriers will often decide to limit their exposure in a certain geographical areas or for different specialties. A broker with a good understanding of the market, will be able to source the most suitable policy for you at the best price.

what options are open to you if you’ve had claims filed against you?

Surgeons who have a history of claims will naturally have a more difficult time sourcing malpractice insurance. This is because most carriers will not want to take on what they perceive as a higher risk. If you’re in these circumstances, we would look at alternative insurance for you, including:

  1. Risk Retention Groups. These are liability insurance companies owned by their members. These groups can sometimes accept hard to place surgeons, where insurance carriers will not.
  2. Surplus Lines Insurers, who specialize in covering risks that standard insurers refuse. 
  3. State High-Risk Pools. These work as a safety net for medical professionals who are unable to secure insurance through the private market. 
  4. Professional Liability Trusts, which offer an alternative to traditional insurance. Set up by professional associations or similar groups, these trusts provide a collective self-insurance mechanism for members.
  5. Tailored Solutions.  These are typically offered by brokers like Westwood Insurance, who have the expertise and connections to negotiate coverage terms with insurers that are not widely advertised.

If you are experiencing some difficulty obtaining traditional Insurance coverage, check out this page for more details: insurance for hard to place physicians. You can also speak with Westwood today and we’ll find a solution for you.

what should surgeons look for in a malpractice insurance policy?

These are the main things that you should consider when looking at insurance coverage.

  • Coverage Limits: Ensure the coverage is sufficient for potential claims. The most common liability limits are $1,000,000 per incident and $3,000,000 aggregate (total claims over the insurance period.)
  • Defense Costs: Check to see if legal defense costs are included in the coverage limits. If it is additional, be aware that defense costs can be quite substantial in a malpractice case.
  • Consent to Settle: Some policies require the insurer’s consent to settle a claim, which could be a limitation. 
  • Reputation and Financial Stability of the Insurer: Ensure the insurer is reputable and financially stable to cover claims.

To get a quote on the most suitable insurance at the best price, contact Westwood Insurance now.

 

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 surgeons with small to medium-sized businesses, providing a blend of liability protection and property insurance.

A 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

Commercial Auto Insurance

This is relevant for surgeons 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!” – Greg Cullom

“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” –
Michael Barker

“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.” – Hayley Shryock

Contact Michael Richards now

Michael Richards, President, Westwood Insurance Group

Michael specializes in insurance for physicians. You can call him or one of the team on the number below or fill out the form and he will get your message directly:

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.