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MEDICAL MALPRACTICE

Medical malpractice is professional negligence by act or omission by a health care provider in which the treatment provided falls below the accepted standard of practice in the medical community and causes injury or death to the patient, with most cases involving medical error. Standards and regulations for medical malpractice vary by country and jurisdiction within countries. Medical professionals may obtain professional liability insurances to offset the risk and costs of lawsuits based on medical malpractice.

It is important to secure proper coverage against a possible law suit.  Please contact us today to get more information on the options available for you.

Rising Cost of OB/GYN Medical Malpractice Insurance

The cost of OB/GYN medical malpractice insurance is rising rapidly with every passing year. Medical malpractice premiums have many factors that go into determining the premium; specialty, risk, location, part time, full time, and existing claims. But, one factor always stays the same – medical malpractice insurance for OB/GYN physicians will always have expensive premiums.  OB/GYN physicians also have the longest “tail” exposure and expensive tail coverage costs.

In most states there is a two year statute of limitations to file a medical malpractice claim.  However, most states have a stipulation that states the injured party has two years from “time of discovery” to file their claim.  In addition, the two years statute of limitation does not start until the injured party reaches the age of eighteen.

This means that OB/GYN patients theoretically have up to twenty-one years to file a medical malpractice claim.  Medical malpractice insurance companies that insure OB/GYN physicians assume a much more risk due to the long period of time that patients have to file a claim.  Here are examples of how much OB/GYN malpractice insurance premiums fluctuate from state to state.

The High-Cost States for Obstetricians and Gynecologists

The medical malpractice insurance rates are the highest in states like Nevada and Florida.  The malpractice premiums vary depending upon the specific field of specialization. As per the last year statistics, Obstetricians and gynecologists have been the ones who paid the highest rates, ranging from $85,000 to as much as $200,000.  A doctor in internal medicine is also expected to pay over $20,000 per year.

The Low-Cost States for Obstetricians and Gynecologists

California and Minnesota are among some of the states where medical malpractice insurance costs are the lowest.  General surgeons in the state of California are currently paying between $20,000 and $32,000; In Minnesota, the annual premium is $10000. Obstetricians and gynecologists are the highest in California; it is costing doctors over $50,000 per year, which is still much lower as compared to other states.  However, obstetricians and gynecologists who are practicing in Minnesota can be as low as $15,000.

What Does All of This Mean for OB/GYN Medical Malpractice Insurance?

This raises the question of whether or not there should be a national cap for non-economic damages and punitive damages.  Obstetricians and gynecologists are reeling under steep medical malpractice insurance premiums, demanding a solution.

Between the years of 1985 and 2000, obstetricians and gynecologists had more claims against them and paid out more money to plaintiffs than any other medical specialty.  Why?  There is more risk associated to their practice. Of course obstetricians and gynecologists should have a higher premium rate than a family practice physician because the risk of injury is so much higher, however some have the opinion that there needs to be a limit.

Before Florida passed its medical liability cap, obstetricians and gynecologists paid over $200,000 annually for Florida medical malpractice insurance.  California, however, has a state wide liability cap which greatly reduced the price of malpractice insurance to an average of $57,000.  For this reason, obstetricians and gynecologists are leaving their practices in states where the premiums are too high and moving to lower cost states.  This makes sense.  Why would an OB/GYN want to pay $200,000 when they could move across state lines to only pay $57,000?  If the trend continues, some states could be in a crisis with not having enough physicians available.

Not only did the malpractice cap allow for California medical malpractice insurance premiums to become more affordable, it also cut the number of medical malpractice suits dramatically.  With the cap in place, frivolous lawsuits decreased because it was not to the plaintiff’s advantage to take a case to trial.  The goal of tort reform statues is the assumption that too many tort claims are filed and that court awards tend to be excessive.  Such claims consist of punitive damages, which are used to penalize a defendant for willful and wanton conduct.

Pain and suffering is another common claim used against doctors and hospitals.  Tort reforms propose to limit the amount that can be awarded for such non-economic damages, as well as to aim to make it less worthwhile to pursue minor cases.  Thus in turn, reduces the number of medical malpractice cases.  Other tort reforms seek to limit liability by making it more difficult to pursue cases against multiple defendants.  Still other reforms focus on procedural changes, again making it less likely that marginal cases will be pursued.

If you are an OB/GYN, we can help you lower find quality coverage without the expensive price tag. Request your free, no-obligation medical malpractice insurance quote today and see how much you could really save. Even if you are in the middle of your current policy, you can still switch and save.

 

Individual Professional Liability

Physicians are required to carry professional liability insurance to protect against allegations of malpractice. This is the most important insurance a physician will buy. There are a number of plans available for professional liability coverage, and limits vary.

Prime Coverage Group has a selection of carriers and offers both Occurrence and Claims Made coverage. (See Occurrence vs Claims Made Coverage.) We can provide you with competitive quotes for excellent policies.

Corporate Professional Liability

If you have a corporation, it is highly recommended that you consider a corporate professional liability policy. Corporate professional liability insurance covers liability suits against the corporation that may arise when the contractual obligations and responsibilities of participating physicians and managed care companies are absent or left ambiguous. It also covers vicarious liability that can occur when employees of the corporation are deemed negligent in patient care decisions including denial of care, delay of care, failure to diagnose or failure to perform.

We can work with our carriers to develop a special, reduced premium medical professional liability program specifically for your group. Such a program could save your members thousands of dollars in excess premium costs each year.

Billing Errors & Omissions

Prime Coverage Group has access to an endorsement that you may add to your medical professional liability policy. The endorsement is available only to those physicians and practices that do their own billing and it will respond to claims alleging errors regarding duplicate billing, billing for services not rendered or for unnecessary services, upcoding, billing for services that do not meet the standard of care, and billing for supervision of residents. If you "outsource" your billing activity to another firm, the endorsement is not available.

 

 

 

 

Professional Liability Insurance for Dentists

Protect the Future of your Finances and Career with Dental Malpractice Insurance

Professional Liability Insurance (also called Malpractice Insurance) can help protect your finances and keep your business successful. Malpractice cases against dentists are on the rise, with lawyers specializing just in dental malpractice suits. Just one claim against your services can threaten your job and cost you thousands in court. Who is protecting your career and future while you're providing dental care to your patients? Let Marsh Consumer protect you in the event of a dentist malpractice claim.

Protection You Can Count On

We'll offer protection in court. Our dental malpractice insurance benefits cover the costs for your defense, including an attorney and coverage for state regulatory investigations. You can get up to $3,900,000 in protection. Plus, we will even cover claims made from services rendered before your dental liability coverage started with us.

Make sure your whole team is covered by getting protection for you and your employees through individual and group coverage. You can also get protection for legal entities, ancillary dental professionals, employees and volunteers.

Special Deals for Dentists

Call today to find out which deals you qualify for a Free Instant Quote

If you’re ready to purchase Professional Liability Insurance or renew your dental malpractice insurance coverage make sure to talk to us first. 

Get an instant quote today, and then fill out our application to start your coverage in just minutes. We will make sure you have the protection you need, without paying for more than you need.

 

  Prime Coverage Group