Each of the specialties listed had a rate of claims more than double the average of all specialties, with neurosurgery having the most at 53.1 claims/1000 physician-years. Neurosurgery also had the highest mean payment from paid claims at $469,222 (dermatology had the lowest at $189,065).

Why do doctors have to buy malpractice insurance?

Professional liability insurance, commonly known as medical malpractice insurance, can protect a doctor from a lawsuit that could become quite costly. Having adequate professional liability insurance can protect a doctor from losing a practice as well as personal assets.

What kind of insurance do doctors need?

A specialized type of professional liability insurance, medical malpractice insurance provides coverage to physicians and other medical professionals for liability arising from disputed services that result in a patient’s injury or death.

How much does medical malpractice insurance pay per year?

For example, an average of about $36 was paid in medical malpractice claims each year for each person living in New York from 2012-2016 whereas only an average of about $3 was paid each year for people living in Wisconsin those years.

Where is the cheapest place to get medical malpractice insurance?

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.

How much does an OB / GYN pay for malpractice insurance?

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.

How can I compare medical malpractice insurance quotes?

Your member agent can help you compare medical malpractice insurance quotes from several insurance providers and identify the plan that meets your needs and budget. Contact an independent insurance agent for personal assistance today. Anywhere from 44,000 to 98,000 people die each year due to a preventable medical error.