WHY ARE MEDICAL MALPRACTICE INSURANCE PREMIUMS GOING UP WHEN THE NUMBER OF CLAIMS ARE GOING DOWN?
PAYOUT AVERAGES HAVE INCREASED! The average payout for successful malpractice claims rose about 23 percent — topping $353,000 in 2009-2014, up from about $287,000 during the 1992-1996 period, the study found.
Tort reform also has created claim screening panels and other procedural hurdles that could weed out some claims with less merit, but the overall payout is up by an average exceding $50,000 per payout driving insurance even higher.
Best Medical Malpractice Insurance Companies
Medical malpractice insurance companies insures against claims of medical negligence. Most policies also cover your conduct as a member of a peer review panel. This feature protects against lawsuits claiming that an adverse peer review decision made by the insured was inappropriate and caused a loss of income. If you have been in the medical practice, you have probably heard “It’s now if, but when will a claim be filed against you?” making the need for malpractice insurance in any medical provider position a must have. The best companies for this are the ones that help for “END-to-END” ensuring you have the best protection avaliable.
Medical Application Insurance Costs
Because the cost of insurance is on the rise, many providers and doctors are searching for cheap medical malpractice insurance but in hopes of the same or better coverage. this is one of those situations that “You get what you pay for” comes into play. We do not suggest skimping on coverage because when you need it you will probably wish you went with the most comprehensive plan.
Medical Malpractice Application
The process is simple, you will choose an agent or brokerage to work with….most pick the one attached to the association they belong to however we have found that it may come at a cost. So shop around, take a little more time and check out the insurance coverage not attached to your association and you might find savings!