CostOwl.com

  • Get Free Insurance Price Quotes
  • Compare Pricing and Save
  • Service in all 50 States!
  • Get Quotes in Two Easy Steps

Search Costowl

Find Us on Facebook

All Insurance Articles

How Much Does Malpractice Insurance Cost?

Medical Malpractice Insurance Prices

Medical malpractice insurance protects physicians and other medical providers against being sued because of an error that results in a negative outcome and can be proven to be caused by negligence and/or non-standard care. Most lawyers also opt for legal malpractice insurance to protect them against claims of breach of contract, negligence, and any harm caused by a lawyer's unreasonable errors.

Typical costs:

  • Medical malpractice insurance cost varies wildly based on what state a facility is located in and what kind of medicine is being practiced. A very rough figure for the average medical malpractice insurance rates is $25,000 to $100,000 per year, though in some cases the figure could be two or three times as much.
  • The average cost of legal malpractice insurance is $5,000-$10,000 per year.

What's included:

  • The following are generally used to determine the price of malpractice insurance:
  • Geography: risk varies from area to area based on how many malpractice suits are filed in a given jurisdiction.
  • Type of practice: some types of law and medicine have more malpractice claims than others.
  • Specific policy: the type and amount of coverage as well as the size of the deductible all affect cost.
  • For doctors and lawyers, their personal malpractice record is used to assess risk.

Shopping for malpractice insurance:

  • For physician malpractice insurance, The Doctors' Company is an excellent resource, providing information about insurance as well as malpractice insurance quotes.
  • Lawyers should contact their state bar association for unbiased information about purchasing insurance.