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.