Medical Malpractice Insurance Costs | Medical MalPractice Insurance NJ

Medical Malpractice Insurance Costs - Medical malpractice insurance costs a lot – about 3.2 percent of your total revenue as a surgeon. However, while that may seem like a high amount, but it’s well worth the peace of mind you get knowing you’re covered in the event a patient brings a devastating lawsuit against you. Can you afford the thousands of dollars in legal fees? What about the hit to your reputation? You need medical malpractice insurance if you are a healthcare provider. Period. This is a form of professional liability insurance that covers a variety of specific risks present within the healthcare profession, such as for doctors, surgeons, and dentists.

You may already have employer coverage through your job if you’re not self-employed, but you need more. This is not nearly enough to cover your legal defenses and settlement costs. Purchasing your own medical malpractice insurance is a must, and you need to purchase enough coverage for your specific type of physician practice. Knowing your legal liability as a health practitioner is taken care of will allow you to rest easy as you go about your job on a day to day basis. Malpractice suits are expensive, so you need to find a reliable medical malpractice insurance company that can match you with the full protection you need.

The cost of medical malpractice insurance depends on the state in which you practice. For example, in Minnesota, for example, medical malpractice can cost between $4,000 and $17,000 a year, depending on the specialty. In California, the cost rises, where a surgeon may pay between $22,000 and $34,000 a year for medical malpractice insurance. The specialty you choose also plays into the final price tag. For instance, an RN who draws blood won't pay nearly as much as a heart surgeon or obstetrician.

How much coverage you purchase will also dictate the final price. Rather than simply shop around for the cheapest rate, like you would with auto insurance, work with us at The Kerr Agency to come up with the specific coverage that meets your needs at a cost you can afford. Coverage is crucial. A total of 98,000 people die each year due to a preventable medical error, with these errors costing hospitals up to $29 billion each year.

A recent study revealed that medical malpractice in the United States in total costs about $55.6 billion a year, representing a 2.4 percent of annual health-care spending, according US News and World Report. This figure includes $45.6 billion in defensive medicine costs. This is when doctors prescribe unnecessary tests or treatments to avoid costly lawsuits.

Don’t become a statistic. Get proper coverage. For that, come to The Kerr Agency, where we can sit down with you and go over your unique situation to develop a customized insurance coverage plan. Call us today at 732-383-5865 to get started. You can’t afford to wait!