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5 Factors That Affect Physician’s Malpractice Insurance

Being in the medical sector is a rewarding experience. However, there are times when things go wrong, and you’re faced with malpractice claims. The last thing that you want to deal with is a medical malpractice lawyer knocking on your door. This is why it’s important for you to ensure that you’re covered as a physician. However, it’s crucial for you to understand what factors can influence your malpractice insurance premiums. You should keep on reading to find out more. 


If you’re a physician you should consider your location the same way that you consider it when you’re buying your home. If you want to lower the costs of your medical malpractice insurance premiums, it’s important to know that your location is one of the primary factors that affect it. In addition, your state can also impact the premiums that you pay. In fact, premiums are known to vary according to where you’re located. Lastly, the limits that you carry can also increase your premiums. So, before you think of taking out insurance for your practice, you should think carefully about where you’re located. 


The fact is that if your specialty carries a higher risk, then chances are higher that you’ll incur medical malpractice claims. As a result, you’re likely to pay more on your annual premiums. Take for instance Surgeons. If you are one, then your claims are likely to increase. So, it generally depends on the nature of the specialty. 

Claims History

Did you know that your insurance provider looks at the past 10 years of your claims history to determine whether you should receive a discount or not? As a general rule, claims that are older than this period are not looked at. This history can also impact whether an underwriter will accept your coverage application or not. 

Market Competition

This is a common economic principle. It also applies to the malpractice market. You’d be surprised to find that insurance companies are always competing against each other to offer you the best rates and discounts. Working together with the state department, insurers can come up with rates that aim to increase their market share and number of policies. If you live in a state with a lot of medical malpractice insurance to choose from, you’ll notice how common this is. So, you should ensure to find out more about the competition in your area. Get different quotes before you commit to your underwriter. 

Hours Worked

Depending on whether you’re working part-time or full-time, your premiums will also be affected. There are different discounts that are available to you when you’re a part-time physician. But, you should find out first if your insurer offers any discounts or not. In certain cases, if you have surgical classes, your underwriter may not offer you part-time discounts. 

In summary, it’s essential for you to learn about the factors that can affect your premiums. You don’t want to find yourself paying more than you should or to miss out on any discounts.