Massachusetts Medical Malpractice Insurance

According to the Insurance Information Institute (III), more than 50% of all doctors in the US will find themselves facing at least one medical malpractice liability lawsuit during the course of their careers. That is why medical malpractice insurance is so important for practitioners in Massachusetts.

In fact, between 2009 and 2018, medical malpractice insurance companies paid out more than $1.6 billion in claims in Massachusetts alone.

Independent insurance agents in Massachusetts can help you find the right medical malpractice insurance policy. These experienced professionals can provide you with customized quotes from a variety of insurance carriers so you can find the most affordable coverage. Talk to an insurance agent near you to get started.

What Is Medical Malpractice Insurance?

Medical malpractice insurance is a type of professional liability insurance. It is specially designed to cover physicians and other medical professionals if they are accused of making errors in judgement or other professional mistakes that cause their patients to suffer injuries, poor health outcomes, or death.

Medical malpractice insurance can benefit many kinds of medical practitioners including the following.

• Chiropractors
• Dentists
• Nurses
• Pharmacists
• Physicians
• Podiatrists
• Psychologists
• Surgeons
• Therapists
• Optometrists
• Ophthalmologists

If you are looking for a good medical malpractice policy, a local independent insurance agent can help.

Is Medical Malpractice Insurance Required in Massachusetts?

Massachusetts is one of seven states that requires doctors and other healthcare practitioners to maintain at least a minimum level of malpractice insurance.

Doctors in this state must carry a minimum of $300,000 per year / $100,000 per occurrence. Other practices have different levels of coverage needed, for instance, chiropractors must carry a minimum of $1 million per year / $500,000 per occurrence.

How Much Does Medical Malpractice Insurance Cost in Massachusetts?

Your premiums will be based primarily on your medical specialty, how long you have been practicing, and your claims history. The differences can range significantly from one specialty to the next.

The following are the average rates for coverage per year for $100,000 per occurrence / $300,000 per year for a few specialties.

• Internal medicine: $12,782
• Family practice: $12,136
• Diagnostic radiology: $15,913
• Emergency medicine: $27,825
• Obstetrics and Gynecology: $70,202
• Psychiatry: $7,481
• Anesthesiology: $14,390
• Orthopedics: $34,066

To find out how much a policy will cost you, contact an independent insurance agent who can provide you with a selection of customized quotes from a few competing providers.

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What Does Medical Malpractice Insurance Cover?

If you find yourself on the wrong end of a medical malpractice lawsuit, your insurance provider can cover any associated court costs, legal defense fees, arbitration costs, settlements, and court awarded judgements including punitive and compensatory damages.

The most common reasons for medical malpractice lawsuits are the following occurrences.

• Misdiagnosis or failure to identify/diagnose a medical condition
• Treatment, surgical, or medication errors
• Failure to adequately monitor patients
• Failure to provide suitable follow-up care
• Inadequate in insufficient record keeping in patient records
• Miscommunication or lack of communication with patients or caregivers

If you have questions about what your medical malpractice insurance policy will cover, you can consult a local independent insurance agent.

What Does Medical Malpractice Insurance Not Cover?

As with any insurance policy, medical malpractice coverage has limitations on what it will cover. You can expect your insurance provider to deny claims that involve the following.

• Sexual misconduct.
• Criminal acts.
• Inappropriate or misleading alteration of medical records.

Additionally, your insurance company may deny your claim if they have reason to believe that you lied or intentionally misrepresented facts when you applied for your coverage.

What Is the Difference between Claims-Made and Occurrence-Based Policies?

When you purchase your medical malpractice coverage, you will need to choose between a claims-made and occurrence-based policy.

Claims-made medical malpractice policies provide coverage for claims filed between the time the policy goes into effect until the day it is canceled or expires.

Alternatively, occurrence-based medical malpractice policies protect the insured against claims for any incidents that occurred while the policy was in effect, even if the claims are filed after the policy has been canceled or expired.

Medical professionals can extend this coverage in either direction by adding tail and/or nose coverage when they are buying their policies.

• Medical malpractice tail coverage: This covers the insured against incidents that occurred while the policy was still in effect but that were not filed by the claimant until after the policy ended.
• Medical malpractice nose coverage: This covers the insured against incidents that occurred before the policy was in effect but that were filed after the policy’s start date.

Talk to a local independent agent to learn more about your options when purchasing medical malpractice insurance coverage.

Does Umbrella Insurance Cover Medical Malpractice Insurance?

No.

Umbrella insurance provides an affordable way to significantly increase your liability protections on your home and vehicle coverage. However, it cannot be used to boost professional liability policies like medical malpractice insurance.

Fortunately, malpractice insurance providers typically offer very high coverage limits, so you should be able to get all the coverage you need through your primary policy.

How to Choose the Right Medical Malpractice Insurance Policy

If you are searching for the best medical malpractice coverage in Massachusetts, it helps to have guidance from an experienced insurance professional. Independent insurance agents can shop around to find a policy that offers the coverage you need at the most affordable price.

There are nearly 1,300 independent agents in Massachusetts. Discover how easy it can be to find the right medical malpractice policy by arranging a one-on-one consultation with an insurance agent near you.