Mississippi Malpractice Insurance

If you are a doctor, dentist, attorney, or other licensed professional practicing in Mississippi, you can shield yourself against potential liability lawsuits by investing in a suitable malpractice insurance policy.

Local independent agents can provide you with a selection of customized malpractice insurance quotes from a few competing insurance companies so you can choose the policy that offers the best value. Arrange a consultation with an independent insurance agent near you to get started.

What Is Malpractice Insurance?

Malpractice insurance is a type of professional liability insurance that is specifically designed to cover professionals in the medical, legal, and social services industries against lawsuits related to negligence and other professional errors.

What Does Malpractice Insurance Cover in Mississippi?

Policy details can vary from one carrier to the next so you will need to read the fine print to be certain about what your policy will cover. However, if you are on the wrong end of a liability lawsuit, you can expect that most malpractice insurance policies will pay for the following.

• Court costs and administrative fees
• Legal defense costs and attorney fees
• Settlements or judgments
• Other financial losses related to the lawsuit

When going over policies and quotes with you, an independent insurance agent can explain the details of each policy’s coverage offerings.

What Does Malpractice Insurance Not Cover in Mississippi?

As with any insurance policy, malpractice insurance has its limitations. In general, you can expect your insurance company to deny coverage for the following.

• Claims involving sexual misconduct
• Acts committed while under the influence of drugs or alcohol
• Criminal, fraudulent, illegal, or intentionally dishonest acts
• Claims involving altered legal or medical records
• Claims if it is discovered that the policyholder lied or provided intentionally misleading information when applying for the policy

Also, some insurance companies require that you use their team of lawyers for your legal defense and may not cover legal fees if you use your own attorney instead.

Learn more about the limitations of any malpractice policy you are thinking about purchasing by speaking with a local independent insurance agent.

How Much Does Mississippi Malpractice Insurance Cost by Specialty?

The cost of malpractice insurance can vary according to the type of job being insured, your years in practice, your claims history, and other factors. Learn more as you read about different types of specialties below.

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What Do I Need to Know About Medical Malpractice Insurance in Mississippi?

Medical malpractice insurance is not required in Mississippi, but it is usually required by facilities like hospitals and outpatient care centers. Regardless, this insurance is a good idea considering between 2009 and 2018, medical malpractice insurance companies in Mississippi paid out about $181 billion in insurance claims.

In Mississippi, non-economic damage in medical malpractice lawsuits are limited to $500,000. This helps to keep the cost of medical malpractice insurance more affordable than throughout much of the nation. Insurance costs can range from around $4,500 a year for low-risk specialties like psychiatry to $45,000 a year for high-risk specialties like obstetrics.

The good news for doctors in Mississippi is that most of the time when a facility requires malpractice coverage, they pay for it on their employees’ behalf. The Medscape 2019 Report revealed that only 6% of physicians pay for their own coverage in full and another 6% pay a partial amount of their coverage. The remaining physicians have it fully covered by their employer.

What Do I Need to Know about Dental Malpractice Insurance in Mississippi?

To be licensed and certified by the Mississippi State Board of Dental Examiners, practitioners must carry dental malpractice insurance.

Malpractice suits against dentists do not occur often, but they do happen. The National Practitioner Data Bank reports that between 2007 and 2017, there were a total of 32,488 malpractice claims filed against dentists in the United States at an average cost of $68,000 per claim.

The cost for dental malpractice insurance averages about $2,000. Dental hygienists can also get coverage at a cost of about $150 a year.

What Do I Need to Know about Legal Malpractice Insurance in Mississippi?

Attorneys in Mississippi are not required by law to carry legal malpractice insurance.

However, the American Bar association warns that practicing attorneys have a 4%-17% chance of being sued at some point during their career. Considering that the average amount awarded to plaintiffs in legal liability jury trials is approximately $200,000, legal malpractice insurance can be very beneficial.

Costs for legal malpractice insurance are based on factors like the size of the law firm where the insured works, the number of years the insured has been practicing law, and how high-risk the insured’s area of expertise is.

Attorneys in low-risk specialties may cost about $1,000 a year to insure, while those in high-risk fields can cost more than $10,000 a year. Premiums are frequently covered by the law firm where the attorney is employed.

What Is the Difference Between Claims-Made and Occurrence-Based Malpractice Insurance?

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

• Claims-made coverage: This is designed to cover claims for incidents only if they occur and are filed against you while your policy is in place.
• Occurrence-based coverage: This is designed to cover against incidents that occurred while your policy was in place, even if your policy expired or was canceled before the claim was filed.

A local independent agent can help you compare costs for the two types of coverage and can provide guidance as you choose which to purchase.

How Can I Find the Best Malpractice Insurance in Mississippi?

Whether you are looking for a policy for yourself or for the professionals who work at your place of business, a local independent insurance agent can help. These agents are free to work with a variety of insurance providers so they can shop around to find you great coverage at a competitive price.

There are more than 200 independent agents in Mississippi, so it should be easy to find an insurance agent with an office near you.