Did you know that what it costs a physician to defend a single malpractice claim is more than the annual premium he pays for his malpractice insurance? This is the reason why many physicians and healthcare providers think of malpractice insurance as a business expense.
Unfortunately, not many physicians and healthcare providers can afford malpractice insurance because of the escalating rates. It is estimated that nearly 20 states in the US have a full-blown medical liability crisis and 24 other states are showing all signs of it. This is as per the American Medical Association.
If you are looking for a normal malpractice insurance quote, it is best to compare the rates for the same coverage from different insurance companies. This will give you indication as to what the prevalent rates are. Besides getting the rates, you should request the insurance companies to also send you are copy of the insurance policy so that you can review the coverage and the exclusion section to see whether the policy suits your needs.
A normal malpractice insurance quote is sent to you based on the following aspect:
- Expected payout for a providers in a particular risk group
- Uncertainty surrounding this estimate
- Expected administrative expenses and future investment income
- Profit rate
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