Doctors have seen the premiums for their professional liability insurance policies decrease for several years in a row throughout the Southeast. Physicians have enjoyed decreases since 2004 in many states and now often pay less that 50% for their policies than they did six or seven years ago. Many states have enacted tort reform and have placed caps on non-economic damages involving medical malpractice lawsuits. Physicians in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, and Virginia have all seen significant decrease in the amounts charged by their professional liability insurance carriers. Another cause for the drop in rates is the increased competition in most states. Independent agencies that focus on keeping costs low for doctors, like Diederich Insurance Agency, have been helping doctors to keep abreast of the many changes in the marketplace. Each year, physician clients who work with Diederich Healthcare are able to view the many different choices they have and pick the most appropriate insurance company for their own medical practice. Large medical groups and hospitals often have very different needs than small, independent medical offices. A General Surgeon may have different concerns for his insurance risks than an Allergist.
The number of payouts from medical professional liability insurance carriers have decreased steadily for several years. The lower frequency of claims has helped to keep medical malpractice premiums lower. The severity, or the amount of each payout from medical malpractice claims has also decreased in most southeastern states which further enables medical professional liability insurance companies to offer lower rates to doctors.
To see what you could be saving on your medical malpractice insurance policy by switching to Diederich Healthcare, please complete our quick and easy quote form.To contact the author, call 800-457-7790 and ask for Jeff Ness.