Florida Medical Malpractice Insurance
Florida has a unique identity in a sense, due to the fact that many doctors carry professional liability limits of $250,000/$750,000, whereas the industry standard is significantly higher at $1,000,000/$3,000,000. Although laws requiring industry standard levels of medical malpractice insurance are generally speaking relaxed, Broward, Miami-Dade and Palm Beach Counties are some of the most litigious counties in America.
Florida is one of the few states that allows doctors to practice without medical malpractice insurance. Some of the conditions for which the state requires of doctors choosing to practice without insurance are: to establish an escrow account or obtain an irrevocable letter of credit to cover malpractice verdicts up to $250,000, and hang a sign in their waiting room notifying patients that the doctor is practicing without insurance. Although it is possible to practice without insurance in Florida, it is highly recommended to carry insurance. If you find yourself in a legal battle over medical malpractice, you could be responsible to pay for the lawsuit out of your personal bank account, and you could even lose your license.
Many insurance carriers have expanded their efforts to insure Florida doctors, and as such, many carriers are offering discounted med mal rates to acquire this business.
Tips For Potentially Protecting Your Practice From Litigation: Medical Malpractice Insurance, also called Medical Professional Liability Insurance or MPL Insurance coverage, is absolutely essential insurance coverage within Florida. Certain Florida doctors believe that whenever they are insured, that is all they are able to do to shield themselves from a frivolous legal action, although that isn’t true! Here are some tips to help give protection to your practice:
- Make certain to maintain accurate details regarding all your patients and the types of procedures carried out. Accuracy or lack- there-of could be an important distinction in succeeding at a malpractice suit.
- Require signatures in advance of every major procedure. Simply by requiring signatures prior to any significant procedure, you're taking a big step in ensuring that your practice is safeguarded.
- Customer Service is key! Many patients who file for medical malpractice lawsuits do so because they had a poor experience during the course of their visit. By making sure the patient is properly cared for, as well as making certain their visit will be positive as well as professional, you can often times steer clear of lawsuits.
Malpractice Categories and Cost Savings
New to Practice Physicians
When you are you are a new-to-practice physician there are many decisions to come up with. This is also true in the matter of purchasing your medical professional liability protection. This coverage is also typically known as medical malpractice insurance. Coverages are also available if you are a resident, intern, as well as fellow.
Discounted Rates Available for New to Practice Doctors!
There's definitely fantastic news for you! Many malpractice insurance providers offer new-to-practice price cuts. These discount rates could be as much as 50%.
Variations of Polices
There are two basic categories of protection to choose from. The majority of insurance coverage written is on a claims made basis. Directly below is a general explanation for each forms of insurance packages:
Claims-Made Insurance Plan
Insurance coverage that requires that a claim be made, as well as the insured party to report the actual claim to the insurer in the same coverage length. This kind of insurance plan is restricted to liability for those claims which develop from incidents or situations that come about and also are reported to your insurance company insurance policy is within force. A claims-made insurance policy is in force from the starting date with the initial policy period (the retroactive date) and remains in force ranging from that particular date through each subsequent renewal. Whenever a claims-made insurance policy is terminated, future claims due to incidents which occurred during the insurance policy period are not covered. Tail-coverage can be combined with the insured party’s policy in order to insure beyond the date associated with termination of said insurance policy
Occurrence Coverage
Gives coverage centered upon when the actual incident or injury actually occurs; hence, claims arising from injuries that occurred within a policy’s effective dates are covered by the policy, no matter when the claim will be actually made versus the Covered or provided to the insurance company.
Maturation Factors/Step Factors
Any time you have a claims made policy, your premium will increase on an annual basis on policy renewal for the first 5-7 years. The first year fees are very low, which is simply due to the fact that you don't experience a retroactive medical patient load from which claims could arise. As each year moves on, the likelihood of a new claim coming from previous services carried out increases, consequently the premium will increase. Such things happen until the mature rate is reached.
With regard to occurrence policies, the rate begins with the mature rate on the very first day you purchase insurance protection.
Individual Physician - Preferred Risk
Medical malpractice insurers will treat an applicant to be a preferred risk if they meet specific underwriting guidelines. The particular guidelines are generally in relation to the actual applicant's medical specialization, credentials and a favorable medical malpractice claims history. The difference between a preferred and standard risk medical doctor, is that often preferred risk physicians have got specified characteristics that position them in a special program backed by the actual insurance company.
Obtainable forms of discounts include:
- Part-time Physician
- Medical Society Membership
- Claims-Free Discount
- Risk Management Course Participation
- Practice Profile
- Qualification
- Employee Credentials
- Education and Training
- Patient Load
- Reduction of particular procedures normally performed by doctors of your specialty
The maximum amount of yearly discounts that can be applied to the policy is 40%.
Individual Physician - Standard Risk
Applicants that don't qualify as preferred risks and are not perceived as special risks will fit into the standard risk profile. The majority of applicants will fall into this type of insurance coverage.
Available forms of discounts include:
- Part-time Physician
- Medical Society Membership
- Claims-Free Discount
- Risk Management Course Participation
- Practice Profile
- Qualification
- Employee Credentials
- Education and Training
- Patient Load
- Reduction of particular procedures normally performed by doctors of your specialty
The maximum amount of annual discounts that can be applied to your policy is 40%.
Individual Physician - Special Risk
Applicants that are engaged in a unique type of medical practice, or have a history of claims, whether at fault or not, or have been canceled or declined by other medical malpractice insurers or otherwise do not meet the underwriting criteria for preferred or standard risks are considered special risks.
Madison is known for our ability to help find coverage for “hard to place” physicians and facilities that have adverse claims history, have been canceled or non-renewed and do not qualify for the Standard or Preferred marketplace.
Medical Groups
Madison has the experience working with medical groups of all sizes. Even with different claims history for physicians within the group Madison can help create solutions to lessen your cost.
The Madison Advantage in Florida
As the healthcare industry’s premier insurance brokerage, Madison provides access to major insurance coverage providers to ensure that you are receiving the very best medical malpractice insurance rate possible. With our established track record in overall performance and client relationships, you can put your mind at ease acknowledging that Madison can assist you each and every step of the way and be sure you get the best rates possible. As your medical malpractice insurance brokerage, we examine your requirements and provide policies that are individually personalized to suit those specifications. We provide cost-effective rates and work to keep your medical malpractice insurance premiums affordable. Using Madison managing your insurance plan, you are able to give attention to what you do best-providing top-notch patient care.
Madison Experience
We have worked with thousands of physicians and medicalprofessional medical groups from all specialties. At Madison, we don’t “market” your risk, we identify the very best solution and price to fit your specific needs. Madison comes with the experience to discover innovative strategies to unique and complex challenges medical doctors and medical organizations face in today’s difficult atmosphere.
