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Professional Insurance Plans proudly announce that their medical liability insurance policies offer long-lasting protection in this uncertain environment. Even as quotes rise from competitors, the goal remains to ensure stable and comprehensive insurance even while premiums increase.
It is not a secret that insurance plans have rising costs most years. When medical professionals offer services to patients, they must balance the price of coverage with the risks of experiencing a liability issue. With more than 20,000 malpractice lawsuits filed in the United States each year, it only takes one mistake to create a significant financial setback without this protection.
In 2019, the share of insurance premiums that increased from the year before was 26.5%, which was nearly double what happened in 2018.
In 2020, that figure rose to 30%. The same outcome occurred in 2021, according to the American Medical Association (AMA).
Some of the recent premium increases are due to the ongoing pandemic and its uncertainties. With new variants becoming more contagious and other diseases, such as monkeypox, threatening to create new outbreaks, more potential liability is in the marketplace for medical professionals. Insurers recognize this fact, and they adjust rates to match.
“The medical liability insurance cycle is in a period of increasing premiums,” said Dr. Gerald Harmon, President of AMA. “The increase [in premiums] can force physicians to close practices or drop vital services, which is detrimental to patients because higher costs lead to reduced care access.
AMA data shows that in 2021, 7.5% of all premiums rose by at least 10%. That figure is up from 3.6% in 2018 and 3.9% in 2018. Illinois saw the most significant increases in the United States, with costs increasing by nearly 60%.
Medical liability insurance is often one of the most expensive components of maintaining a health practice. Working with an established broker with access to numerous insurance carriers can help physicians understand the market better and have confidence in the quotes received.
Less than 2% of doctors are responsible for over 50% of the malpractice claims that occur each year. Paying more for the mistakes of others does not make sense, which is why Professional Insurance Plans continue to deliver durable protection opportunities, even if the coverage climate is unpredictable.
Several different options could be available to consider for physicians needing commercial medical liability insurance. Protecting a business today ensures people receive the care they require tomorrow.
More information about the current insurance options available for medical professionals is available at https://professionalplans.com/.
About Professional Plans
Founded in 1991 by Greg Bellamy, Professional Plans has offered competitive insurance policies for various industries and individuals for the best part of three decades. However, working with the Professional Plans team is different from any other insurance provider; we are consultants, we work with you directly, and most importantly, we treat each client like a person and a customer, not any old number.
With these ethos and the best attitude in the business, the team now offers various popular products including life insurance, disability insurance, insurance for healthcare professionals, and more. In fact, the team even post to their blog up to four times a month with further insurance advice, all for free. That’s the difference between any “other” insurance provider and the team with you in mind from the very first call. So, for any insurance needs, packages, or queries, be sure to contact the Professional Plans team.
