Each insurance company calculates medical professional liability premiums a little differently. For the most part there are consistent factors that each company will consider when calculating medical professional liability premiums. Following are the main factors that are used to develop premiums:
· Do you have a claims-made, occurrence, or TailGard policy?
o Each type of policy had a different premium. For example a 3rd year claims made policy cost less than an occurrence policy.
· Specialty
o What is your current medical specialty?
· State and County
o What state and county do you practice in?
· The number of years since your last claim settled
o Three to Five Years
o Six to Seven Years
o Eight or More Years
· The number of years since you completed your residency
· Do you qualify for any additional discounts?
o Michigan Osteopathic Association members can get an additional discount through our agency
o Michigan State Medical Society members can get an additional discount through our agency
If you would like to see what we can do for your practice give us a call at 877-808-9947 or contact us HERE.