Internal Medicine Malpractice Insurance

Internal Medicine Malpractice Insurance

Internal medicine is the specialty surrounding the prevention, diagnosis, and treatment of illnesses affecting adults. There are many subsets of internal medicine, ranging from cardiology to oncology to hematology. Practitioners of internal medicine are often referred to as internists.

Many internists may face medical malpractice claims over the course of their careers. For internal medicine, research shows that about 7.8% of internists face a claim annually. Of those claims, 2.4% result in monetary damages. For internal medicine, the median indemnity payment is $292,000 and the mean is $311,524.

A vital part of being an internist is pursuing protection from medical malpractice claims. Working in an individual practice can have widely different costs than working in an entity like a hospital with other doctors and employees. In the latter case, sometimes an employer’s coverage isn’t enough and can leave liability gaps, so it can be beneficial to seek individual coverage as well.

How Much Does Internist Medical Malpractice Insurance Cost?

On average, internal medicine malpractice insurance can cost anywhere from $10,000 to $30,000 annually.

Insurance costs for internists vary widely depending on the state. For instance, the industry average of medical malpractice cost in California is $7,511.

Insurance costs are also affected by the desired level of coverage and individual physician history. Other specific items that can influence cost include:

  • Hours worked
  • Competition among insurers
  • Tort reform (specifically regarding non economic damage caps)
  • Policy limits
  • Implementation of “defensive medicine”
  • Individual practice

In turn, insurance costs cover the cost of legal defense and settlements, conduct review from peer panels, medical damages, and more. The insurance must meet the state’s malpractice minimum requirements. Specifically, it is important to work with insurers eager to customize coverage to meet the internist’s specific risks, circumstances, and desires.

Types of Insurance Coverage for Internist Medical Malpractice

Internist medical malpractice coverage may fall into one of two categories: occurrences or claims-made. Occurrence coverage is coverage applicable for claims made from the time the policy was in effect, even if it isn’t anymore. Claims-made coverage covers only malpractice claims during the time the policy is active. However, claims-made policies can include “tail” coverage, which extends coverage for a determined period of time after the policy ends.


Are You In Need of Medical Malpractice Insurance?

We service internal medicine specialists across the United States. Capson deeply cares about creating a client base of good people who are good doctors, leading to lower premiums. Contact us now to get a free quote.