Insurance policies

Comprehensive medical liability insurance policies through professional insurance plans provide stable protection

Occupational insurance plans proudly announce that their medical liability insurance offer lasting protection in this uncertain environment. Even as quotes increase among competitors, the goal remains to provide stable and comprehensive insurance even when premiums increase.

It’s no secret that insurance plans have increasing costs most years. When healthcare professionals provide services to patients, they must balance the price of coverage with the risks of encountering 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 previous year was 26.5%, almost double what happened in 2018.

In 2020, this figure has increased to 30%. The same result happened 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 epidemics, greater potential liability is in the market for medical professionals. Insurers recognize this fact and adjust rates accordingly.

“The medical liability insurance cycle is in a period of rising premiums,” said AMA President Dr. Gerald Harmon. “The increase [in premiums] can force doctors to close practices or abandon vital services, which is detrimental to patients as higher costs lead to reduced access to care.

Data from the AMA shows that in 2021, 7.5% of all premiums increased by at least 10%. This figure is up from 3.6% in 2018 and 3.9% in 2018. Illinois saw the largest increases in the United States, with a cost increase of nearly 60%.

Medical liability insurance is often one of the most expensive parts of maintaining a medical practice. Working with an established broker with access to many insurance companies can help physicians better understand the market and gain confidence in the quotes received.

Less than 2% of physicians are responsible for more than 50% of malpractice claims that occur each year. Paying more for the mistakes of others doesn’t make sense, which is why Professional Insurance Plans continue to provide long-lasting protection opportunities, even if the coverage climate is unpredictable.

Several different options can be considered for physicians who need commercial medical liability insurance. Protecting a business today ensures that people receive the care they need tomorrow.

For more information on the insurance options currently available to healthcare professionals, go to https://plansprofessionnels.com/.

About Professional Plans

Founded in 1991 by Greg Bellamy, Professional Plans has been providing competitive insurance policies for various industries and individuals for nearly three decades. However, working with the Professional Plans team is different from any other insurance provider; we are consultants, we work directly with you, and most importantly, we treat each client as a person and a client, not as an old number.

With this philosophy and the best attitude in the business, the team now offers a variety of popular products including life insurance, disability insurance, insurance for medical professionals, and more. In fact, the team even blogs up to four times a month with additional insurance advice, all for free. It’s the difference between any “other” insurer and the team that takes care of you on the first call. So for any insurance needs, packages or questions, be sure to contact the Professional Plans team.