Hey, I was wondering if any of you know, on average, how much podiatrist pay in malpractice insurance. I know it varies due to a great number of factors but what do you think a good amount would be? Also, is it much lower compared to other doctors?
Malpractice Insurance
- Thread starter jw123
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Our malpractice insurance is generally a fair amount lower than other specialties, but I'm not sure on how much it actually costs (still a resident). It is also cheaper earlier on in your career because you are not caring for as many patients.
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Generally, you start out with a lower premium the first years of your practice. PICA generally offers 75% off the first year of your practice. This is due to the fact that you don't have a prior history of practice so they don't have to worry about covering you with tail coverage. Then it goes up to 50% and 25% and 10%, by the 5th year your out, you pay full price for coverage. Depending on the state and how much discount you get for attending one of their risk assessment programs, your insurance premium can be anywhere from $10k to $15k. That's the full price (no discounts).
There are other insurers out there besides PICA, and their rates do vary.
There are other insurers out there besides PICA, and their rates do vary.
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It depends on the state and the type of coverage. There is "occurrence" and "claims made". An occurrence policy is more expensive, but when you stop paying for insurance and end practice or switch to another company, you are still covered forever for all events that took place while you were covered by that company.
With a "claims made" policy, it is initially less expensive, but the day you stop paying is the day the insurance ends. So any event that took place earlier is no longer covered unless you purchase a "tail" coverage, which can then add up. Many companies will automatically give you a tail if you've been with them for over 5 years, but it depends. Most claims made start off cheap and then gradually escalate, whereas occurrence policies generally start off more expensive and stay the same.
I have always had occurrene policies, though they are getting harder to obtain.
I practice in the Philadelphia area, which presently has the highest premiums in the U.S.A. At one point, surgical malpractice in Philly was about $24,000, if a doctor had 2 or 3 past cases against him/her, it could go as high as $40,000 or up, though it has dropped slightly.
There are many variables, so you must check your state.
With a "claims made" policy, it is initially less expensive, but the day you stop paying is the day the insurance ends. So any event that took place earlier is no longer covered unless you purchase a "tail" coverage, which can then add up. Many companies will automatically give you a tail if you've been with them for over 5 years, but it depends. Most claims made start off cheap and then gradually escalate, whereas occurrence policies generally start off more expensive and stay the same.
I have always had occurrene policies, though they are getting harder to obtain.
I practice in the Philadelphia area, which presently has the highest premiums in the U.S.A. At one point, surgical malpractice in Philly was about $24,000, if a doctor had 2 or 3 past cases against him/her, it could go as high as $40,000 or up, though it has dropped slightly.
There are many variables, so you must check your state.
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Malpractice for a first year residency graduate in Arizona (with full surgical coverage) is about $8,000 (through PICA). The insurance does go up the longer you are in practice (more patients to be responsible for). One of our attendings that has been in practice in AZ for over 20 yrs is paying close to $24,000 per year.
