Imagine surgeons are like very skilled mechanics who work on people’s bodies. They do super important jobs, but sometimes, even the best mechanics can make a mistake, or something unexpected happens.

What is “Malpractice Insurance” and Why Do Surgeons Need It?

• It’s like a safety shield for surgeons. If someone says a surgeon made a mistake (like a wrong diagnosis or something went wrong during surgery), this insurance helps them.
• It pays for lawyers who defend the surgeon.
• It helps pay any money that might be needed if a court decides the surgeon has to pay for a mistake.
• Why is it needed? Surgeons get sued a lot! About 59 out of every 100 general surgeons will face a lawsuit in their career. Some types of surgeons, like those who operate on brains or bones, are even more likely to be sued.
• This insurance lets surgeons focus on helping people without constantly worrying about being sued.

Is It Expensive?

• Yes, it can be quite expensive, sometimes from $30,000 to over $100,000 each year. But it’s super important for them.

Who Offers This Insurance?

Some of the top companies that offer this special insurance are:

• The Doctors Company: This company is actually owned by doctors themselves! They cover many doctors and surgeons. They even give rewards to loyal doctors and help them avoid problems.
• MedPro Group: This company is very strong financially and offers different kinds of plans. They are good for surgeons who do very risky operations and help them learn how to avoid problems.
• ProAssurance: This company offers special plans for surgeons and helps them manage risks. They even give discounts if a surgeon hasn’t had any lawsuits.
• Coverys: This company focuses on keeping patients safe and teaching surgeons how to do their jobs without problems.
• Physicians Insurance: They offer good prices and courses that can help surgeons lower their insurance costs.

What Makes the Cost Go Up or Down?

• What kind of surgery they do: If a surgeon does very risky operations, like on the brain, their insurance will cost a lot more (sometimes over $200,000 a year!). For example, bone surgeons might pay less, around $30,000-$40,000.
• Where they work: Prices are higher in places like New York and Florida because more people sue there. In other states like California, it might be cheaper because there are rules about how much money someone can get from a lawsuit.
• Their history: If a surgeon has been sued before, their insurance will be much more expensive.
• The type of plan:
  • “Claims-made” plans are cheaper at first, but if a patient sues after the insurance plan ends, the surgeon needs to buy extra coverage called “tail coverage”.
  • “Occurrence” plans are more expensive, but they cover any mistake that happened while the plan was active, even if the lawsuit comes much later.

How Can Surgeons Pay Less for Insurance?

• Work with an “insurance broker”: This is like having a helper (like MEDPLI) who knows all the different insurance companies and can find the best deal, saving surgeons money.
• Take special courses: Many insurance companies give discounts if surgeons take classes that teach them how to avoid mistakes and lawsuits.
• Join a group plan: If several surgeons buy insurance together, it can be cheaper than buying it alone.
• Have a higher “deductible”: This means the surgeon pays a bit more money themselves if there’s a claim, but their yearly insurance cost goes down.
• Be careful and communicate well: By doing their best work and talking clearly with patients, surgeons can avoid lawsuits, which keeps their insurance costs low.

Why Surgeons CANNOT Skip This Insurance

• Even if the law in a state doesn’t say they have to have it, hospitals usually demand it for surgeons to be able to work there.
• One lawsuit can cost millions of dollars and ruin a surgeon’s career and their personal money. For example, in New York, there’s no limit to how much money a lawsuit can cost.
• Having this insurance gives surgeons financial protection and peace of mind. It lets them do their important work without constant worry.