Insurance Deductibles and Limits for Physician Malpractice Policies
- 6 days ago
- 2 min read
Physicians face significant financial risks from malpractice claims, making it essential to understand how deductibles and coverage limits work. Knowing how physician malpractice insurance policies are structured helps medical professionals balance affordability with adequate protection. While a personalised malpractice insurance quote provides exact pricing, understanding these key policy components helps you make informed decisions about your coverage.
Below is a clear breakdown of how deductibles and limits impact physician malpractice insurance policies.
1. What Is a Deductible in Malpractice Insurance?
A deductible is the amount a physician must pay out of pocket before insurance coverage begins. Policies may offer:
Low deductibles with higher premiums
High deductibles with lower premiums
Per-claim or annual aggregate deductibles
Choosing the right deductible depends on your financial tolerance and risk exposure.
2. Understanding Coverage Limits
Coverage limits define the maximum amount an insurer will pay for claims. Most malpractice policies include:
Per-occurrence limit: Maximum paid for a single claim
Aggregate limit: Maximum paid during a policy period
Higher limits provide stronger protection but typically increase premiums. Physicians should carefully evaluate their speciality risks when selecting limits.
3. How Speciality and Risk Level Affect Limits
Different medical specialities carry varying risk levels. For example:
Surgeons and OB/GYNs often require higher limits due to higher claim severity
General practitioners may choose moderate limits based on lower risk exposure
Selecting limits that reflect your speciality helps ensure adequate financial protection.
4. Balancing Cost and Protection
Choosing deductibles and limits involves balancing premium affordability with risk management. Physicians should consider:
Practice size and revenue
Claims history
State requirements and legal environment
Personal risk tolerance
Working with an experienced insurance advisor can help identify the right balance for your situation.
5. Policy Structure and Long-Term Planning
Some physicians choose higher limits to protect long-term assets, while others prioritise lower premiums with higher deductibles. Reviewing your policy annually ensures coverage keeps pace with changes in your practice.
Secure the Right Physician Malpractice Coverage Today
Understanding deductibles and limits is key to choosing the right malpractice policy. Wexford Insurance helps physicians evaluate risk exposure, compare carriers, and select coverage tailored to their speciality and practice size.
👉 Request your physician malpractice insurance quote from Wexford Insurance today to protect your career, finances, and peace of mind.
