Hello, I was wondering if anyone could give me advice regarding how much malpractice insurance to buy. I am in my last year of residency (PM&R) and will be a 1099 independent contractor for a private rehab hospital starting in July. Currently, i've paid off all my student debt and have about 150k in assets but I anticipate that number rising once I start working. My dilemma is how much malpractice insurance should I purchase (250/750k, 500/1.5mil, or 1mil/3/mil policies)? The best quotes I was given came from The Doctors Company and are as follows...
250k/750k
1st year 2,472, 2nd year 4,238, 3rd year 5,650, 4th year 6,498, after 7,063 with discounts based on claim free years
500k/1.5mil
1st year 3,390, 2nd year 5,811, 3rd year 7,748, 4th year 8,910, after 9,685 with discounts based on claim free years
1mil/3mil
1st year 4,134, 2nd year 7,087, 3rd year 9,449, 4th year 10,866, after 11,811 with discounts based on claim free years
I have gotten mixed advice from people as some told me to purchase the 250k/750k malpractice insurance because it makes it less likely people will go after me in the event of a lawsuit while others have told me to make sure I am insured for at least the amount of assets that I have in non-asset protected accounts. Any advice would be appreciated!
250k/750k
1st year 2,472, 2nd year 4,238, 3rd year 5,650, 4th year 6,498, after 7,063 with discounts based on claim free years
500k/1.5mil
1st year 3,390, 2nd year 5,811, 3rd year 7,748, 4th year 8,910, after 9,685 with discounts based on claim free years
1mil/3mil
1st year 4,134, 2nd year 7,087, 3rd year 9,449, 4th year 10,866, after 11,811 with discounts based on claim free years
I have gotten mixed advice from people as some told me to purchase the 250k/750k malpractice insurance because it makes it less likely people will go after me in the event of a lawsuit while others have told me to make sure I am insured for at least the amount of assets that I have in non-asset protected accounts. Any advice would be appreciated!
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