Is medical malpractice insurance required in Ohio?

In Ohio, medical malpractice insurance is required for all medical professionals and healthcare organizations. This type of insurance protects medical practitioners against lawsuits related to medical errors, negligence, or mistakes. By purchasing medical malpractice insurance, medical professionals have the security and peace of mind to focus on providing patients with the best possible care. Furthermore, this type of insurance plays an important role in incentivizing providers to be careful and provide high-quality care. Overall, medical malpractice insurance is essential for ensuring that the highest standards of medical practice are always upheld in Ohio.

How to buy malpractice insurance in Ohio

Buying medical malpractice insurance in Ohio can seem like a daunting task, especially if you are unfamiliar with the process or the terminology. However, when it comes to protecting yourself as a medical professional, medical malpractice insurance is one of the most important investments you can make. This type of insurance protects you if a patient ever files a lawsuit against you alleging medical negligence or wrongdoing.

The best way to ensure you get the best coverage for your needs is to work with a reputable malpractice insurance broker in Ohio who understands the intricacies of the current marketplace, will learn key details about you, and can generate multiple quotes so you can choose the best match. Your broker will walk you through the lengthy insurance application and underwriting process. 

If you’re ready to get started today, get medical malpractice insurance quotes from every major Ohio malpractice insurance company.

Typically, the malpractice insurance purchasing process goes like this:

1. Submit your information for your free medical malpractice insurance quote from every major insurance company in Ohio.
2. One of our veteran malpractice insurance agents who specializes in the Ohio market will contact you to learn more about your specific needs.
3. We shop your coverage to every major insurance company in Ohio.
4. We present you with a number of insurance quotes and give you the information necessary to make an educated and informed decision. Don’t worry. We’re here every step of the way, helping you get the best price with the best company.
5. At renewal time, we restart the process of shopping your coverage among every major carrier to keep your policy properly priced.

How to save money on your malpractice insurance

One of the most effective ways to save on malpractice insurance is to shop around and compare rates from different insurers. This is where working with an experienced malpractice insurance broker with a great reputation can make all the difference. 

Different insurance companies often offer very different rates, so it’s worth taking the time to work with someone who knows how to shop around and find the right policy at a cost that meets your needs and fits within your budget.

• The easiest way to save money on your medical malpractice insurance policy is by working with a broker who has the access to generate quotes from every major insurance company, offering an accurate view of the marketplace. As one of the top brokers in Ohio, we can guide you through the application and underwriting process so you’re confident you secured the best price with the right insurer for your situation.
• The most common limits in Ohio are $1 million/$3 million. Limits of liability play a major role in determining the overall cost of your policy. Some companies will offer lower limits to save you money. We don’t recommend this. We want your risks fully indemnified so you never have to pay an award out of pocket. Let us save you money by shopping your coverage rather than skimp on protection.
• Check out our 7 secrets your medical malpractice insurance agent won’t tell you page to get insider information on buying coverage in Ohio.

How much does medical malpractice insurance cost in Ohio

Rates in Ohio vary greatly depending on where you practice. For example, an OB/Gyn in Cleveland (Cuyahoga County) could see an annual malpractice premium of $51,500. That same OB/Gyn could move their medical practice to Columbus (Franklin County) and see their malpractice premium drop to $23,400. This is one of the many reasons it’s important to work with an insurance agency that specializes in medical malpractice insurance. Below are mature, base rates with no credits or discounts. We typically get our clients a 30-50% reduction from these rates:

Brief History and other important facts of medical malpractice insurance in Ohio

According to the Institute for Legal Reform (ILR), an affiliate of the U.S. Chamber of Commerce, Ohio has a relatively fair and reasonable state liability system, coming in at 35 in the ILR’s 2019 Lawsuit Climate Survey. In recent years, the number of malpractice payments reported to the National Practitioner Data Bank (NPDB) has also fallen sharply, from 546 in 2004 to only 175 in 2014.

Tort Reform in Ohio

Ohio has gone through many attempts to reform its medical malpractice system. Several times, reform legislation was overturned on the basis of constitutionality. However, in 2003, Ohio was finally able to pass significant medical malpractice reforms, which are still in effect. These reforms limited noneconomic damages to $350,000, with provisions to raise the cap to $1,000,000, depending on the severity of injuries and the number of plaintiffs in the suit.

Resources for Ohio Physicians

The Ohio State Medical Association
Medical Malpractice Insurance Guide
Ohio Department of Insurance
Ohio Hospital Association
State Medical Board of Ohio
Ohio Osteopathic Association
Ohio Medical Group Management Association
Ohio Medicaid
All MD Ohio Healthcare Defense Attorney Listing