While most of the country is experiencing a hard market, multiple events in the last 3 years have continued to lower medical malpractice premiums in Florida. Florida physicians have experienced lower rates or at least less rate increases due to an increase in carrier competition. The following changes in the Florida market have contributed to stabilizing rates for many physicians:
- CPP Insurance Company enters Florida
- Norcal Mutual is acquired by ProAssurance Insurance Company
- Doctors Direct Insurance Company enters Florida
- Physicians Insurance Company is acquired by Medical Mutual of North Carolina (CURI)
- Several Risk Retention Groups have been formed to help physicians obtain malpractice coverage
The standard limits of liability in Florida are $250,000 / $750,000. These limits help the physicians of Florida considering the standard limits in most states are $1,000,000/$3,000,000. Since the Florida market is very competitive, carriers file their rates and discounts with the state in a way that will allow maximum flexibility. The following discounts can be applied: claims free discounts, risk management discounts, board certification discounts and group discounts. Also, for a physician working less than 20 hours per week, a part-time discount of 50% can be applied.
Most specialties, including OB/GYN, Family Practice, General Surgery, Internal Medicine, Cardiology, Neurology, and Orthopedic Surgery have benefited from shopping their coverage and finding lower medical malpractice insurance premiums. Physicians and Surgeons can develop a more profitable business by lowering the cost of their medical malpractice insurance.
Physicians across Florida are choosing to place their trust in PLI Consultants for their medical malpractice insurance. Our promise is to deliver cost effective, high-quality coverage to physicians. Contact us today for your no-obligation quote and give us the opportunity to earn your business.
