Rates for physician malpractice insurance don’t vary much depending on where you practice within the state. Most major insurance companies classify Tennessee as a single territory, which means your specialty’s base rate does not vary depending on your practice address. You still may want multiple quotes to get an accurate view of the marketplace. 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 15-30% reduction from these rates:
|
Specialty
|
Average Rate
|
|---|---|
|
Anesthesiology
|
$11,100
|
|
Internal Medicine
|
$8,200
|
|
Family Practice
|
$8,100
|
|
Dermatology
|
$4,500
|
|
Cardiology
|
$9,000
|
|
General Surgeon
|
$33,900
|
|
OB/GYN
|
$43,500
|
|
Orthopedic Surgeon
|
$27,000
|
|
Urologist
|
$9,000
|
|
Ophthalmic Surgeon
|
$11,100
|
Limits of Liability: The most common limits of liability in Tennessee are $1 million per claim with an annual aggregate cap of $3 million. Some providers will offer lower limits but this is very uncommon in the state of Tennessee.
Most hospitals require a physician to carry malpractice insurance prior to granting admitting privileges. Some of the hospital systems requiring this include, but are not limited to:, CHI Memorial Hospital in Chattanooga, Baptist Memorial Hospital in Memphis, and TriStar Skyline Medical Center in Nashville.
Tennessee has a relatively favorable climate for tort law, ranking number 34 in the Institute for Legal Reform’s 2019 report, Ranking the States: A Survey of the Fairness and Reasonableness of State Liability Systems. Additionally, according to data from the National Practitioner Databank (NPDB), the Volunteer State had fewer paid claims than the national average, with only 0.53 claims per 100 physicians, compared to the U.S. average of 0.97 per 100 physicians. All this helps make the Tennessee medical malpractice marketplace a good one for physicians.
Specializing in malpractice insurance, tail coverage, and long term care insurance for physicians.
