Health care professionals buy liability insurance coverage for themselves if they are not covered under a broader policy usually provided by a hospital, health facility, government, or state employment. Individual or group malpractice insurance premium information can be obtained from commercial companies or a physician-owned mutual company. One outstanding company working in Colorado is Doctors' Insurance Agency. They are committed to providing the most comprehensive coverage with outstanding customer service for your individual or group needs. When discussing your policy needs, several things are taken into account before an affordable policy is put together.
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Most states require health care professionals to purchase some form of liability insurance. Malpractice insurance rates vary according to the specialty of the physician and the geographic location. Even in states that do not require insurance, doctors usually are required to get it to have privileges in a hospital. Some physicians choose to go without any insurance and this called going bare. Liability premiums are based on the provider's degree of risk, but experience is not widely used to predict the cost of the insurance.
Often malpractice insurance premium costs are decided by balancing four steps of criteria. The first is the expected payout for providers in a particular risk group. The second is based on the uncertainty of the estimate. The third is the anticipated expense of administrative costs and future investment income. Lastly, the profitability rate being sought. All of this information is combined with current market analysis, past losses and expenses and other information to help arrive at an affordable rate.
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Doctors' Insurance Agency is your source for the best insurance coverage in the region. We strive to maintain cost-effective rates by being fully knowledgeable about market conditions, state regulations, and government legislation, so that we can offer you the best policy for your practice. With over 24 years of experience in the liability insurance industry, we provide expert consultation with each policy. Let us reduce your malpractice insurance rates with our affordable prices and reliable solutions for coverage.