It’s always a good idea to take a look over your malpractice insurance policy every year to make sure you are getting the best coverage for your dollar. This is particularly true for a state such as Missouri, which has gone through quite a few revisions of its medical malpractice damage caps in the past two decades. In fact, Missouri was in some ways a battleground state for modern tort reform. Around the turn of the century, the state (among others) was declared to be in a “medical malpractice crisis” by the American Medical Association due to its punishing liability climate.
Practicing medicine is still relatively expensive in Missouri, perhaps in no small measure due to the volatility of the laws regarding damage caps.
Things are better now in Missouri than they were back then. Missouri instituted caps on damages in 2005, which was widely lauded by healthcare providers and insurance carriers as a means to restore some semblance of financial stability to the struggling healthcare system. Unfortunately, the Missouri Supreme Court struck down those damage caps in 2012, and the system was once again in turmoil. However, in 2015, Senate Bill No. 239 was signed into law, which reinstated damage caps on all non-economic judgments, which brings us to where we are today.
Practicing medicine is still relatively expensive in Missouri, perhaps in no small measure due to the volatility of the laws regarding damage caps. On the plus side, medical malpractice insurers are now re-entering the Missouri marketplace, which should ultimately drive premiums lower. And while premiums should trend lower as the market stabilizes, Missouri’s medical community still faces many challenges. For instance, Missouri’s total payout amounts in 2015 were higher than any of its neighboring states with the exception of Illinois on a per capita basis, and total payouts saw a year end increase of 37.44% as compared to 2014. With this type of uncertainty in the state’s liability climate, some doctors may be overpaying for their coverage, or may be worried that their current policy provider is not evolving alongside this changing landscape. Now is the perfect time for any physician to reevaluate his or her insurance needs and secure the most cost-effective insurance policy.
At Doctor’s Direct Insurance, we cut our teeth operating in the highly litigious environment of Chicago’s Cook County, where premiums (and payouts) rank among the highest in the country. But we also insure doctors throughout the rest of the state, as well as neighboring states, many of which share a similar liability climate as Missouri. Perhaps our most valuable asset as a company has been our “by doctors, for doctors” approach. Our company was founded by doctors, and so we understand the need to evaluate each of our clients’ individual insurance needs, all of which vary from state to state, county to county, practice to practice, and policy to policy.
We have an extremely robust and talented team of underwriters, which allows us to tailor our policies specifically to a prospective client. In addition, we are selective in who we will insure, and not every applicant gets coverage with us. This rigorous selection process allows us to operate with sound risk-management protocols, which in turn allows us to have significantly lower rates than our competitors. Our clients also enjoy the security of our proven track-record and legacy of success, and we pride ourselves on our extremely high customer retention rate.
If you are considering making a move to another insurance company, or just want to see if you are getting the most cost-effective medical malpractice insurance for your specific needs, please take a moment to fill out our quick and easy online free quote or contact one of our representatives directly. Also, take a look at our FAQ which answers many questions about our underwriting process, our proven stability, our sound risk-management strategies, and exciting client incentives, and see how DDI can work for you.