Iowa Medical Malpractice Insurance
Iowa is considered a physician-friendly venue from a medical malpractice insurance premium point of view. Medical malpractice insurance premiums are generally more affordable in Iowa when compared to neighboring states.
As a physician in Iowa, you may face medical malpractice lawsuits during your career. If you are new to the state, you likely have questions about how this essential coverage works. At Arthur J. Gallagher & Co., we can offer the answers you're looking for. When you know about physician malpractice insurance in Iowa, you can protect your personal assets and professional reputation in the event of a lawsuit.
Iowa Medical Malpractice Insurance Fast Facts
Medical professionals tend to have questions about Iowa medical malpractice insurance requirements. Do you need to have medical malpractice insurance in the state? If so, how much coverage do you need? What is the average cost of malpractice insurance in Iowa? We can give broad answers to these frequently asked questions, though if you want answers tailored to your specific circumstances, you may want to consult with a Gallagher insurance professional.
1. Are You Required to Carry Malpractice Insurance in Iowa?
Many states do not require physicians to carry medical malpractice insurance, including Iowa. Though there are no minimum carrying requirements in the state, you may still want to obtain this coverage to protect your assets and reputation.
In certain situations, you may be required to obtain medical malpractice coverage. For example, many hospitals mandate that doctors with visiting privileges carry malpractice coverage. Additionally, your health insurance plan may require you to obtain this insurance to participate in coverage. If you go without this essential coverage, you will be going without protection. Facing a lawsuit without this coverage could lead to you paying a large sum of money.
2. How Much Malpractice Insurance Do I Need in Iowa?
The amount of coverage you need in Iowa depends on your location, specialty and workplace. A physician who provides more high-risk care, such as a surgeon, may need a greater amount of coverage than a physician who provides lower-risk care. You may also want to carry the minimum amount of coverage required by the facilities in which you want to work.
3. How Much Does Medical Malpractice Insurance Cost in Iowa?
Malpractice insurance rates in Iowa are based on your county, specialty, history of claims and policy type. The more coverage you obtain, the higher your rate will be, so a physician with a high-risk specialty will likely pay more than a physician with a low-risk specialty.
The type of policy may also impact Iowa malpractice insurance rates. If you choose a claims-made policy, for example, you may pay a lower rate than you would for an occurrence policy. If you add on coverage, such as tail or nose coverage, you may also pay more for medical malpractice insurance.
If you are wondering what the cost of medical malpractice insurance in Iowa may be for you, you may want to consult with an insurance expert who can give you a more specific quote.
Claims Trends and Analysis in Iowa
Iowa has experienced a steady decline in the number of paid claims in the past few decades and has historically paid, on average, less than the national average per closed claim. The total number of filed claims has also dropped. These trends have led to decreases in Iowa's average medical malpractice insurance premiums and some of the most competitive rates in the nation.
Statute of Limitations
In Iowa, the statute of limitations is two years after the date of an injury or after the date the patient became aware of their injury or should have become aware of their injury through reasonable diligence. However, there are some exceptions to this statute of limitations. For example, exceptions apply if the injury is due to a foreign object being left in the injured person's body or the injured person is a minor younger than age 8.
Malpractice incidents from the past can return as lawsuits against you. To avoid significant financial consequences, you may want to carry medical malpractice insurance.
Top Carriers in Iowa
In Iowa, the top carriers can change often as new insurers enter the market and established insurers merge. Navigating this frequently changing market can be difficult for a physician, which is why you may want to partner with us at Arthur J. Gallagher & Co. Our connections to carriers across the nation can allow you to obtain the best possible coverage.
Insurance Companies in Iowa
Since several insurers serve Iowa, you may struggle to find the right insurer for you. Most doctors are unable to obtain the best medical malpractice insurance rates without the assistance of an advisor like Gallagher. When you trust us as your partner, we can make the process of navigating your options easier.
Iowa Medical Malpractice Insurance Rates by Specialty
Medical malpractice insurance rates in Iowa vary greatly depending on your specialty, along with your location and claim history. If you offer high-risk care, you will likely pay a higher rate than a doctor in a lower-risk area. You can speak with an insurance expert at Gallagher for a more specific quote for malpractice insurance.
Why Partner With Gallagher in Iowa
By partnering with us at Gallagher, you will gain access to Iowa's largest provider of medical malpractice insurance. Since we have connections to the top carriers throughout the country, we can negotiate the best possible terms for you. If you would rather speak with a real expert than deal with a computer, Gallagher is the right advisor for you. You also won't need to pay us for finding the right insurance policy for you.
When you partner with us, we can identify the most favorable insurance terms for you. Negotiating terms on your own can be challenging when you don't have knowledge of the industry or connections. We are among the top Ethical Insurance Brokers in the country, and we are committed to helping our customers with all of their medical malpractice insurance needs.
Resource for Physicians in Iowa
Though you are not mandated to obtain medical malpractice insurance under Iowa state law, you may not be able to work in certain health care facilities without this coverage. At Gallagher, we have assisted countless physicians in finding the right coverage for them with the best terms possible, and we can do the same for you.
Iowa Medical Malpractice Insurance Rates By Specialty (Top 20)
Rates depend greatly on specialty. Physicians offering high-risk care, such as surgeons, have higher rates than doctors in lower-risk areas. Prices will vary, though, based on your claim history and location in addition to your specialty. Always talk to an insurance expert to get a more specific quote for your malpractice insurance.
Below are undiscounted state filed rate data averages across all territories for 1,000,000/3,000,000 limits.
|Specialty||Average Rate||Lowest Rate||Greatest Rate||Count|
|Family Practice No Surgery||$6,672||$4,429||$9,694||2,114|
|Internal Medicine No Surgery||$6,995||$5,212||$10,921||907|
|Pediatrics No Surgery||$6,118||$4,429||$7,657||465|
|Radiology - Diagnostic||$8,188||$6,151||$11,734||370|
|Obstetrics and Gynecology Major Surgery||$31,222||$21,623||$46,103||298|
|Orthopedic Surgery No Spine||$19,491||$13,926||$26,930||227|
|Ophthalmology No Surgery||$5,187||$3,250||$7,247||225|
|Cardiovascular Disease Minor Surgery||$10,141||$7,035||$14,999||174|
|Pathology No Surgery||$5,647||$4,429||$7,247||162|
|Neurology No Surgery||$8,287||$6,151||$10,573||156|
|Otorhinolaryngology Major Surgery||$13,067||$7,892||$17,563||142|
|Gastroenterology No Surgery||$7,728||$6,250||$12,958||121|
|Urology Minor Surgery||$9,949||$7,750||$12,958||110|
|Pulmonary Disease No Surgery||$7,875||$6,266||$11,734||107|
|Dermatology No Surgery||$4,634||$3,389||$7,247||97|
* Please note that the above rates are state filed rates. It is not uncommon for Gallagher Healthcare clients to receive up to 50% or more in discounts from state filed rates. Please Request a Quote to receive a custom premium indication.
Rate Range by Specialty
This chart compares the range of possible state filed medical malpractice premium rates by admitted markets and a few Gallagher Select markets broken out by the top 20 specialties in Iowa.
USA Ranking Map
The map below provides a visual display of the nation and compares what a typical primary care physician might pay compared to each individual state and county. This research is based on the average rate for a single specialty, the most common limits in that state, and the mature claims made premium. The darker the blue, the higher the average premium, see how Iowa compares to other states.
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