Malpractice Insurance In Oklahoma
If it seems like there are more malpractice claims being filed each year, that’s probably because there are.
A paper by the Queensborough Community College at the City University of New York reported that up to 20,000 medical malpractice lawsuits are filed every year in the U.S. alone. And, Oklahoma also ranks first in the nation for medical negligence claims per capita, according to data from the U.S. Department of Health and Human Resources.
For Oklahoma physicians, this makes professional liability insurance essential. Even the most careful doctors can make mistakes, costing patients and hospitals millions of dollars. To protect yourself, you need to know about Oklahoma tort reform and how to get affordable malpractice coverage you can trust.
About Oklahoma Tort Reform
Tort reform laws were passed in Oklahoma in 2009, ending a long history of litigation abuse in the Sooner state. These laws make it harder for patients to file frivolous lawsuits and for courts to over-award damages in cases that are successful.
Now, juries can’t award more than $350,000 in noneconomic damages in a medical malpractice lawsuit for things like pain and suffering. A few exceptions apply if the plaintiff:
- Lost a limb or lost the use of a limb
- Was permanently disfigured
- Lost or suffered substantial impairment to an organ
- Sustained major damage to a bodily system
- Became permanently disabled and can no longer care for themselves
There’s also no cap for economic damages, or for claims where the defendant’s actions were egregiously negligent or willfully malicious.
Oklahoma Malpractice Insurance Requirements & Liability Limits
Most hospitals and doctor’s offices in Oklahoma require the physicians who work for them to have medical malpractice insurance. Most doctors carry liability limits of $1 million per covered incident, up to $3 million during the policy period.
You may want to choose an insurance carrier that's backed by the state guarantee fund. This means a covered claim will still get paid, even if the carrier doesn’t have the funds. However, there are many other options like RRG and Surplus lines that offer good coverage so long as you select the right company. A broker can help you find which options have a proven record.
Types Of Malpractice Coverage
There are generally four types of medical malpractice insurance coverage:
- Occurrence coverage. Occurrence coverage pays for claims made for incidents that happened while your insurance policy was active.
- Claims-made coverage. This type of coverage only pays for claims brought while you’re carrying the policy, regardless of when the incident itself took place.
- Nose insurance. Nose coverage pays for claims for incidents that occurred prior to obtaining the policy, usually only back to a specific date.
- Tail insurance. Tail coverage pays for claims for incidents that happen after the insurance expires but before new coverage is purchased.
Cost Of Medical Professional Liability Insurance In Oklahoma
The rates for medical malpractice insurance vary depending on many factors. Doctors with higher-risk jobs usually pay more for insurance than physicians who have less responsibility.
Pediatricians only pay around $10,000 per year for malpractice insurance in Oklahoma, but emergency room doctors can pay double or triple that figure.
Doctors in the fields of psychiatry and occupational medicine doctors cost the least to insure. These physicians pay around $8,000 per year for malpractice coverage. OBGYN surgeons have the highest rates, paying upwards of $60,000.
How much you pay also depends on your professional history. If you have past malpractice claims against you, your insurance premiums will be higher.
You may even have difficulty finding coverage at all since many carriers are hesitant to insure doctors with a history of lawsuits against them. An insurance broker can help you find companies who are willing to offer you coverage at competitive rates.
Top Professional Liability Insurance Companies In Oklahoma
The following are some of the most trusted medical malpractice and professional liability insurance companies in Oklahoma:
- ALTOR National Liability Insurance
- Applied Medico-Legal Solutions Risk Retention Group, Inc.
- CM&F Group
- Columbia Casualty Company
- COPIC Insurance Company
- Doctors Company Insurance Group
- Kinsale Insurance Company
- Liberty Surplus Insurance Corporation
- MAG Mutual Insurance Company
- Medical Protective Company
- MMIC Risk Retention Group, Inc.
- ProAssurance Indemnity Company, Inc.
- StarStone Specialty Insurance Company
- TDC Specialty Insurance Company
- Tokio Marine HCC
Should You Use An Insurance Broker?
Finding the right medical malpractice coverage can be tough. Busy doctors don’t have a lot of time to go over the fine details of an insurance policy to make sure they’re getting the best coverage at the best rates.
By working with an insurance broker, you can apply once and get quotes from multiple companies with policies you know will fit your needs. As your liability changes throughout your career, a broker can make sure you have the right coverage at the right time.
Our Process
MedmalAdvisors Insurance Group is a specialized medical malpractice insurance broker providing coverage throughout the United States. We have access to the top malpractice insurance carriers in the area and can negotiate the lowest rates based on your specialty and professional history.
Our team will:
- Help you understand the different insurance options available on the market
- Provide superior customer service at every touchpoint
- Help you choose the best coverage for your individual needs
- Continue looking for quality coverage at even lower rates
- Evaluate your risk and help you find ways to reduce it and your costs
- Explain complicated policy language and fine print
We can make finding the right malpractice insurance easier by doing the hard work for you. Call now to learn more at [Phone].
Frequently Asked Questions About Medical Malpractice Insurance In Oklahoma
Do doctors have to have professional liability insurance in Oklahoma?
Doctors in Oklahoma don’t have to carry medical malpractice insurance. However, it’s strongly recommended that physicians do. If you don’t have insurance and a patient sues you, the settlement will come out of your personal assets if they win.
What’s the statute of limitations for medical malpractice in Oklahoma?
In Oklahoma, medical malpractice claims must be filed within 2 years of the date the alleged injuries are discovered.
What are the most common medical malpractice claims in Oklahoma?
The most common medical malpractice claims that are filed in Oklahoma are for birth injuries, surgical errors, prescription drug errors, delayed diagnosis, and failure to treat.
Claim Data
The National Practitioner Databank (NPDB) is a repository of medical malpractice claim information for healthcare providers in the United States. Following is a summary of data where we can observe the number of malpractice payments, adverse actions, and other disciplinary actions taken against healthcare professionals.
| Year | Payment Count | Total Payments | Average Payment | Max Payment | Over 500K Count | Over 1M Count | Over 5M Count |
|---|---|---|---|---|---|---|---|
| 1995 | 99 | $22,754,500 | $229,843 | $1,650,000 | 13 | 6 | 0 |
| 1996 | 100 | $30,386,500 | $303,865 | $3,250,000 | 14 | 7 | 0 |
| 1997 | 74 | $19,756,500 | $266,980 | $2,350,000 | 7 | 4 | 0 |
| 1998 | 88 | $21,265,000 | $241,648 | $1,450,000 | 11 | 4 | 0 |
| 1999 | 82 | $26,867,250 | $327,649 | $4,950,000 | 16 | 5 | 0 |
| 2000 | 112 | $28,865,750 | $257,730 | $1,850,000 | 19 | 4 | 0 |
| 2001 | 144 | $32,343,000 | $224,604 | $4,950,000 | 17 | 5 | 0 |
| 2002 | 130 | $34,506,000 | $265,431 | $3,450,000 | 18 | 6 | 0 |
| 2003 | 153 | $55,060,500 | $359,873 | $3,950,000 | 26 | 9 | 0 |
| 2004 | 176 | $49,424,000 | $280,818 | $6,450,000 | 25 | 5 | 1 |
| 2005 | 203 | $58,117,750 | $286,294 | $5,950,000 | 24 | 9 | 2 |
| 2006 | 147 | $34,236,500 | $232,901 | $1,550,000 | 18 | 2 | 0 |
| 2007 | 180 | $49,867,250 | $277,040 | $1,950,000 | 23 | 5 | 0 |
| 2008 | 158 | $42,413,750 | $268,441 | $1,950,000 | 23 | 1 | 0 |
| 2009 | 173 | $40,449,750 | $233,814 | $1,950,000 | 17 | 4 | 0 |
| 2010 | 133 | $43,162,000 | $324,526 | $1,750,000 | 26 | 3 | 0 |
| 2011 | 132 | $39,306,250 | $297,775 | $2,350,000 | 22 | 2 | 0 |
| 2012 | 112 | $26,306,300 | $234,878 | $995,000 | 12 | 0 | 0 |
| 2013 | 151 | $44,873,000 | $297,172 | $4,350,000 | 24 | 3 | 0 |
| 2014 | 142 | $35,206,250 | $247,931 | $2,750,000 | 15 | 2 | 0 |
| 2015 | 117 | $29,357,500 | $250,919 | $1,150,000 | 15 | 1 | 0 |
| 2016 | 105 | $37,290,750 | $355,150 | $2,750,000 | 19 | 3 | 0 |
| 2017 | 126 | $32,541,750 | $258,268 | $2,250,000 | 14 | 1 | 0 |
| 2018 | 129 | $31,970,750 | $247,835 | $1,250,000 | 17 | 1 | 0 |
| 2019 | 146 | $62,818,500 | $430,264 | $15,500,000 | 33 | 4 | 1 |
| 2020 | 161 | $38,931,500 | $241,811 | $7,450,000 | 13 | 2 | 1 |
| 2021 | 117 | $35,269,000 | $301,444 | $1,750,000 | 25 | 3 | 0 |
| 2022 | 125 | $35,577,250 | $284,618 | $1,750,000 | 22 | 1 | 0 |
| 2023 | 132 | $49,607,000 | $375,811 | $2,550,000 | 28 | 4 | 0 |
The average payment per claim has increased steadily over the years, from $197,192 in 1995 to $411,752 in 2019. This could be due to the increasing cost of healthcare and the rising cost of defending against medical malpractice claims.