New to Practice Discount
What does New to Practice Discount mean?
New to practice discounts are premium credits for medical malpractice insurance which are offered to doctors who have just completed their fellowships or residency. The discounts offered vary by insurance company, and experts recommend that doctors shop around to find the best policy. Many insurance companies provide a no-obligation review of insurance quote requests so you can compare policy prices. For instance, according to CoverMD, "Most carriers give a 50% discount to new-to-practice doctors in the first year and a 25% discount off the second year's rate. New-to-practice discounts are generally only applicable for the first two years."
Keep in mind, medical liability insurance rates are not dictated by federal mandate or laws but are specified by the state, which means rates can vary substantially by state and are based on the level of litigation in each state and whether or not the state has passed significant tort reform. For instance, Texas and California have passed tort reform laws limiting a doctor's liability in some cases while New York and Illinois have high rates of litigation. In the states without tort reform the cost to purchase insurance will be much higher. Consider also, rates within the states can vary. For instance, large urban areas will have higher insurance rates than rural areas.
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