Policyholder Services

What should I consider in deciding the limits I should carry?

To help you determine which limits are most appropriate for your practice, OMIC account representatives can provide you with statistics regarding the limits of liability carried by most insureds, OMIC’s average indemnity payment, OMIC’s highest indemnity payment, and your state’s risk relativity in relation to other states.

The most commonly carried professional liability limit is $1,000,000 per claim/$3,000,000 aggregate, but OMIC offers an array of limits, from $500,000 per claim/$1,500,000 aggregate to $5,000,000 per claim/$10,000,000 aggregate.

Lower limits of $100,000/$300,000, $200,000/$600,000, and $500,000/$1,000,000 are available to physicians who participate in their state’s patient compensation or excess liability funds (Louisiana, South Carolina, and  Nebraska, respectively).

You may generally request an increase or decrease in your limits of liability at any time during the policy period.  All requests for limit changes are subject to underwriting review and approval.

Updated 10/28/2021