Jeffrey Wade
Medical malpractice insurance is a form of protection for medical professionals in the event that a patient files a claim of negligence against them. Medical malpractice insurance covers the costs of litigation and other common effects of malpractice claims. When shopping for the best malpractice insurance, it is important to consider enlisting the help of a reputable broker to ensure you get the best coverage at the fairest prices. AM Best ratings are a great tool for comparing medical malpractice insurance agencies and their financial strength.
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What You'll Learn
Occurrence vs. Claims-Made Policies
There are two basic types of medical malpractice insurance: "claims-made" and "occurrence". Claims-made policies are the most common type of insurance offered to young physicians entering a new practice. Claims-made insurance provides coverage only for incidents that occurred and were reported while the policyholder is insured with that carrier. Thus, both the incident and the filing of the claim must happen while the policy is in effect. If a claims-made policy is dropped, the policyholder is not covered for any suits filed later unless they pay for "tail coverage", an extended reporting endorsement that is often three times the amount of an annual premium. Alternatively, "nose coverage", or prior acts coverage, can be purchased from a new insurance carrier.
Occurrence policies provide lifetime coverage for incidents that occurred while the policy was in effect, regardless of when the claim is filed. For example, if an occurrence-type policy is in effect for the calendar year 2007, and a patient files a claim in 2010 for an incident that happened during 2007, the policy covers the claim, even if the policyholder no longer has insurance with that carrier. Occurrence policies are more expensive than claims-made policies for the first several years of coverage because the potential for claims increases as policy years accumulate.
It is important to recognize the type of insurance that is being offered to ensure adequate protection. If claims-made insurance is offered as an employment benefit, additional insurance coverage will be necessary if the policyholder ever leaves the practice and acquires a new insurance carrier. This is because the policyholder remains liable for malpractice acts performed when part of the previous medical group.
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Choosing the Right Insurer
Picking the right insurer is crucial to your peace of mind as a medical professional. Shopping for the best malpractice insurance on your own can be daunting and confusing, leading to hours of wasted time and uncertainty about which carrier is the best option. Your practice may also change over time, making a different carrier a better fit than the year before.
To ensure you're getting the best coverage at the fairest prices, you can enlist the help of a reputable malpractice broker like MEDPLI, which can help you find the best liability insurance from the top medical malpractice insurance companies. Brokers can help you seek "A" Rated carriers, low rates, and individualized service.
AM Best ratings can also be a great tool for comparing medical malpractice insurance agencies. For example, MedPro Group, a Berkshire Hathaway company, has the highest A.M. Best Rating of "Superior" (A++), proving their good standing. The Doctors Company, a physician-owned malpractice insurer, is rated "A" Excellent by AM Best. Other companies with "A" Excellent ratings include MagMutual Insurance Company, ProAssurance Group, Evanston Insurance Company, and Professional Solutions Insurance Company (PSIC).
When choosing an insurer, it is also important to understand the difference between occurrence and claims-made policies. Occurrence policies protect medical providers for the entire term of the policy, even if a malpractice claim occurs during the policy term but is reported after the policy ends. On the other hand, claims-made policies only cover events that occur and are claimed during the policy term. To protect against claims made outside the policy term, some insurers offer a "tail policy".
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Top-Rated Lenders
When it comes to medical malpractice insurance, AM Best ratings are a great tool for comparing insurance agencies. However, working with a reputable broker can ensure you get the best coverage at the right price.
One of the top-rated medical malpractice insurance companies is The Doctors Company, which is the largest physician-owned malpractice insurance carrier. It was founded during the California medical malpractice insurance crisis of the 1970s and has a clear mission: to advance, protect, and reward the practice of good medicine. The Doctors Company is rated "A" Excellent by AM Best and offers its members a loyalty program called The Tribute Plan. It has over 80,000 members and more than $4.5 billion in assets.
Another top-rated company is MedPro Group, which is owned by Berkshire Hathaway. MedPro Group has been around since 1899 and is the national leader in customized insurance, claims, and patient safety and risk solutions for physicians, surgeons, dentists, and other healthcare professionals. MedPro Group has more than 300,000 clients and over $2 billion in annual premium. AM Best has affirmed the superior rating of A++ for MedPro Group.
MagMutual Insurance Company is another top malpractice insurance carrier, dominating in Georgia and covering more than 40,000 physicians and healthcare organizations nationwide. AM Best has rated MagMutual Insurance Company as A (Excellent).
The Cooperative of American Physicians Mutual Protection Trust (CAP MPT) is also rated A+ (Superior) by AM Best. CAP MPT insures more than 12,000 California physicians and surgeons.
Other top-rated companies include the ProAssurance Group, which is based in Birmingham, Alabama and has been one of the financially strongest companies in the business for a long time. AM Best has affirmed its rating as A (Excellent).
Additionally, the Medical Mutual Liability Insurance Society of Maryland is also rated A (Excellent) by AM Best. Its mission is to "provide quality, professional liability insurance to Maryland Physicians."
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Malpractice Insurance vs. General Liability Insurance
Medical malpractice insurance and general liability insurance are two different types of insurance policies that cover different types of claims. While the former is meant for healthcare professionals, the latter is often the first coverage purchased by small business owners.
Medical Malpractice Insurance
Medical malpractice insurance, also known as professional liability insurance, is a type of insurance that covers medical professionals from claims of carelessness or improper conduct. It is designed to cover higher claim costs arising from medical claims against doctors, nurses, dentists, and other medical professionals. It covers legal fees and settlement costs if a patient sues for causing them pain, suffering, or mental anguish, as well as misdiagnosis or incorrect medication. Most medical malpractice policies are claims-made policies, which means they only cover incidents and claims that occur while the policy is active. An occurrence-based policy, which covers losses during the policy period even if the policy is no longer active when the claim is filed, is also offered by some insurance companies but is less common due to its higher cost.
General Liability Insurance
General liability insurance, on the other hand, is a type of insurance that covers common business risks such as accidental customer injuries, customer property damage, and advertising injuries. It protects businesses from errors or mistakes within their business practices. For example, if a patient or visitor accidentally trips and gets injured in your office, it would be covered by your general liability policy.
AM Best Ratings
AM Best ratings are a great tool for comparing medical malpractice insurance agencies. The Doctors Company, the largest physician-owned malpractice insurance carrier, is rated "A" Excellent by AM Best. MedPro Group, owned by Berkshire Hathaway, is rated "A++ (Superior)" by AM Best. The Cooperative of American Physicians Mutual Protection Trust (CAP MPT) and ProAssurance Group are also rated "A (Excellent)" by AM Best.
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How to Get the Best Coverage
Picking the right medical malpractice insurance policy is paramount for peace of mind as a medical professional. Shopping for the best malpractice insurance on your own can be daunting and confusing, and your practice needs may change over time, making a different carrier a better fit than the year prior.
To get the best coverage, it is advisable to enlist the help of a reputable malpractice broker to ensure you are getting the best coverage at the fairest prices. A good broker will help you find "A" Rated carriers, low rates, and individualized service.
For instance, MEDPLI, an independent malpractice broker, can help you find the best liability insurance from the top medical malpractice insurance companies. They can be reached via email or phone.
Another top-rated malpractice insurance carrier is The Doctors Company, which is the largest physician-owned malpractice insurance carrier, with over 80,000 members and more than $6 billion in assets. They are endorsed by respected medical professionals and organizations, and their malpractice policies include features that protect physicians and medical groups from common effects of malpractice claims, like litigation and cyber attacks. The Doctors Company is rated “A” Excellent by AM Best.
MedPro Group is another highly-rated malpractice insurance carrier, with the highest A.M. Best Rating of superior (A++). They have been in the business since
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Frequently asked questions
AM Best ratings are a great tool for comparing medical malpractice insurance agencies. They can help you find the best coverage at the fairest prices.
Occurrence policies protect medical providers for the entire term of the policy. Claims-made policies only cover events that occur and are claimed during your policy term.
Medical malpractice insurance protects medical professionals in case a patient files a claim of negligence against them. Medical professionals that should consider enrolling in a policy include doctors, nurses, dentists, therapists, and even veterinarians.
Some companies with high AM Best ratings include MedPro Group, The Doctors Company, MagMutual Insurance Company, and Professional Solutions Insurance Company (PSIC).
