Jeffrey Wade
Medical malpractice insurance is a type of professional liability insurance that protects doctors and other healthcare professionals from legal claims arising from alleged medical malpractice. It covers the costs of defending against such claims, as well as any damages that may be awarded to the claimant. In the United States, there are several companies that offer medical malpractice insurance to doctors, including The Doctors Company, Admiral Insurance Company, ISMIE, MagMutual, ProAssurance Group, Evanston Insurance Company, and Professional Solutions Insurance Company (PSIC). These companies provide essential financial protection to healthcare professionals, allowing them to focus on providing quality care to their patients without the constant fear of litigation.
| Characteristics | Values |
|---|---|
| Name | The Doctors Company |
| Type | Mutual company |
| Founding date | 1970s |
| Founding place | California |
| Mission | To advance, protect, and reward the practice of good medicine |
| Rating | A (Excellent) by AM Best |
| Loyalty program | The Tribute Plan |
| Number of members | Over 82,000 |
| Assets | Over $4.5 Billion |
| Area served | California, Florida, Virginia, New York, and dozens of other states |
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What You'll Learn
Physician-owned malpractice insurance
One of the largest and most well-known physician-owned malpractice insurance companies is The Doctors Company, which was founded during the California medical malpractice insurance crisis of the 1970s. The Doctors Company is rated "A" Excellent by AM Best and serves over 90,000 physicians and surgeons nationwide. They offer a loyalty program called The Tribute Plan, which has paid out over $150 million in rewards to doctors. The Doctors Company is known for its mission to “advance, protect, and reward the practice of good medicine".
Another notable physician-owned malpractice insurance carrier is ISMIE, based in Chicago, IL. ISMIE was founded during the professional liability insurance crisis in 1976 and has since dominated the Illinois medical liability market. With over $1.4 billion in assets, ISMIE provides malpractice protection to doctors, hospital systems, and healthcare facilities across the United States.
When choosing a physician-owned malpractice insurance company, it is important to consider factors such as the carrier's AM Best rating, financial stability, and the specific coverage and benefits offered. Shopping for malpractice insurance on your own can be challenging, so many physicians choose to work with a specialized malpractice insurance broker like MEDPLI, which can help doctors find the best coverage for their needs.
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Malpractice insurance brokers
Medical malpractice insurance is a necessity for doctors and healthcare professionals to protect their finances and careers. In the United States, there are several reputable companies that offer medical malpractice insurance, with The Doctors Company being the largest physician-owned malpractice insurance carrier. This company was founded during the California medical malpractice insurance crisis of the 1970s and is on a mission to advance, protect, and reward the practice of good medicine.
When it comes to choosing a malpractice insurance provider, it is beneficial to work with a reputable broker who can help you secure the best coverage at the most competitive rate. A good malpractice insurance broker will have relationships with multiple insurance carriers and be able to generate various quotes tailored to your specific needs. For example, in New York, a unique and expensive malpractice insurance market, Cunningham Group assigns a veteran medical malpractice insurance broker to help physicians navigate their options and make the right decision. This broker will guide the client through the lengthy application and underwriting process and will even assist in securing the most competitive pricing at renewal time.
Another example of a reputable malpractice insurance broker is MEDPLI, which assists clients in securing top-notch liability insurance at competitive rates from premier medical malpractice insurance providers. They also offer a loyalty program called The Tribute Plan, which has paid over $150 million in rewards to doctors.
It is important to note that in the medical malpractice insurance industry, agent commissions are typically built into the premium, so there is usually no additional cost for using a broker's services. Brokers can help streamline the process of purchasing malpractice insurance and ensure that healthcare professionals are adequately protected from financial risk.
In addition to brokers, there are also mutual companies like SVMIC, where each member has a say in how resources are utilized and how the group's best interests are protected. This model provides ongoing education and a sense of collective security for its members.
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Medical malpractice insurance carriers
The Doctors Company
The Doctors Company is the nation's largest physician-owned medical malpractice insurer, with a mission to "advance, protect, and reward the practice of good medicine." It was founded during the California medical malpractice insurance crisis of the 1970s and now operates in most states. The Doctors Company offers a loyalty program called The Tribute Plan and provides risk management resources to help healthcare professionals improve patient care.
MedPro Group
MedPro Group, owned by Berkshire Hathaway, is a prominent name in the industry. It is the marketing name for the insurance operations of The Medical Protective Company, which has been insuring the healthcare community since 1899. MedPro Group has acquired several malpractice insurance carriers over the years, including New York's largest carrier, MLMIC, in 2018.
Admiral Insurance Company
Admiral Insurance Company is a member of the W.R. Berkley Corporation and has been operating since 1974. Admiral provides medical malpractice insurance to physicians and medical practices on a non-admitted basis in most states. It caters to doctors with unique risk profiles that fall outside the guidelines of admitted carriers.
ISMIE
ISMIE is a physician-led medical malpractice insurance carrier based in Chicago, Illinois. Founded during the professional liability insurance crisis in 1976, ISMIE has over $1.4 billion in assets and provides malpractice protection in all 50 states, DC, and the US Virgin Islands.
MagMutual
MagMutual, based in Atlanta, is the leading malpractice insurance carrier in Georgia, covering more than 40,000 physicians and healthcare organizations nationwide. It has subsidiaries such as Professional Security Insurance Company and MagMutual RRG, which cater to New York doctors.
Evanston Insurance Company
Evanston Insurance Company, a member of the Markel Corporation, provides medical malpractice insurance to physicians and medical practices on a non-admitted basis. Evanston, like Admiral, serves doctors whose risk profiles fall outside the guidelines of admitted carriers.
Professional Solutions Insurance Company (PSIC)
PSIC has been protecting healthcare professionals since 1946 and offers competitive rates and strong coverage to doctors in Illinois, Iowa, and other Midwestern states.
In addition to the above carriers, independent brokers like MEDPLI can assist healthcare providers in finding the best liability insurance options from top carriers, tailored to their specific needs.
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Malpractice insurance premium discounts
Medical malpractice insurance is a necessity for doctors, but it can be expensive. Fortunately, there are ways to save money on premiums. Here are some ways doctors can get discounts on their medical malpractice insurance premiums:
Shop Around
Insurance carriers often sell similar policies at different rates. Shopping around and comparing rates from trusted carriers can help doctors find the best price. Working with an agent can also be beneficial, as they can help navigate the insurance market to find cost-saving bundles.
Choose a Higher Deductible
Policies with higher deductibles typically have lower premiums. However, it is important to ensure that the deductible is still affordable. The deductible must be paid in full before collecting on a claim.
Pay the Annual Premium
Insurers often offer a discount when the full annual premium is paid at once, rather than in monthly instalments.
Continuous Coverage
Maintaining continuous coverage is important. Starting and stopping coverage can be a red flag for insurers, potentially leading to higher costs in the long run.
Specialty Fellowship Discounts
Doctors who have completed a specialty fellowship program may be eligible for significant discounts on their introductory malpractice insurance premium rates. This reflects the reduced risk of malpractice lawsuits associated with specialty fellowship training.
Part-Time Work Discounts
Many insurance carriers offer discounts to doctors who work part-time. The discount amount typically depends on the number of hours worked, with those working fewer hours receiving larger discounts.
Online Risk Management Programs
Completing online risk management programs can lead to discounts on premiums. These programs provide guidelines to improve patient safety and minimise the risk of malpractice incidents, resulting in lower premiums.
State Regulations
State regulations can impact malpractice insurance premiums. Some states have tort reform laws that limit damages from malpractice lawsuits, reducing costs. Generally, states with lower wages, living expenses, and healthcare costs also have lower insurance premiums.
Professional Associations
Membership in professional medical associations can offer lower premiums through their endorsed insurance companies. These associations may also provide discounts with specific medical malpractice insurance carriers.
New Doctor Discounts
Some insurance carriers offer discounted rates for new doctors, such as a 50% reduction in the first year of practice and 25% in the second year. This reflects the lower risk of malpractice lawsuits for new doctors.
By taking advantage of these discount opportunities, doctors can save significantly on their medical malpractice insurance premiums. Working with a specialised insurance broker, such as MEDPLI, can also help identify the best rates and carriers to fit an individual's needs and specialty.
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Medical malpractice insurance agents
Independent brokers like MEDPLI, founded by Max Schloemann in 2017, help doctors get the coverage they need from the top medical malpractice insurance companies. They seek "A" Rated carriers, low rates, and individualized service. Similarly, Gallagher Healthcare, the largest broker for physicians in the nation, helps their clients review and evaluate the various insurance options to ensure they have the information needed to make the best buying decision for their business. They also ensure their clients are receiving the best price and are aware of every available discount.
Some insurance companies, like The Doctors Company, also offer their own expert patient safety and risk management resources to help healthcare professionals and practices reduce risk and improve patient care. The Doctors Company is the nation's largest physician-owned medical malpractice insurer and is on a mission to advance, protect, and reward the practice of good medicine. It is rated "A" Excellent by AM Best and offers its members a loyalty program called The Tribute Plan.
Other top-rated medical malpractice insurance providers include Admiral Insurance Company, Evanston Insurance Company, MagMutual, and ProAssurance Group.
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Frequently asked questions
Medical malpractice insurance is a type of insurance that protects healthcare professionals and organisations from liability claims arising from injuries caused by medical incidents.
The Doctors Company is the nation's largest physician-owned medical malpractice insurance carrier. It was founded during the California medical malpractice insurance crisis of the 1970s and is rated "A" Excellent by AM Best. The company's mission is to advance, protect, and reward the practice of good medicine.
Some alternatives include MedPro Group, ISMIE, Admiral Insurance Company, Evanston Insurance Company, and MagMutual.
Choosing the right insurance provider can be a daunting task. It is recommended to work with a specialised malpractice insurance broker, such as MEDPLI, to help find the best liability insurance from the top medical malpractice insurance companies.
