Which Malpractice Insurance Is Best in 2024?
Malpractice insurance is a crucial safeguard for professionals in various fields, especially in the healthcare industry, where unforeseen circumstances and legal issues can arise. This article aims to provide a comprehensive guide on “Which Malpractice Insurance Is Best?” to help individuals make informed decisions about their insurance needs.
Contents
What is medical malpractice insurance?
Medical malpractice insurance is a type of professional liability insurance that covers healthcare professionals against claims of injury and medical negligence. Medical malpractice insurance policies are often carried out by physicians, nurses, physical therapists, and other medical professionals as a way to be protected from certain liability claims and damages. Sometimes referred to as Med Mal or medical liability insurance, medical malpractice coverage can also protect a lawyer if a case goes to court.
We partner with Berxi, part of Berkshire Hathaway Specialty Insurance, to provide affordable medical malpractice coverage. Our same-day coverage, 24/7 online access, and specialized team make it easy for healthcare professionals to get the protection they need. Get your fast and free medical malpractice insurance quote today.
Medical Malpractice Insurance Cost
So many factors (specialty, state, coverage type, and insurer claim limits) need to be considered when it comes to determining your malpractice insurance cost, we cannot say for sure what it will cost.
- But what we can do is provide some averages and examples to give you a range of what you can expect to pay.
- Basic medical malpractice insurance costs range from $4-12,000 per year, depending on their specialty and area of expertise.
- Figure around $8,000 per year on average.
- Surgeons on the other hand can pay $30-50,000 per year.
- obstetricians tend to pay the highest rates of all. For example, an OB/GYN in New York pays over $200,000 per year.
Medical Malpractice Insurance Types
There are 2 types of medical malpractice insurance policies:
- Claims-Made Policy
- Occurrence-Made Policy
First, claims-made policies provide you with coverage only if the claim was filed and the incident occurred within the effective dates of the policy. These policies tend to be cheaper than occurrence-made policies. But, you always run the risk that a claim may occur after your policy has expired.
Note that some claims-made policies will allow you to purchase tail coverage. It’s expensive, but it can give you added protection by extending the policy, which is typically 5-10 years after the policy ends. Many medical professionals choose to purchase tail coverage when they change insurance policies, accept a new position, or even retire.
Second, occurrence-made policies would cover you if the event happened at any time during the effective dates of the policy. Therefore, a claim made any time after the policy has ended would be covered. This type of malpractice insurance policy would be the most expensive.
Medical Malpractice Insurance
Also known as professional liability insurance, medical malpractice insurance protects physicians against malpractice claims and lawsuits against them.
You could be forced to pay out of pocket for any damages without it.
While malpractice insurance is not required in most states, it’s highly recommended for the following:
- Physicians
- Surgeons
- Anesthesiologists
- Nurses
- Physical Therapists
- Chiropractors
- Dentists
Medical Malpractice Insurance Companies
Without further ado here are the top 10 medical malpractice insurance companies you should consider:
Berkshire Hathaway Group
Tops the list of malpractice medical insurance companies due to their far-sighted investments and financial strength. What makes it even more reliable is that it now owns Medical Protective Company.
The Doctors Company
The Doctors Company was founded in the 1970s during the infamous California medical malpractice insurance crisis. The ongoing issues at the time gave the company a clearly defined mission: Good medicine practice should be protected, advanced, and rewarded.
ProAssurance Corporation
ProAssurance Corporation has a history of having one of the highest financial strengths among healthcare providers in the business. Based in Birmingham, AL, it has several policies that can be utilized by doctors and surgeons of various specialties.
CNA Insurance Group
CNA Insurance Company is another prominent malpractice insurance company in the country for medical professionals of all specialties. However, a major factor to take into consideration is the Nurses Service Organization’s policies
Coverys
What sets Coverys apart from the rest is that it consists of a group of carriers, which include ProMutual Group Inc., Medical Professional Mutual Insurance Company, ProSelect Insurance Company, and Healthcare Underwriters Group, Inc., among others.
MagMutual
Despite being based in Atlanta, MagMutual Insurance Company covers over 30,000 physicians and healthcare organizations throughout the country. It is widely considered to be one of the best insurance carriers in the country.
MCIC Vermont
One of the most crucial aspects of a strong insurance company is how they create and implement their policies in the near and far future. With four decades worth of experience, MCIC Vermont hasn’t just created but constantly worked to improve.
Liberty Mutual Group
Rated the 6th largest insurer globally due to various policies in 2020, Liberty Mutual Group isn’t just one of the best medical malpractice insurance in the country but the whole world as well. It covers over 29 countries and economies in the world.
Chubb Group
Operating in 54 countries worldwide, Chubb is the largest publicly traded P&C insurance company in the world. Its coverage includes civil liability claims that arise from an act, omission, or error in the provision of healthcare services.
MMIC Insurance
MMIC Insurance offers insurance coverage as well as patient safety solutions. It is a part of Constellation Insurance Companies and operates mainly in Arkansas Mutual, Midwest, and surrounding areas. If you practice in one of these localities.
FAQs About Which Malpractice Insurance Is Best
What are the two types of malpractice insurance?
The two basic types of malpractice insurance are “claims-made” and “occurrence-made.” “Claims-made” insurance protects you from malpractice claims only if the company that insured you at the time of the alleged “occurrence” is the same company at the time the claim is filed in court.
What doctors pay the highest malpractice insurance?
Any physician doing invasive surgery will pay higher medical malpractice insurance rates than physicians performing no surgery. For the same reasons OB/GYNs pay more, surgeons pay higher rates too.
What is malpractice insurance also called?
Malpractice insurance is another name for professional liability insurance for legal or medical professionals. No matter what it’s called, professional liability policies offer coverage if you make a mistake in your professional service.
What is $1 million $3 million malpractice?
The first number ($1 million) is the amount of money your policy will pay for each claim. The second number ($3 million) is the total amount your policy will cover you for each policy year.
Conclusion
Determining the best malpractice insurance hinges on your profession, individual needs, and diligent research. By carefully evaluating coverage options, considering cost, and selecting a reputable provider, you can make an informed choice. Safeguarding your career and financial stability through the right malpractice insurance is a crucial step for professionals in various fields, ensuring peace of mind in the face of potential claims.
