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May 9, 2024 · Learn what medical malpractice insurance is, how it protects health care professionals from liability claims, and how the market has changed over time. Find out about the types of policies, the factors affecting premiums, and the closed claims reporting guidelines.
- Overview
- The 7 Best Malpractice Insurance Companies of 2024
- Final Verdict
- What Is Malpractice Insurance?
- What Are the Types of Malpractice Insurance?
- What Is the Average Premium for Malpractice Insurance?
- Why Is Malpractice Coverage So Extremely Expensive Today?
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Claims of negligence and wrongdoing are common for licensed professionals. Even when you do everything according to proper procedure, defending yourself against claims can cost thousands of dollars, so professional liability insurance—also known as malpractice insurance—is a necessity to protect yourself. Malpractice insurance protects you if a client accuses you of wrongdoing while providing a service and sues you for damages.
To determine the best malpractice insurance companies, we researched 17 well-known insurers serving licensed professionals in various industries. We evaluated companies based on available coverage, cost, optional discounts, AM Best financial strength ratings, and reputation.
Proliability is one of the few companies that serves multiple industries and offers both low-cost options and higher tiers of coverage. With decades of experience and an excellent reputation, you can also qualify for discounts to further lower your premium and make your insurance policy more affordable. This company does malpractice insurance and nothing else; they're our top choice for multiple industries.
Available for a wide range of industries
Premium discounts if you’re a member of professional associations
Coverage limits can go up to $5 million
Other business policies aren’t available
Available nationwide, Proliability has been serving clients since 1949. It provides professional liability insurance to a wide range of industries, including healthcare workers and business professionals. Whether you’re a physician, dentist, pharmacist, therapist, or lawyer, you can get coverage through Proliability for your business. It offers group protection as well as individual coverage, so you can get coverage for legal entities, ancillary professionals, and other employees. Proliability is our overall choice because they can represent the most classes at competitive pricing.
All of the malpractice insurance companies that made our list are reputable, have strong financial ratings, and have different types of policies. Some are best for doctors or dentists, and others are ideal for lawyers. Some have high coverage limits and others offer multiple different policy types covering more than one industry. Overall, we recomm...
Malpractice insurance, also known as professional liability insurance, protects licensed professionals from liabilities associated with wrongful practices resulting in injuries or damages. It also helps them with the cost of defending themselves in lawsuits that are related to those claims.
In most states, physicians are required by law to have malpractice insurance. However, it’s useful for other medical professionals like dentists, pharmacists, and nurses to obtain protection.
A claims-made policy will only provide you with coverage if the policy is in effect when the incident took place and when the lawsuit is filed. Claims-made policies are cheaper than occurrence policies, but there’s the risk that you won’t have coverage if a lawsuit occurs after your policy expires.
Unlike claims-made policies, occurrence policies cover you for claims if the event took place during any period of coverage, even if the claim is made after the policy lapsed. Occurrence policies are more expensive than claims-made policies.
When it comes to malpractice insurance, your premium is dependent on where you live, your industry, the amount of coverage you want, whether you opt for claims-made or occurrence insurance, and your claims history.
For example, the average premium for an obstetrician/gynecologist in California for a $1 million/$3 million policy was $49,804 per year in 2018. But in New York, that number jumped to $214,999.
In the past year, malpractice insurance premiums have increased for many professionals, especially internists, surgeons, and OB-GYNs.
Costs are rising because physicians and other professionals are facing many lawsuits and need to defend every claim. Each one of those cases can be costly, even when the professional followed every standard and professional protocol.
To choose the best malpractice insurance companies, we researched 17 well-known insurers serving licensed professionals in various industries. We evaluated each company based on the coverage it offered, cost, optional discounts, and its AM Best rating. An important factor in determining a company’s inclusion was its AM Best rating; any company with...
Compare 17 insurers serving licensed professionals in various industries based on coverage, cost, discounts, ratings, and reputation. Find the best malpractice insurance for your needs and budget.
Jul 14, 2021 · Learn how medical malpractice insurance protects healthcare professionals from lawsuits related to professional errors. Find out who needs it, what it covers, how much it costs, and how to get it from an independent insurance agent.
GEICO offers medical malpractice insurance policies to protect healthcare and fitness professionals from claims of negligence and malpractice. Learn about the coverage options, costs, and benefits of Berxi, part of Berkshire Hathaway Specialty Insurance.
- How can I learn more about medical malpractice insurance?Visit our medical malpractice insurance info page to learn more about how medical malpractice insurance can help you.
- Where can I manage my medical malpractice policy?It's easy to manage your policy with Berxi. Please see Berxi's contact info, for help to make a payment, file a claim, and more.
- Do you offer other business insurance coverage?We offer a wide range of business insurance products that could help protect you and your business. To help narrow down what you need, you can visi...
HPSO offers malpractice insurance for individual practitioners, businesses, practices, students, and schools. Get a quote, renew your policy, or access helpful resources and member reviews.
Oct 25, 2022 · Learn what medical malpractice insurance is, who needs it, and how much it costs for different health care professionals. Compare claims-made and occurrence-based policies, and see examples of exclusions and coverage limits.
Aug 2, 2021 · Learn how to protect yourself and your practice from medical malpractice lawsuits with doctor's liability insurance. Find out what it covers, what it costs, and how to get quotes from leading insurers.
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related to: malpractice insuranceGet Nursing Insurance in minutes & save an average of 20%. Learn more at Berxi.com. We've made it easier than ever to get coverage. Save an average of 20% today with Berxi!
biberk.com has been visited by 100K+ users in the past month
We Pride Ourselves in Being Business Insurance Geeks. Talk to Our Trusted Experts. Get a Legal Malpractice Insurance Policy Customized to Your Business Needs Today.
We Ensure You Get the Right Policy at the Right Price to Save 40% or More. Get A Quote! Save $1,000s By Comparing All Major Carriers in Your State. Get A Free Quote!
