2. The Doctors Company is an insurance company with commendable financial strength.
According to their financial statements, The Doctors Company has over $6 Billion in assets. This means they have the financial strength to protect their clients not only now, but well into the future. In addition, their member surplus (the amount by which their assets exceed their liabilities) is $2.2 Billion, making them “the strongest of any national physician-owned medical liability carrier”.
Like any good insurance company, The Doctors Company strives for transparency. Members and non-members can read the company’s last two annual reports on their website.
3. The Doctors Company offers a wide range of comprehensive insurance solutions for a variety of medical professionals.
The Doctors Company provides medical malpractice insurance solutions for physicians, surgeons, groups, dentists, hospitals, health systems, and telehealth coverage. Policies are written on a claims- made basis, meaning the policy provides coverage based on when the claim is made, rather than when the incident occurs.
Unique features of the company include:
MediGuard – protection in the event of issues related to Medicare and Medicaid
CyberGuard – cyber liability, which covers losses and damages resulting from malicious or accidental patient data breaches
Tribute Plan – launched in 2007, members are eligible to receive a financial reward upon retirement (when they meet certain plan criteria).
Free Tail Coverage – in the event of permanent retirement, disability, or death, members that have 5 years of loyalty are eligible for free tail coverage
Whatever your malpractice insurance needs may be, The Doctors Company is worth considering as a preferred carrier.
4. The Doctors Company is member focused and doctor centered.
The company is a member-owned exchange focused on risk management and prevention. The Board of Governors is comprised of physicians, healthcare leaders, and distinguished executives. There are no outside stockholders, allowing the company to focus exclusively on benefits to its policyholders.
If a claim in filed against one of its members, The Doctors Company provides robust representation. They will generally cover legal expenses in addition to the limits of liability, and only settle a claim with the consent of the physician policyholder. Including a consent to settle clause in your insurance policy ensures that the insurance company will not damage a physician’s professional reputation to save the company money. Instead, they combine decades of exceptional medical, legal, and claims expertise plus access to the largest claims database to build the best defense for their members.
Finally, The Doctors Company has a history of meaningful involvement in tort reform, which can help control medical malpractice insurance premiums and keep medical professionals in practice.
5. The Doctors Company continues to expand.
The Doctors Company is devoted to improving the environment in which healthcare providers practice. In 2008 they created The Doctors Company Foundation, which supports patient safety research and education programs through charitable grants.
Members have access to a plethora of resources, including CMEs, online disclosure resources, health literacy tools, personalized risk management services, patient safety programs, and industry-leading programs that “help doctors and practices implement effective protocols, resulting in fewer allegations of malpractice”.
In addition, members can sign up for the weekly newsletter, The Doctors Practice. This e-newsletter features articles, videos, and guides on a range of patient safety topics.
6. The Doctors Company is endorsed by a wide variety of national and regional partners.
Partners include the American Academy of Otolaryngology, the American Association of Neurological Surgeons, The American College of Cardiology, the American College of Surgeons, the American Society of Plastic Surgeons, and the Society of Hospital Medicine.
7. The Doctors Company’s mission aligns with MEDPLI’s professional values.
The Doctors Company mission is “to advance, protect, and reward the practice of good medicine”. At MEDPLI, we help doctors and we’re proud of that. We are motivated by the success of our clients and the well-being of their patients. We believe that helping others helps us change the world for the better.
Of course, The Doctors Company is just one of dozens of leading carriers with A ratings from A.M. Best, and medical malpractice insurance isn’t one size fits all. That’s why its important to partner with an independent medical malpractice insurance broker like MEDPLI. We work for you to cut through the noise and find you the best professional liability insurance for your unique needs, and can save you up to 28% on your premiums. Get a fast quote or talk to our experienced staff directly at 1-800-969-1339.