Top 25 Medical Malpractice Insurance Companies for Doctors in 2024

A reputable malpractice broker such as MEDPLI can assist you in securing top-notch liability insurance at a competitive rate from premier medical malpractice insurance providers. Discover more about the leading carriers in 2024, their ratings, and guidance on selecting the optimal insurer tailored to your specific needs.

Table of Contents

• Medpli’s Choice for the Top 20 Medical Malpractice Insurance Companies for Doctors
• How to Choose the Best Medical Malpractice Insurance Carrier
• Find the Best Medical Malpractice Insurance For Your Needs

1. The Doctors Company (TDC)
AM Best Rating: A (Excellent)

• Largest physician-owned malpractice insurance carrier
• Offers its members a loyalty program called The Tribute Plan which has paid over $150 Million in rewards to doctors
• 89,000 members strong

The Doctors Company is the largest physician-owned malpractice insurance carrier, founded during the California medical malpractice insurance crisis of the 1970s. The company’s mission is clear: To advance, protect, and reward the practice of good medicine.

The Doctors Company is a great choice for doctors in most states. TDC Group acquired a major malpractice insurance carrier in New York, Hospital Insurance Company (HIC) as well as FOJP, in 2019. TD Group boasts over 89,000 members and over $6.9 Billion in assets. TDC is the leading medical malpractice insurance carrier in California, Florida, Oregon, and Virginia, and ranks highly in dozens of states.

2. MedPro Group
AM Best Rating: A++ (Superior)

• A Berkshire Hathaway Company
• 90% national trial win rate; 80% of claims closed without payment
• Over half a million claims handled since 1899

MedPro Group is owned by Berkshire Hathaway, notorious for financial strength and prudent investing. The Medical Protective Company is the oldest and largest malpractice insurance carrier, insuring the healthcare community since 1899. Berkshire Hathaway/MedPro acquired Medical Liability Mutual Insurance Company (MLMIC), New York’s largest carrier, in 2018. MedPro Group has acquired other malpractice insurance carriers over the last decade: Princeton Insurance Company (NJ) in 2012, and PLICO (OK) in 2015. Additional subsidiaries and affiliates of the Fort Wayne, IN-based carrier are MedPro Risk Retention Group (MedPro RRG) and National Fire and Marine Insurance Company (NF&M).

MedPro is the leading medical malpractice insurance carrier in Texas, New York, Ohio, Pennsylvania, New Jersey, Indiana, Kentucky, and other states.

3. Coverys
AM Best Rating: A (Excellent)

• 45+ years of experience defending doctors
• Nearly $4 Billion in Assets

Coverys is a group of carriers including ProSelect Insurance Company, ProMutual Group Inc., Preferred Professional Insurance Company, Medical Professional Mutual Insurance Company, Healthcare Underwriters Group, Inc., Coverys Specialty Insurance Company, and Coverys, RRG, Inc.

Coverys is the leading medical malpractice insurance carrier in Michigan, New Hampshire, North Dakota, and Rhode Island, and writes medical professional liability insurance in most states.

4. Admiral Insurance Company
AM Best Rating: A+ (Superior)

• In operation for 50+ years
• Helps medical with unique risk profiles

Admiral Insurance Company is a member of W.R. Berkley Corporation and has been in operation since 1974. Admiral provides medical malpractice insurance to physicians and medical practices on a non-admitted basis in most states. Admiral helps doctors whose unique risk profile – due to claims or other factors – are outside of underwriting guidelines for admitted carriers. Admiral was named 5-Star Professional Liability winner for excellence in Professional Liability underwriting by Insurance Business America in 2023.

5. ISMIE Group
AM Best Rating: A- (Excellent)

• Flexible coverage solutions in all 50 states
• Incomparable claims services
• Winning defense teams
• Personalized risk management

ISMIE is a physician-led medical malpractice insurance carrier based in Chicago, IL. Doctors founded ISMIE during the professional liability insurance crisis in 1976 and has dominated the Illinois medical liability market for over 40 years. With more than $1.4 Billion in assets, ISMIE provides malpractice protection to doctors, hospital systems, and healthcare facilities in all 50 states, DC, and the US Virgin Islands and holds a trial win rate of 92%, making it a compelling option for physicians.

6. MagMutual Insurance Company
AM Best Rating: A (Excellent)

• 10% reduction in medical malpractice losses
• Owned and led by their Policy Owners
• $400M+ in financial rewards returned to our PolicyOwners since inception

Magmutual, based in Atlanta, is the top malpractice insurance carrier in Georgia and covers more than 40,000 physicians and healthcare organizations nationwide. Subsidiaries include Professional Security Insurance Company and MagMutual RRG for New York Doctors.

7. ProAssurance Group
AM Best Rating: A (Excellent)

ProAssurance Group, based in Birmingham, AL, has a long record of being among the business’s most financially strong healthcare liability providers. In 2020, ProAssurance announced it would acquire Norcal Mutual Insurance Company. NORCAL was previously a top-ten malpractice insurance carrier before the merger, with a rich history in CA and a national footprint with its acquisitions of Medicus and PMSLIC.

ProAssurance insures doctors and surgeons of all specialties has developed a program specifically for Ob-Gyns: Ob-Gyn Risk Alliance. ProAssurance Corporation holds approximately $5.7 Billion in assets.

8. Applied Medico-legal Solutions RRG (AMS)
AM Best Rating: A- (Excellent)

• In operation since 2003
• Deep claims and underwriting knowledge

AMS RRG, Inc is currently registered in all 50 states plus DC to deliver malpractice insurance solutions to doctors in nearly all specialties. During the past 20 years, AMS RRG has grown to over $85 Million in written premiums for Medical Professional Liability Insurance.

9. COPIC Group
AM Best Rating: A (Excellent)

• 21,000+ physicians
• 300+ medical facilities and hospitals

COPIC is the leading carrier for medical malpractice insurance in the state of Colorado. COPIC writes admitted malpractice coverage in 12 states, and its COPIC RRG coverage is available in nearly all states across the country. Since 1981, COPIC has grown to serve more than 21,000 physicians and more than 300+ medical facilities and hospitals. COPIC was founded by doctors, for doctors.

10. Hudson Insurance Group
AM Best Rating: A+ (Superior)

• In operation for over 100 years
• Broad risk appetite
• Financially secure

Hudson Insurance Group furnishes medical malpractice insurance underwritten on a non-admitted claims-made basis. HIG maintains an aggressive claim defense philosophy and believes in settling indefensible cases quickly and proactively fighting defensible cases.

11. Aspen Specialty
AM Best Rating: A (Excellent)

• Surplus lines insurance carrier
• Based in North Dakota

Aspen supports clients through two primary business segments: insurance and reinsurance. By leveraging third-party capital through Aspen Capital Markets, Aspen maintains operational leverage and reported $7.7 Billion in gross loss reserves in 2022.

12. Core Specialty
AM Best Rating: A- (Excellent)

• Considers all physician specialties
• Policy limits up to $5,000,000
• Prohibited states: NY, NE, KS, RI, LA, WI

Core Specialty provides specialized healthcare liability products on a direct or reinsurance basis. Non-admitted capabilities are available through a partnership with StarStone Specialty Insurance Company.

PRMS/Fair American Insurance and Reinsurance Co (FAIRCO)
AM Best Rating: A++ (Superior)

• Specialized insurance for Psychiatrists
• Coverage includes telepsychiatry and forensic services

PRMS/FAIRCO offers occurrence and claims-made coverage for psychiatric individual and group practices. Additional services include risk management resources with in-house claims and litigation experts.

14. Liberty Mutual Group
AM Best Rating: A (Excellent)

• Founded in 1912
• Operates in 27 countries

Liberty Mutual Group boasts more than $325 Million in written premiums for medical professional liability insurance and ranks 86th on the Fortune 100 list of largest U.S. corporations. Liberty Mutual provides dedicated claims teams and risk mitigation learning resources for healthcare clients.

15. Great American Insurance Group
AM Best Rating: A+ (Superior)

• Founded in 1872
• Specialized carrier

Great American Insurance Group provides non-admitted property and casualty products. Serving the wholesale brokerage market, Great American offers customized coverage and caters to a broad range of target risk profiles.

16. Texas Medical Liability Trust (TMLT)
AM Best Rating: A (Excellent)

• Servicing 37,000 healthcare professionals in 49 states

Texas Medical Liability Trust (TMLT) has been a major malpractice insurer in Texas since 1979, covering more than 20,0000 policyholders. While TMLT only provides coverage in Texas, Lone Star Alliance RRG provides flexible coverage to physicians and surgeons across the country. Lone Star Alliance RRG is affiliated with TMLT and is reinsured by Texas Medical Insurance Company (TMIC). Together, these companies protect and serve over 37,000 healthcare professionals in 49 states.

17. Evanston Insurance Company
AM Best Rating: A (Excellent)

Evanston Insurance Company is a member of the Markel Corporation, providing medical malpractice insurance to physicians and medical practices on a non-admitted basis. Evanston helps doctors whose unique risk profile – due to claims or other factors – are outside of underwriting guidelines for admitted carriers. Evanston provides coverage for individual doctors, clinics, and other groups in most states.

18. Professional Solutions Insurance Company (PSIC)
AM Best Rating: A (Excellent)

• True consent-to-settle benefit
• Over 75 years of experience in providing malpractice insurance to healthcare professionals

Professional Solutions Insurance Company (PSIC) has been protecting healthcare professionals since 1946. Based in Clive, IA, PSIC offers competitive rates and strong coverage to doctors in Illinois, Iowa, and other states in the Midwest.

19. Medical Mutual Liability Insurance Society of Maryland
AM Best Rating: A (Excellent)

Medical Mutual Liability Insurance Society of Maryland’s mission is “To provide quality, professional liability insurance to Maryland Physicians.” Medical Mutual of Maryland has been serving Maryland doctors and surgeons since 1975.

20. Physicians Insurance
AM Best Rating: A- (Excellent)

Physicians Insurance a Mutual Company, based in Seattle, WA, and the largest malpractice insurance carrier in Washington, was founded in 1981 by the Washington State Medical Association. Physicians Insurance now serves more than 8,500 members in Alaska, Idaho, Oregon, Washington, and Wyoming. Physicians Insurance operates MedChoice RRG to serve doctors, groups, and hospitals nationwide.

21. Curi
AM Best Rating: A (Excellent)

• A holistic approach and benefit-driven solutions
• Accessible to 46 states (see if you qualify)

Curi is the new name for Medical Mutual Insurance Company of North Carolina, founded in 1975. Curi primarily writes in North Carolina as well as 45 other states. Curi Holdings merged with Constellation Insurance Companies in October 2023. Constellation Insurance Companies is comprised of MMIC in the Midwest, UMIA in the Mountain States, and Arkansas Mutual. Combined, the Curi/Constellation group now serves more than 50,000 physicians, healthcare providers, and organizations across the country.

22. State Volunteer Mutual Insurance Company (SVMIC)
AM Best Rating: A (Excellent)

• In operation for over 40 years
• Range of limit options

State Volunteer Mutual Insurance Company (SVMIC) was founded in 1975 by a group of Tennessee physicians. SVMIC now provides medical malpractice insurance to nearly 20,000 doctors in Tennessee, Arkansas, Virginia, Kentucky, Alabama, Mississippi, Georgia, and Oklahoma.

23. Mutual Insurance Company of Arizona (MICA)
AM Best Rating: A (Excellent)

• Financial strength & stability
• High touch service
• Assertive defense claims

MICA (Mutual Insurance Company of Arizona) is the largest malpractice insurance carrier in Arizona and also provides coverage to physicians and surgeons in Colorado, Nevada, and Utah. MICA was founded in 1976 and is a member of the Medical Professional Liability Association.

24. EmPRO formerly known as PRI
AM Best Rating: Not Rated

• Individually customized policies
• Covers over 40 specialties
• Coverage for clinical rotations

Physicians Reciprocal Insurers (PRI) is the third-largest admitted medical professional liability insurer in the state of New York, serving New York physicians for more than 35 years. In 2020, PRI announced its policyholders will be transitioning to EmPRO Insurance Company in 2021. As of the September 2020 announcement, the carrier was not AM Best rated, but EmPRO’s surplus is over $100 Million.

25. Cooperative of American Physicians Mutual Protection Trust (CAP MPT)
AM Best Rating: A+ (Superior)

• Physician-founded in 1975

CAP MPT insures more than 12,000 California physicians and surgeons. Most doctors insured by CAP MPT are covered by a claims-paid policy form, which is different from the claims-made form doctors receive from other carriers.

When choosing coverage, and depending on your state, you may have access to multiple top medical malpractice insurance providers. Take your time to carefully weigh your options by keeping these factors in mind.

1. Review AM Best Ratings
AM Best is an international agency with operations spanning over 100 countries, making it the largest credit agency in the world. Through quantitative and qualitative data points, AM Best comprehensively evaluates and grades carriers annually for consumers and investors by considering the following criteria:

• • Insurer’s philosophy
  • Management practices
  • Operational structure
  • Financial Stability
  • Projected Success

While many doctors prioritize factors like coverage limits, features, and price when seeking a new policy, AM Best evaluates the strength and reliability of an insurance company. Utilizing credible sources such as public filings, year-end financial statements, and regulatory reports, AM Best provides an opinion-based rating and overview of the industry’s carriers for consumers.

This AM Best Rating System:

• • Increases credibility and trust for carriers
  • Builds knowledge and transparency for consumers
  • Develops awareness of financial stability
  • Highlights future strength projections

2. Consider Financial Strength
As a buyer of malpractice insurance, it’s crucial to be aware of your prospective carrier’s financial strength. If they can’t cover a claim due to financial instability, it could pose significant issues for you.

3. Look at Coverage Features and Pricing
Once you have identified several strong carriers as potential options, you may consider the coverage features and price as important factors. Price is easy to evaluate once you have the quotes, but understanding the “guts” of the policy can be difficult.

Some crucial policy features to prioritize include defense costs, coverage trigger, and consent to settle.

• • Defense costs
    Defense costs in addition to the limits of liability are preferred. Otherwise, the high expenses of legal fees for defense attorneys can deplete your coverage limit.
  • Consider an incident trigger rather than a demand trigger
    One of the most frequently ignored aspects of a malpractice insurance policy, yet crucial to note, is the coverage trigger. Seek a policy with an incident trigger, enabling you to report a claim when an incident happens. In contrast, a demand trigger necessitates a written demand for damages before you can report a claim.

Understand your consent to settle

• • A malpractice policy requiring your consent to settle empowers you to contest a meritless claim, even if settling is cheaper for the carrier. Without your consent, the carrier can settle as they deem fit, potentially leading to outcomes you don’t desire. Disagreements could result in the “hammer” clause, where you might pay the difference if a larger payout is made.

Though AM Best ratings can be a great tool for comparing medical malpractice insurance agencies, enlisting the help of a reputable malpractice broker can ensure you’re getting the best coverage at the fairest prices.

At MEDPLI, we help doctors get the coverage they need from the top medical malpractice insurance companies, seeking “A” Rated carriers, low rates, and individualized service. To speak with an informed and knowledgeable malpractice insurance broker who is looking out for your best interests, email us at info@medpli.com or call us at 800-969-1339.