Top 20 Medical Malpractice Insurance Companies for Doctors in 2021

An independent malpractice broker like MEDPLI can help you find the best liability insurance from the top medical malpractice insurance companies. Here are the leading carriers for 2021 with A.M. Best ratings, plus tips for how to choose the right insurer.

No.
Company
A.M. Best Rating
Category
1
The Doctors Company
A
Excellent
2
Medical Protective (MedPro Group)
A++
Superior
3
Coverys Group
A
Excellent
4
ProAssurance (acquired Norcal in 2020)
A
Excellent
5
Aspen American Insurance Company
A
Excellent
6
Curi (Medical Mutual of North Carolina)
A
Excellent
7
ISMIE Group
A-
Excellent
8
Constellation Insurance Companies
A
Excellent
9
Admiral Insurance Company
A+
Superior
10
Physicians Insurance – A Mutual Group
A-
Excellent
11
TMLT
A
Excellent
12
Professional Solutions Insurance Co
A
Excellent
13
MagMutual Insurance Company
A
Excellent
14
CAP MPT
A+
Excellent
15
Physicians’ Reciprocal Insurers (PRI)
N/A
N/A
16
Mutual Ins Co of Arizona (MICA)
A
Excellent
17
Evanston Insurance Company
A
Excellent
18
COPIC
A
Excellent
19
Medical Mutual of Maryland
A
Excellent
20
State Volunteer Mutual Ins Co.
A
Excellent

#1. 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 growing its membership to over 82,000 members and over $4.5 Billion in assets. The Doctors Company is rated “A” Excellent by AM Best, and offers its members a loyalty program called The Tribute Plan. TDC is the leading medical malpractice insurance carrier in California, Florida, Virginia, and ranks highly in dozens of states.

#2. MedPro Group is owned by Berkshire Hathaway, which is 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). AM Best rates the MedPro Group companies as “A++ (Superior).” MedPro is the leading medical malpractice insurance carrier in Texas, New York, Ohio, Pennsylvania, New Jersey, and other states.

#3. Coverys is 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, Rhode Island, and writes medical professional liability insurance in most states.

#4. ProAssurance Group ProAssurance Group, based in Birmingham, AL, has a long record of being among the most financially strong healthcare liability providers in the business. In 2020, ProAssurance announced it would acquire Norcal Mutual Insurance Company. NORCAL was previously a top-ten malpractice insurance carrier prior to the merger, with a rich history in CA and 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 $4.8 billion in assets and is rated “A” (Excellent) by A.M. Best.

#5. Aspen American Insurance Company, which is rated “A” (Excellent) by A.M. Best, is a great option for qualifying physicians – those with an excellent claims-history. By only insuring doctors with a near-perfect claims history, Aspen is able to offer great coverage at very competitive rates in Arizona, California, Connecticut, Florida, Georgia, Texas, Illinois, Pennsylvania, Maryland, Michigan, Ohio, South Carolina, and North Carolina. Many doctors will not qualify for coverage with Aspen, but those who do often save thousands with Aspen – particularly orthopedic surgeons, general surgeons, plastic surgeons, anesthesiologists, and primary care providers.

#6. Curi is the new name for Medical Mutual Insurance Company of North Carolina, which writes in North Carolina as well 45 other states. Curi insures more than 12,000 physicians and has an AM Best rating of “A” (Excellent) by AM Best.

#7. ISMIE is a physician-led medical malpractice insurance carrier based in Chicago, IL. ISMIE was founded by doctors 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. With a trial win rate of 92% and an AM Best rating of “A-” (Excellent), ISMIE is a compelling option for physicians.

#8. Constellation Insurance Companies is comprised of MMIC in the Midwest, UMIA in the Mountain States, and Arkansas Mutual. These Constellation companies are rated “A” (Excellent) by AM Best.

#9. 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 is most states. Admiral helps doctors whose unique risk profile – due to claims or other factors – are outside of underwriting guidelines for admitted carriers. Admiral is rated “A+” (Superior) by AM Best.

Doctor and medical malpractice insurance broker discuss best liability policies

#10. Physicians Insurance – A Mutual Company is based in Seattle, WA and is the largest malpractice insurance carrier in Washington. Founded in 1981, the company 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 across the country. Physicians Insurance and MedChoice RRG are rated “A-“ (Excellent) by AM Best.

#11. 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 more than 37,000 health care professionals in 49 states.

#12. Professional Solutions Insurance Company (PSIC) is rated “A” (Excellent) by AM Best and 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.

#13. MagMutual Insurance Company, based in Atlanta, is the top malpractice insurance carrier in Georgia, and covers more than 30,000 physicians and healthcare organizations nationwide. Subsidiaries include Professional Security Insurance Company and MagMutual RRG for New York Doctors. MagMutual is rated “A” Excellent by AM Best.

#14. Cooperative of American Physicians Mutual Protection Trust (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 not quite the same as the claims-made form doctors receive with other carriers. CAP’s Mutual Protection Trust is rated “A+” (Superior) by AM Best.

#15. 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.

#16. 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 rated “A” Excellent by AM Best. MICA is a member of the Medical Professional Liability Association.

#17. Evanston Insurance Company is a member of the Markel Corporation and is rated “A” Excellent by AM Best. Evanston provides 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. 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 12,000 physicians and more than 150 medical facilities and hospitals.

#19. Medical Mutual Liability Insurance Society of Maryland’s mission is “To provide quality, professional liability insurance to Maryland Physicians.” Medical Mutual of Maryland is rated “A” (Excellent) by AM Best, serving Maryland doctors and surgeons since 1975.

#20. 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. SVMIC is rated “A” Excellent by AM Best.

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How to Choose the Best Medical Malpractice Insurance Carrier

Depending on your state of practice, you may have several of these top medical malpractice insurance companies available when considering a partner for your medical malpractice insurance. As a buyer of your own malpractice insurance, you should consider the carrier’s financial strength as a critical factor. If your carrier is unable to pay a claim due to financial instability, that becomes a problem for you.

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. A few very important policy features to look for include defense costs, coverage trigger, and consent to settle.

  • Defense costs in addition to the limits of liability is preferred. Otherwise, your coverage limit is eroded by the expensive cost of legal fees to your defense attorneys.
  • An incident trigger is better than a demand trigger. An incident trigger allows you to report a claim when an incident occurs. On the other hand, a demand trigger requires a written demand for damages before you can report a claim.
  • A malpractice insurance policy that requires your consent to settle a claim allows you to voice your opinion to fight a meritless claim even if would be cheaper for the insurance carrier to pay a settlement. If your consent is not required, the insurance carrier can settle as they see fit, which may not be what you want to do. If you disagree with the carrier and a larger payout is made, you may be on the wrong side of the “hammer” clause, which means you would pay the difference.

Shopping for the best malpractice insurance on your own can be daunting, confusing, and lead to hours of wasted time only to leave you uncertain which carrier is your best option to partner with. Additionally, your practice may change over time, making a different carrier a better fit than the year prior. That is why savvy physicians choose to work with a specialized malpractice insurance broker. 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. Call us at 800-969-1339 to speak to a caring, knowledgeable malpractice insurance broker or email [email protected].

About Max Schloemann

Max Schloemann is a medical malpractice insurance broker, focused on helping physicians secure Medical Professional Liability coverage. He helps Doctors and Surgeons, as well as Physician Assistants, Nurse Practitioners, and healthcare entrepreneurs launch new medical practices across the country. Max graduated Magna cum Laude from Southern Illinois University College of Business and was named the Outstanding Management Senior. Max’s career in medical malpractice insurance began in 2008 with an industry-leading firm. Max founded MEDPLI in 2017 to help private practice physicians and doctors changing jobs navigate the complexities of medical malpractice insurance in the new era of healthcare. Max’s wife, Kristen, a Physician Assistant, and their 4 kids (plus 1 dog) enjoy hiking, golf, and cooking.

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