Top 10 Malpractice Insurance Companies for 2023

Thang Truong
Thang Truong
Updated on:

You have many options when it comes to finding malpractice insurance. A type of professional liability insurance, most major small business insurers offer some sort of malpractice insurance coverage. To help you find the best options, we’ve outlined the 10 best malpractice insurance companies below.

1) Proliability: Best for buying process 

  • NAIC consumer complaint rating (Mercer): No complaints (0.00) 
  • Financial Strength Rating (by A.M Best): A

Proliability has been in business for decades and is offered through Mercer. They have a positive reputation with great reviews. It is one of the easiest to work with online, where you can easily get a quote. You can apply online, pay the bill after acceptance and be insured in under 15 minutes. 

2) CPH & Associates: Best for a wide range of profession coverage 

  • NAIC consumer complaint rating: Not listed 
  • Financial Strength Rating (by A.M Best): Not rated

CPH covers a wide range of counselors and psychologists who work in the wellness, mental health, educational and addiction fields. It also covers everything from swim instructors to retail druggists to reiki practitioners to RNs.  

This is also another company where you can apply for coverage online and get approved in a matter of minutes. It offers occurrence (lifetime) coverage and other additions like HIPAA proceedings coverage, loss of earnings coverage and sexual misconduct expense coverage.

3) CM&F:  Best for comprehensive coverage  

  • NAIC consumer complaint rating (a Berkshire Hathaway company): No complaints (0.00) 
  • Financial Strength Rating (by A.M Best): A++

This company is known for its 24/7 portable coverage, so you are insured wherever you work. CM&F also has license defense coverage, sexual misconduct defense and HIPAA violation coverage. You can call their customer service center if you have questions and need assistance.   

4) HPSO: Best for discounts

  • NAIC consumer complaint rating: Not listed 
  • Financial Strength Rating (by A.M Best): Not listed

HPSO (Healthcare Providers Service Organization) handles over one million professionals in the health care industry and works with over 150 professions. HSPO has been around since 1991. The company’s claim to fame is the discounts you can get for being a member of a professional organization and discounts for taking a qualifying risk management class.  

5) Nurse Service Organization: Best for comprehensive and specialized coverage for nurses

  • NAIC consumer complaint rating: Not listed  
  • Financial Strength Rating (by A.M Best): Not listed

If you need coverage as a nurse, you might want to look into this NSO (Nursing Service Organization) than specializes in the profession. It also covers nurse practitioners. It’s known for its comprehensive liability and decent rates. They also insure students at 60%.   

6) The Hartford: Best for small business practices 

  • NAIC consumer complaint rating (Hartford Underwriters Ins Co): 1.58
  • Financial Strength Rating (by A.M Best): A

The Hartford is one of the most well-known companies for insuring small businesses. On its medical malpractice page, it states that it recommends getting a business owner’s policy to mitigate legal issues. These cover business property and business liability coverage.   

7) Hiscox: Wide range of policy coverage 

  • NAIC consumer complaint rating: 0.68
  • Financial Strength Rating (by A.M Best): A

Hiscox is a major insurer that has been around since 1901. It specializes in business insurance and offers insurance for a wide range of medical professionals. It covers professions like therapists, counselors and personal care assistants. The company offers professional liability and general liability to healthcare professionals.  

8) CNA: Best in policy customization 

  • NAIC consumer complaint rating (The Continental Insurance Company): 0.04 
  • Financial Strength Rating (by A.M Best): Not rated

If you’re looking for malpractice insurance, CNA is one of the most popular and well-regarded companies to pop up. The company was named the best Medical Malpractice provider in the National Underwriter’s Property Casualty 360.  

The company is known for tailoring its policies to each professional. To help with that customization, it works only through agents.  

9) American Professional Agency, Inc.: Best in covering counselors 

  • NAIC consumer complaint rating: Not listed 
  • Financial Strength Rating (by A.M Best): Not listed

This company focuses on the mental health and allied health fields, with professional liability insurance for a wide range of professionals, from spiritual care to social workers to psychologists. It boasts 100,000 policyholders.  

10) Pharmacists Mutual: Best for working with an agent 

  • NAIC consumer complaint rating: 0.30 
  • Financial Strength Rating (by A.M Best): A

Despite the name, the company has been working with other industries than pharmacists since 2012. It operates in all 50 states. But you have to work with an agent to get quote information from Pharmacists Mutual. Still, if you prefer talking to a real, live human, that’s a major perk.

What is Malpractice Insurance?

Malpractice insurance is designed to protect healthcare workers, particularly doctors and nurses, from lawsuit costs. If you are a doctor who is sued by a patient over a perceived mistake, this insurance policy will reimburse you for legal costs and any potential settlements. 

It’s vital to have malpractice insurance when working closely with patients. It can protect you in the event of a percieved misdiagnosis, surgical mistake, medication error, and childbirth injuries.

>>MORE: Who Needs Malpractice Insurance & What Does It Cover?

What are the Differences Between Claims Made and Occurrence Malpractice Insurance?

There are also two different types of malpractice insurance for medical providers, claims-made and occurrence malpractice. Usually, occurrence malpractice is preferred but it’s not always easy to find. 

Here’s the basic difference between the two types of malpractice insurance:

Claims Made Insurance: This common type of insurance provides coverage on a legal claim only if you have insurance at the time the claim is made. So, if you retire, you’ll need to continue carrying malpractice or tail end insurance to receive ongoing coverage.

Occurrence Insurance: This insurance policy will cover you based on when the malpractice claim occurred as long as you had insurance at that point in time. It’s great for when you retire and are hit with a malpractice suit years later.

Who Needs Malpractice Insurance? 

Malpractice insurance is vital for many professionals who treat or interact with patients. If you are in any of the following career fields, you might want to consider carrying malpractice insurance:

  • Doctors 
  • Medical Students 
  • Nurses
  • Paramedics 
  • Physical Therapists 
  • Psychiatrists 
  • Psychologists 
  • Social Workers
  • Surgeons 
  • Technicians 

How Much Does Malpractice Insurance Cost? 

You may also be wondering what does malpractice insurance cost for different medical providers? Unfortunately, due to the expense of medical care and high settlements offered for some malpractice suits, this type of insurance can be costly. If you are in a high risk field, like obstetrics, you could pay out tens of thousands of dollars per year. Other fields, like therapy or nursing may only incur costs of a few hundred dollars per year. 

How Much Does Malpractice Insurance Cost By Specialty? 

As mentioned above, the malpractice insurance cost by specialty can vary quite a bit. Your coverage is affected by the field you choose, whether you’ve had claims against you in the past, and how much coverage you need.

Here’s a quick sampling of annual costs by specialty:

  • Doctors: $7,500
  • Physicians’ Assistant: $4,000
  • Dentist: $2,000
  • Dental Hygienist: $65
  • Lawyer: $1,850

Nursing Malpractice Insurance: Overview, Cost, and Best Companies

Nurses have the most contact with patients of anyone in the medical industry. They administer medication, assist doctors in procedures, and even soothe patients’ fears in their worst moments. If something goes wrong, it’s not uncommon for the nursing staff to get caught up in a malpractice suit along with the doctors and hospital. 

Nurses pay different amounts for nursing malpractice insurance depending on their specialties too. Here’s a few examples:

  • Dermatology: $594-$807 per year
  • Psychiatric Care: $840-$1,538 per year
  • OB/GYN: $1,334-$1,812 per year

We’ve checked out several companies to see who offers the best nursing malpractice insurance. Our choices include:

  • Coverwallet: Easiest way to compare quotes online
  • Medical Mutual Group: Long standing history for medical professionals
  • Proliability: Most well-known carrier

Medical Malpractice Insurance: Overview, Cost, and Best Companies

Doctors and student doctors need malpractice coverage from day one to ensure they are protected. Naturally, your costs will also vary depending on your specialty. Here’s a quick look at some common medical industries and the annual costs for medical malpractice insurance:

  • Anesthesiology: $15,000
  • Internal Medicine: $14,000
  • Psychiatrists: $5,000
  • Ob/Gyn: $46,000

We also took a look at some of the insurance providers offering medical malpractice insurance. Here are our best suggestions:

  • Gallagher Malpractice Insurance: A brokerage offering comprehensive quotes and service
  • Allied World Insurance: Insurance company that covers medical providers working in other countries
  • Norcal Group: A well-established insurance provider with a long history of operation

Malpractice Insurance for Physician Assistants: Overview, Cost, and Best Companies 

Physicians’ Assistants also work closely with patients and even diagnose conditions and prescribe treatments for them. It’s less common for a physician’s assistant to be sued for malpractice, but this does still occur. Generally, the costs of malpractice insurance for physician assistants are between $2,000 and $6,000 a year.

Some of the same insurance providers that offer coverage for doctors will also provide malpractice insurance for physician’s assistants, including:

  • Proliability: Offers malpractice insurance with very affordable premiums
  • CM&F: Endorsed by the American Academy of Physician Assistants
  • HPSO (Healthcare Providers Service Organization): Has an excellent reputation within the industry

Dental Malpractice Insurance: Overview, Cost, and Best Companies 

A loose crown, a jaw infection, and even dental appliances that don’t correct a jaw problem can all cause patients to file a suit against their dentist. If you are a dentist, whether in a specialty or just providing general dentistry services, make sure you are covered by malpractice insurance.

Thankfully, dental malpractice insurance is much more affordable compared to costs for professionals in other medical industries. The longer you’ve been in business the higher your annual premiums can become though. For instance, recent dental school graduates can pay up to $1,000 per year, while dentists who’ve been practicing for 5 years may pay up to $3,000 per year.

Some of the insurance companies that offer dental malpractice insurance include:

  • Dentist’s Advantage: An insurance company that provides coverage just for dentists 
  • Professional Protector Plan: A provider that offers lots of product customization
  • CoverWallet: This popular company allows you to compare online quotes

Malpractice Insurance for Dental Hygienists: Overview, Cost, and Best Companies

Even dental hygienists are not safe from the potential for a malpractice suit. Don’t assume you are covered by your employer either. If you are working in a dental practice, you might not be covered by their malpractice insurance. A separate policy purchased for yourself can save thousands of dollars in the future. 

Most malpractice insurance for dental hygienists is very affordable. You can enjoy coverage for under $100 a year. You can also find coverage through popular insurance providers like:

  • HPSO (Healthcare Providers Service Organization): They provide multiple discounts on policies 
  • Pharmacists Mutual: Offers coverage through agents for those who prefer talking to real people
  • Proliability: Provides online quotes and makes buying coverage online easy

Malpractice Insurance for Counselors and Psychologists: Overview, Cost, and Best Companies

Counselors, therapists, and psychologists offer just as much medical care and treatment for patients as medical doctors do. If a patient is unhappy with their care or feels a mistake has been made, they can end up at the same risk of being sued. 

You may want to get malpractice insurance for counselors and psychologists to cover yourself if this happens. Annual premiums for therapists are between $350 to $1,750. You can find this kind of coverage through companies like:

  • Simply Business: An online brokerage that allows you to compare quotes
  • American Professional Agency, Inc.: The largest insurance underwriter in the country
  • The Trust: This company offers coverage targeted to students and practicing therapists.

Malpractice Insurance for Pharmacists: Overview, Cost, and Best Companies

What if you make a mistake when filling a prescription and end up giving a customer the wrong medication? This happens more often than pharmacists like to think and it can result in a lawsuit if the mistake causes harm. 

While you may be covered by your employer, if you run a pharmacy of your own, you’ll need to obtain a malpractice policy. Make sure you have much needed protection with malpractice insurance for pharmacists. This coverage runs about $390 a year according to CM&F.

Some insurance providers to check out include:

  • Pharmacists’ Mutual: An insurance company dedicated to covering pharmacists
  • Hiscox: This provider is a great choice for small business owners

Malpractice Insurance for Social Workers: Overview, Cost, and Best Companies

When you work closely with people who are under stress, going through personal difficulties, or just plain upset, there’s always the possibility of being named in a lawsuit. Social workers have been accused of negligence and ethical breaches in the past. You may not have done any of these things, but if accused, you’ll still need to defend yourself in court. 

The right malpractice insurance for social workers can help you pay for the associated costs of a lawsuit and a potential settlement. Malpractice insurance costs can vary depending on where you live and whether you are a student, employed, or self-employed. However, it’s usually less than $400.

Some insurance providers who offer malpractice insurance for social workers include:

  • The Hartford: An established insurer that offers professional liability coverage
  • NASW Assurance Services: This provider offers insurance plans tailored for social workers

Malpractice Insurance for Physical Therapists: Overview, Cost, and Best Companies

Accidents happen when working with patients. You might pull someone’s muscle causing a set back during therapy, or trip and pull a patient down with you. It’s even possible to be accused of revealing information about a patient or behaving inappropriately. 

These days, it’s important to carry as much coverage as possible when treating someone in a hands-on manner. Malpractice insurance for physical therapists costs between $50 to $300 on average. You can find coverage through companies like:

  • My PT Insurance: Offers instant certificates of coverage
  • Berxi: Provides some of the cheapest quotes for physical therapists
  • ProLiability: Offers customized coverage for a broad range of professions

Malpractice Insurance for Chiropractors: Overview, Cost, and Best Companies

If you are a chiropractor, it’s also vital to carry malpractice insurance in case a patient feels the care they received wasn’t satisfactory or was even harmful. By carrying this type of coverage, you’ll protect your business and your bank account.

Similar to doctors and other medical care professionals, the longer you are in business the higher the insurance costs. The annual costs of malpractice insurance for chiropractors can start out around $200 for new chiropractors and just over $700 for an established chiropractor with five years of experience.

If you want to get malpractice insurance, you can obtain it through providers like:

  • ChiroSecure: Dedicated to providing insurance for chiropractors, this company also offers online quotes
  • NCMIC:  Offers annual premium dividends to customers

Optometry Malpractice Insurance: Overview, Cost, and Best Companies

If you are sued by a patient over services provided or not provided, optometry malpractice insurance can help you with the costs of defending yourself. You’ll find that malpractice costs can be a little higher for optometrists with premiums of up to $2,000 per year. 

There are also several insurance providers who cover optometrists, like:

  • Lockton Affinity: Endorsed by the American Optometrists Association
  • MedPro: This provider boasts a 95% win rate for lawsuits

It’s not uncommon for a lawyer to be sued by former clients who felt they were not represented properly in court. Maybe the client didn’t receive a large enough settlement or lost a case? Either way, you’ll still have to deal with the resulting suit. 

Carry legal malpractice insurance to help pay for a defense lawyer for yourself and to pay any associated fees. The costs for legal malpractice insurance depend on the area of specialty and how long you’ve been in the field. New attorneys can pay as little as $500 a year and higher risk attorneys may pay up to $10,000 per year.

Consider checking out these insurance providers for coverage:

  • ALPS: The nation’s largest direct writer of legal malpractice insurance
  • Brunswick Companies: An insurance provider and risk management company

What is Tail Malpractice Insurance? 

Tail end malpractice insurance is an essential component of insurance coverage for the professional, whether you’re a lawyer, doctor, or physical therapist. Most malpractice insurance today is claims-made insurance, which means you are only covered if the claim is made while you are carrying insurance. Should the claim be filed after you leave a practice where you were covered, or after you retire, you won’t be protected by that insurance provider any longer. 

Ensure you remain protected no matter how many years down the road the claim is filed with tail malpractice insurance. This insurance is specifically designed to provide coverage on such claims. You may end up buying tail end insurance from the same provider that originally carried your malpractice insurance. Or, you might find another insurance company that offers tail end coverage.

Why is Malpractice Insurance Getting More and More Expensive Nowadays? 

You might have noticed that your malpractice insurance premiums are getting higher over time. There are a few potential causes. The most common issue is that malpractice insurance premiums tend to increase over time. The longer you work, the higher the chance of being sued, so your premiums go up too.

Medical malpractice insurance costs are also rising steeply in response to increasing claim rates and higher settlements.

Which Doctors Pay the Most for Malpractice Insurance? 

Depending on the specialty, doctors can pay a lot more for malpractice insurance. Some of the specialties with high malpractice premiums include:

  • Gynecology/Obstetrics
  • Neurosurgery
  • Plastic Surgery
  • Orthopedic Surgery
  • Cardiovascular Surgery
  • Anesthesiology

Why is OB/Gyn Malpractice Insurance So High?

Obstetricians pay much more due to the innate hazards of childbirth and risk of something going wrong. This field also has a much longer statute of limitations for filing a claim. Usually, states have a 2-year statute of limitations on claims. Meaning patients have 2-years to file from the date they discovered the injury or faulty care. 

However, the countdown on the statute of limitations doesn’t begin until the injured party turns eighteen. So, obstetricians may face a claim for up to 21 years after the birth of one of their patients. After overseeing hundreds or thousands of births over a career, the odds of a claim increase dramatically.

Final Thoughts

  • There are many insurance companies that offer malpractice insurance, including Proliability, CM&F, and Hiscox.
  • You can also find malpractice insurance designed for different career fields and specialties, from legal to social work.
  • The costs of malpractice insurance can vary greatly, but generally increase the longer someone is working and for those in high risk fields.
  • Medical malpractice premiums are among some of the most expensive in the industry.
Thang Truong

Thang Truong covers small business insurance and small business success at BravoPolicy. He is a licensed P&C insurance agent. Previously, he held product leadership positions at, Capital One, NerdWallet, and Mulberry Technology. He holds a MBA degree from UC Berkeley - Haas School of Business.

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