Medical school student? Resident in training? Practicing doctor?

No matter what stage in you are at in your career, you will need medical malpractice insurance coverage sooner or later. Plain and simple.

In fact, keeping things plain and simple is also the goal of every company review we write at LeverageRx:

We provide in-depth analysis of the companies we help you compare. In doing so, we hope to share the industry expertise and connections that fuel our technology.

With this in mind, here's what you need to know about MedPro Group --- a leader in in healthcare malpractice insurance space.

About MedPro Group

Founded in 1899, Medical Protective Group (MedPro) is the oldest professional liability carrier in the U.S. Today, the company remains an industry force as one of the top writers of medical malpractice insurance in the country.

MedPro is based in Fort Wayne, Indiana. The company was privately-owned until General Electric (GE) bought it in 1998. Then in 2005, Berkshire Hathaway bought MedPro from GE. Berkshire Hathaway still owns the company today.

The history and financial strength of MedPro

MedPro currently has an A+ (Strong) rating from Standard & Poor’s, and an A++ (Superior) financial rating from A.M. Best.

According to the company’s website, the A.M. Best rating reflects:

  • MedPro's leading market presence, distribution capabilities and aggressive claims philosophy.
  • Historically strong pre tax-earnings supported by a stable and substantial level of invested asset base.
  • Improved accident year results highlighted by positive operating cash flows.

MedPro’s medical malpractice insurance coverage

Available features of MedPro’s malpractice insurance policies include:

Occurrence, claims-made and convertible claims-made coverage options. An occurrence policy will pay a claim based on when a potential malpractice incident occurred. This will stand even if you no longer carry the coverage when a suit or complaint is filed.

On the other hand, a claims-made policy only provides coverage as long as you pay premiums. This means you must have coverage at:

  • The time of the incident.
  • The time the malpractice claim is made.

Claims defense. MedPro states it wins 90 percent of all physician liability trials.

Consent-to-settle provision. This provision states that the insurance company has to obtain your written permission before it can settle. If you don’t consent, the insurance company cannot settle. Instead, it must allow the complaint to go through the legal process. (Read more on consent-to-settle provisions.)

Free tail coverage for physicians entering retirement. This is only available to those who've been covered for at least one year by the company.

Cyber and privacy liability insurance. Your malpractice policy is equipped with a $50,000 coverage limit.

Other available options. General liability, omissions and other insurance coverage are also available.

Credits and other benefits

MedPro offers a number of credits and benefits to certain medical specialties. For nurse practitioners, the company offers:

  • An employed discount of 19 percent.
  • A 25-percent new-to-practice credit in their first year.
  • A 10 percent risk management premium credit.

Certified Registered Nurse Anesthetists (CRNA's) can qualify for:

  • Up to a 65 percent credit for part-time and moonlighting coverage.
  • A 50 percent credit during their first year of practice.
  • A 25 percent credit during their second year of practice.
  • A 5 percent risk management premium credit.

Physicians assistants can receive:

  • A 10 percent credit for membership in the American Academy of Physician Assistants (AAPA).
  • A 10 percent risk management premium credit.
  • There is a 25 percent first-year credit for new physician assistants.
  • A part-time and moonlighting credit up to 67 percent.

Optometrists can earn:

  • A 5 percent credit for being members of the American Optometric Association (AOA).
  • A 25 percent first-year credit for being new to practice.
  • A 60 percent credit available for part-time and moonlighting coverage.
  • A 5 percent risk management premium credit.

The above specialties also have access to the following benefits:

  • $10,000/$25,000 administrative hearing defense for state disciplinary hearings, licensure actions and Medicare/Medicaid billing defense.
  • $10,000 for Health Insurance Portability and Accountability Act (HIPAA) proceedings.
  • $2,000 per instance and $100,000 aggregate for medical payments, regardless of fault.
  • $5,000 deposition defense (when not named in a suit).
  • $2,500 per day/$10,000 aggregate for loss of earnings while assisting in your defense.
  • Flexibility for leave of absence. This includes military, educational, family, and medical leave; short-term disability; and sabbaticals.

Podiatrists and chiropractors are eligible for:

  • $35,000 in coverage for loss of earnings in the event you have to miss work for legal proceedings.
  • $25,000 limit on expenses related to defending against alleged HIPAA violations.
  • $10,000 if you are required to provide a deposition in a claim in which you are not named.
  • $100,000 if you are required to undergo a meaningful use audit.

Key takeaways

It's no secret why Medical Protective Group has been an industry staple for over a century. Still, that doesn't mean they are a one-size-fits-all solution. In reviewing your malpractice insurance options, it's important to consider:

  • MedPro's history and enduring financial strength.
  • The ins-and-outs of its medical malpractice insurance coverage.
  • All the various specialty-specific benefits and discounts it has to offer.

Ready to get malpractice coverage? Get started comparison shopping here.

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