Is Your Medical Malpractice Coverage Still the Right Fit? A Step-by-Step Guide for Choosing the Best Insurance Carrier for Your Practice

Among the many important decisions physicians make, selecting the right malpractice coverage is one that helps safeguard what you’ve worked hard to build. Even if you may feel comfortable with your current insurer, it’s worth revisiting your options periodically. Insurance markets evolve, new liability coverages emerge and some carriers now offer broader protection and stronger resources that physicians may not realize they’re missing.

Still, many physicians and practice administrators hesitate to switch, concerned about administrative hassles, possible gaps in medical malpractice liability coverage, or the time required to make a change. In reality, a well-managed transition can be seamless, whether you work with an agent or purchase directly. With the right support, switching carriers can strengthen your protection by improving service, enhancing claims defense and giving practices access to tools that reduce risk and lower costs over time.

Download this checklist to evaluate your coverage, compare carriers and ensure a smooth transition.

1. Assess Your Options in the Market

When evaluating professional liability insurance, a thorough comparison ensures you choose a carrier that delivers long-term stability and meaningful value.

Key considerations include:

• Size, financial strength and longevity: A professional liability insurer must have the resources to pay claims decades into the future. Review financial ratings, surplus and assets to be sure the carrier will be there when you need them.
• Mission and leadership: The philosophy of an insurer often reflects who guides it. Insurers guided by healthcare professionals often bring deeper insight into the realities physicians face.
• Type of insurance carrier: 
  • Mutual insurers are owned by their policyholders, focused on acting in the best interest of policyholders and often returning profits as dividends. 
  • Stock companies are publicly traded and return profits to shareholders. 
  • Risk retention groups (RRGs) are specialized entities that provide liability coverages for difficult-to-insure risks.

Beyond financial strength, consider the carrier’s risk management resources. Robust advice backed by claims data can help identify vulnerabilities before they escalate. Access to on-demand CME programs, decision-support tools and regulatory guidance helps you stay ahead of emerging risks. Some carriers also offer peer support programs, trial preparation services and credentialing resources. These supports not only protect you in a lawsuit but also strengthen your practice every day. A professional liability insurance carrier that invests in helping physicians prevent claims and build safer systems delivers long-term value that far exceeds premium savings.

2. Look Beyond Price

While premiums are important, medical malpractice liability coverage decisions should not be based on cost alone. Rising costs may prompt you to explore alternatives, but other issues—such as limited service, lack of support, or coverage that doesn’t align with your practice — can be just as important.

Switching insurers can be an opportunity to secure:

• Stronger claims defense and a clear philosophy on when to fight versus settle
• Consent-to-settle protection, allowing your input into settlement decisions
• Broader coverage, such as cyber liability and regulatory defense
• Financial strength to ensure claims are covered for decades
• Physician-focused support, including CME credits, risk mitigation advice and assistance with handling unexpected patient outcomes
• Responsive service and digital tools that simplify day-to-day interactions

3. Prepare for the Right Timing

Planning ahead gives you the most flexibility when changing medical malpractice insurance. The best time to shop for new coverage is in the months leading up to your renewal, when you can compare policies side by side and avoid early cancellation penalties. Starting early also allows time to gather claim history letters, retroactive dates and certificates of insurance, which carriers will require. 

That said, switching carriers doesn’t always need to be a lengthy process. With experienced agents and internal sales teams guiding the transition, physicians can move coverage quickly when circumstances require it—all while maintaining continuous protection.

4. Understand Your Coverage Details

Equally important is knowing exactly how your medical malpractice coverage is structured so you don’t leave yourself exposed during a transition. 

• Claims-made insurance vs. occurrence policies: Most malpractice policies are written on a claims-made basis, which only covers incidents and claims reported while the policy is active. If you switch, you may need medical malpractice tail coverage from your prior carrier to maintain continuous protection. Your retroactive date is critical—resetting it can eliminate coverage for prior years of practice.
• Coverage limits: With jury verdicts increasing due to social inflation, ensure your limits reflect today’s realities for your specialty, region, and practice size.
• Tail coverage and retirement: Ask about vesting requirements for free or reduced cost medical malpractice tail coverage at retirement. Knowing whether you’ll need to purchase coverage in the future can inform your carrier choice today.
• Scope of practice and exclusions: Confirm that all aspects of your work, including telemedicine, advanced procedures or part-time/locum tenens practice, are included.

4. Eliminate Barriers with Trusted Support

For many physicians and administrators, the greatest barrier to switching isn’t the coverage itself but the perception that the process will be complicated. This is where trusted agents and experienced carrier teams make all the difference.

Skilled advisors handle the paperwork, coordinate timing, and ensure hospitals and payers receive updated certificates. Their expertise keeps your medical malpractice liability coverage continuous and removes the administrative burden from your shoulders.

With the right support, the process becomes straightforward, leaving you free to focus on what matters most—selecting an insurer that offers the right professional liability insurance protection, robust resource and a commitment to physicians. 

At MagMutual, we make obtaining a quote and changing medical malpractice coverage straightforward. Our group application and minimal documentation requirements reduce unnecessary hurdles, while our onboarding process ensures a seamless start. From day one, our proactive Service Team helps new policyholders set up their login, access UpToDate® and retrieve credentialing documents and certificates of insurance online. With trusted guidance and proven expertise, we make the transition simple so you can move forward with confidence.