Medical Malpractice Insurance Coverage for Healthcare Professionals
HCP National is a medical malpractice insurance broker specializing in offering medical professional liability insurance for all risk levels.
As “the healthcare industry’s insurance broker” since 1994, HCP National will help you find the right medical malpractice coverage for the best possible price.
We’re the largest independent certified (MBE & WBENC) minority-woman-owned insurance brokerage in the USA, proudly serving healthcare professionals in California, Colorado, Pennsylvania, New York, and across the country.
At HCP National, we have access to all the major Standard and Non-Standard insurance markets to cover your medical specialties – even those that fall into high-risk categories.
If you, as a physician or a medical group, have a history of malpractice claims, HCP National still has access to the most affordable malpractice insurance companies available in the marketplace, saving you the most money on your medical malpractice insurance.
Whether you need a claims-made or occurrence medical malpractice policy, HCP National can help.
A claims-made policy covers any claims brought during the claims-made policy period. There are two events for claims made medical malpractice coverage to apply. The incident must have occurred during the policy year and it must be reported during the policy year.
The average time to report a medical malpractice claim is approximately one to two years, and a tail insurance policy is required, or a reporting endorsement is to be purchased to provide coverage for claims which have occurred but are not yet reported if the insured is non-renewed or decides to change carriers.
An occurrence malpractice insurance policy covers any claims that occur during any policy year. Occurrence coverage only applies when an incident occurs during the policy year.
There are many misconceptions about medical malpractice that many physicians and medical professionals believe to be true. Most malpractice insurance is claims-made. With a claims-made policy, you have a retroactive date, which means that your coverage goes back to that date (as long as your policy is current).
If you decide to move your coverage to another insurer, as long as they maintain your retro date, you will not have to buy tail insurance. It becomes like moving any other insurance, such as auto or home. If you are in the Standard Malpractice market, moving from one insurer to another often results in equivalent coverage. If you are in the Non-Standard market, you will want a comparison of your current coverage to make sure there are not any significant changes in coverage.
If you have an occurrence policy, then the process is even easier. You can move your occurrence policy from one insurer to another and all claims that occurred during the prior policy are covered. Also, with the new policy you will be covered from the effective date forward. There is little downside to moving your medical malpractice insurance.
At HCP National, we work with many medical groups, including one of the largest foundations in the country. We have saved them significant money.
Purchasing medical malpractice insurance as a group, versus individually, is one of the most competitive ways to buy coverage. If you meet the size requirements to be considered a group you can receive a 40-60% discount over what a solo physician would pay for the same coverage.
There are two components of medical malpractice insurance for a group:
The entity coverage limit protects the group or foundation from vicarious liability and the doctor’s limit covers them personally for their actions and liability.
Dr. Sanchez is sued and his employer, XYZ Foundation, is also named in the same suit. The patient is suing the entity since Dr. Sanchez is employed by them, so they are being held accountable for Dr. Sanchez’s actions too. Therefore, the entity coverage will respond and defend XYZ foundation. The limits for the entity can be $1 million – $3 million for a smaller group and $1 million – $10 million for a larger one.
Further, the entity coverage limit can be shared with allied professionals, nurse practitioners, and physician assistants; this is a very economical way to cover them. When the group has several NP/PAs covered, the coverage should be a $1 million – $10 million limit, in case there are multiple separate claims involving PAs/NPs.
Here are some of the advantages of having HCP’s healthcare industry insurance experts on your side:
Whether you practice family medicine, if you are an obstetrician, gynecologist, or a cosmetic surgeon, HCP National has you covered. Our number one priority is to help you find the best coverage and terms, at the lowest possible cost.
We have placed tens of millions of dollars in medical liability premiums, so we have the expertise to help you implement the right insurance products for your unique risks and exposures, while identifying areas of savings.
HCP National is the largest independent certified (MBE & WBENC) minority-woman-owned insurance brokerage in the nation. Working with HCP helps support diversity and inclusion in the insurance industry. In addition, if you are a medical professional contracting for the government (such as at a correctional facility), with HCP as your broker, you may be able to receive minority “set-asides” credits on your insurance.
We are experts in placing medical malpractice insurance for all specialties and sub-specialties – even high-risk specialties.
Interestingly, insurance companies price some specialties and sub-specialties quite differently, and will categorize these specialties differently. This can make a big difference in the pricing. One insurer can have the best price for an Orthopedic Surgeon and the least competitive for a General Surgeon. We are aware of these nuances, and will find the best deal for your situation.
Great customer service is our business; we go above and beyond to find our clients great coverage at prices they can afford. That’s HCP frequently receives testimonials like this: “We are a small practice working in long-term care . . . Our representative ran circles around other account managers we had spoken with and found coverage at a competitive price, all within our limited timeframe . . . We give HCP National an enthusiastic 5 stars.”
Get a Quote from HCP National
Enhance your coverage. Save money.
Whether you’re just starting out or if you’ve been practicing for years, the best way to find out how much you can save is to contact HCP National and work with one of our malpractice experts.
We have access to the most competitive malpractice insurers in the marketplace and decades of experience.
Since 1994, our #1 priority is helping medical professions find the best coverage and terms, at the lowest possible cost. Get your quote now!
I have been very happy with HCP National Insurance Services, Inc. for my medical malpractice insurance needs. The team at HCP National is friendly, responsive, professional and easy to communicate with and always eager to help. I have visited the office and met the team and have been very impressed. I recommend HCP National with my highest level of recommendation.
I have found my Account Manager to be extremely helpful and to always have my best interest at heart. She is excellent to work with!
I found HCP National Insurance Services, Inc. by looking online for a commercial liability insurance provider. I was not familiar with the company, but gave them a call. It was the best experience I have had with an commercial insurance provider ever. My HCP representative went above and beyond to assist our company. Every question or email was answered in a most timely manner and every effort was made to get us through the application process. I highly recommend this company and we will use them again.
I have been a long time client of HCP for professional liability insurance for my practice. My account manager has always been punctual, diligent in pricing us out to market, and efficient in handling all of our year end paperwork and changes to coverage levels. I would recommend them to all doctors.
Our business has complex insurance requirements and HCP was awesome to work with! They took the time to understand our business to ensure we had the proper coverages and were able to finalize all our insurance needs right on time! HCP National is a great partner for our business!
My account manager was so helpful and knowledgable. I loved that she was available to work through our unique needs! I highly recommend HCP.
