Medical Professional Liability Insurance: Price Versus Value

Mary-Lou Misrahy, ARM, President and CEO

Advertisements for professional liability insurance carriers are on the rise. Some promise to save you money, implying that the coverage is the same or better than the coverage you already have. But as you look at price, also be sure to compare benefits, service, and value. 

In 1982, the Washington State Medical Association helped create the kind of company physicians were looking for: Physicians Insurance. Since then, the WSMA has played a significant role in its governance, ensuring that the company provides outstanding protection, unparalleled member service and education, and competitive rates. Companies that promise a lower price often do not provide the level of coverage and service that physicians have come to rely upon with Physicians Insurance. 

There are many reasons why Physicians Insurance is the premier professional liability insurance company in Washington, Oregon, and Idaho—with a very high member retention rate. Here are a few reasons why physicians and clinics trust Physicians Insurance with their practice:

  • Physicians Insurance is a Northwest company. The company’s board members and management have a deep understanding of what Northwest physicians, clinics, and hospitals need to best serve their patients. As a mutual company, Physicians Insurance is responsive not to stockholders but to its members.
  • Physicians Insurance possesses an experienced claims team that deeply understands Northwest health care liability issues. On average, our claims representatives have 27 years of experience in the insurance industry. Because of the claims team’s state-of-the-art trial preparation, focus groups, jury research, physician support, and excellent trial consultants and technology, physician defendants realize the value of their coverage early in the litigation process. Physicians Insurance also provides disciplinary board defense and unparalleled litigation support from trusted consultants for physicians preparing for depositions and trials.
  • Physicians Insurance provides relevant and personalized risk management programs. The company offers tailored, on-site risk management programs for physicians and staff, specialty-specific programs, renowned obstetrical simulation training to promote success during difficult obstetrical maneuvers, provider support programs, and CME accreditation for a variety of live and online educational courses. Additionally, risk management experts are on call each business day to help physicians and staff deal with challenging situations involving patient care.
  • Physicians Insurance keeps rates low and rewards good performance. For the past four years, the company has distributed a dividend to eligible members. For the past seven years, Physicians Insurance has not increased the base rates, meaning that most members have enjoyed significant premium decreases. Additionally, the ACCOLADES loss experience credit rewards eligible members with good loss experience.
  • Physicians Insurance is easy to work with. For physicians who require changes to their policies, Physicians Insurance account executives and underwriters are standing by to answer questions and offer the best solutions for solid coverage.

New professional liability insurance carriers may advertise lower prices, but they may not have a vested interest in the success of Northwest physicians. If you’re looking for one-on-one risk management consultations about specific patient-care issues, or a partner with deep knowledge of Northwest liability claims and a track record of exceptional trial preparation, strong defense at trial, and unwavering support, then Physicians Insurance is a good place to be.