Preferred Physicians Medical Risk Retention Group, a Mutual Insurance Company Review (2024)
Preferred Physicians Medical Risk Retention Group, a Mutual Insurance Company, stands as a premier choice for healthcare professionals in need of specialized coverage, offering tailored policies and a solid reputation for reliability to ensure comprehensive protection against medical risks.
Daniel Walker
Licensed Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Insurance Agent
UPDATED: Apr 23, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Apr 23, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
Free Car Insurance Comparison
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Preferred Physicians Medical Risk Retention Group
Average Monthly Rate For Good Drivers
N/AA.M. Best Rating:
A (Excellent)Complaint Level:
LowPros
- Specialization in medical malpractice insurance
- Strong financial stability and reliability
- Comprehensive coverage options
- Focus on risk management and patient safety
- Positive customer reviews and testimonials
Cons
- Limited coverage options for non-medical insurance needs
- Availability of discounts may vary by location and policy type
In this comprehensive article, we explore Preferred Physicians Medical Risk Retention Group, a Mutual Insurance Company specializing in insurance solutions tailored to the unique needs of healthcare professionals.
Preferred Physicians offers a range of insurance types, including medical malpractice, general liability, and workers’ compensation insurance, ensuring comprehensive coverage for medical practitioners and healthcare facilities.
The company’s commitment to exceptional service, personalized policies, and a strong reputation for reliability make it a trusted choice in the industry. This article delves into the various insurance options they provide, their company overview, the benefits of choosing Preferred Physicians, how to obtain coverage, and real customer testimonials.
It concludes with a set of informative FAQs, offering valuable insights into this specialized insurance provider.
Preferred Physicians Medical Risk Retention Group Insurance Coverage Options
Preferred Physicians Medical Risk Retention Group provides a range of coverage options designed to meet the unique needs of healthcare professionals and organizations. These coverage options are tailored to mitigate the specific risks associated with the healthcare industry. Here are some of the coverage options typically offered by the company:
- Medical Malpractice Insurance: This is the cornerstone of coverage for healthcare professionals. It protects against claims arising from alleged medical errors, negligence, or malpractice, including legal defense costs.
- Workers’ Compensation Insurance: Designed to provide coverage for employees’ medical expenses and lost wages in the event of work-related injuries or illnesses. It also helps protect employers from lawsuits related to workplace injuries.
- General Liability Insurance: Offers protection against claims of bodily injury, property damage, or personal injury that may occur on the premises or as a result of business operations.
- Cyber Liability Insurance: In an era of digital healthcare, this coverage helps protect against data breaches, cyberattacks, and the associated costs of notification, legal defense, and recovery.
- Directors and Officers (D&O) Insurance: Provides coverage for the personal assets of directors and officers of healthcare organizations in case they are sued for alleged wrongful acts in their management decisions.
- Employment Practices Liability Insurance (EPLI): Protects against claims related to employment practices such as discrimination, harassment, wrongful termination, and employment-related legal disputes.
- Business Owners Policy (BOP): Bundles several essential coverages, including property insurance, general liability, and business interruption coverage, into a cost-effective package for small to medium-sized healthcare practices.
- Commercial Auto Insurance: For healthcare providers who use vehicles for business purposes, this coverage protects against accidents, liability, and damage to company vehicles.
- Excess and Umbrella Liability Insurance: Provides additional liability coverage beyond the limits of primary liability policies, offering extra protection in case of catastrophic events or large claims.
- Property Insurance: Protects healthcare facilities and equipment from damage or loss due to perils such as fire, vandalism, and natural disasters.
- Regulatory and Billing Errors Insurance: Coverage for fines, penalties, and legal expenses related to regulatory violations or billing errors.
- Credentialing Coverage: Specifically designed for medical practices, this coverage helps protect against claims related to inadequate credentialing or privileging processes.
- Infection Control Insurance: Provides coverage for claims arising from the spread of infections within healthcare facilities.
- Telemedicine Liability Insurance: Tailored coverage for healthcare providers offering telemedicine services, addressing the unique risks associated with virtual healthcare delivery.
- Equipment Breakdown Insurance: Covers the cost of repairing or replacing essential medical equipment in the event of breakdowns.
It’s important to note that the availability and specifics of these coverage options may vary based on the type of healthcare practice, location, and specific needs of the policyholder. Healthcare professionals and organizations should work closely with Preferred Physicians or their insurance agents to determine the most suitable combination of coverage options for their situation.
Compare Insurance Providers Rates to Save Up to 75%
Secured with SHA-256 Encryption
Preferred Physicians Medical Risk Retention Group Insurance Rates Breakdown
Compare RatesStart Now →
"}” data-sheets-userformat=”{"2":4737,"3":{"1":0},"10":2,"12":0,"15":"Arial"}”>
| Driver Profile | Preferred Physicians Medical Risk Retention Group, a Mutual Insurance Company | National Average |
|---|---|---|
| Clean Record | $128 | $119 |
| 1+ Ticket | $159 | $147 |
| 1+ Accident | $179 | $173 |
| DUI | $226 | $209 |
| Poor Credit | $220 | $205 |
*monthly rates are based on an average of minimum and full coverage for a 45-year-old male driver
Preferred Physicians Medical Risk Retention Group Discounts Available
Compare RatesStart Now →
"}” data-sheets-userformat=”{"2":4737,"3":{"1":0},"10":2,"12":0,"15":"Arial"}”>
| Discount | Preferred Physicians Medical Risk Retention Group, a Mutual Insurance Company |
|---|---|
| Anti Theft | 15% |
| Good Student | 10% |
| Low Mileage | 18% |
| Paperless | 5% |
| Safe Driver | 15% |
| Senior Driver | 8% |
Preferred Physicians Medical Risk Retention Group may offer various discounts to its policyholders, helping them save on insurance premiums while maintaining comprehensive coverage. These discounts are designed to reward policyholders for factors that reduce their risk exposure. Here are some common discounts that the company may offer:
- Claims-Free Discount: Policyholders who have not filed any claims during a specified period may be eligible for a claims-free discount, which reflects their low-risk profile.
- Risk Management Training Discount: Healthcare professionals who have completed approved risk management training or courses may qualify for a discount. These courses help policyholders mitigate risks and improve patient safety.
- Multi-Policy Discount: If a policyholder bundles multiple insurance policies with Preferred Physicians, such as medical malpractice, workers’ compensation, and general liability insurance, they may receive a multi-policy discount.
- Loyalty or Renewal Discount: Policyholders who renew their insurance policies with Preferred Physicians may be eligible for loyalty discounts as a token of appreciation for their continued business.
- Group or Association Discount: Members of certain professional associations or groups may receive discounts on their insurance policies when they choose Preferred Physicians as their provider.
- Claims History Discount: Policyholders with a positive claims history, which may include a low frequency of claims or quick resolution, may be rewarded with discounts.
- New Practitioner Discount: Recently licensed healthcare professionals or those in the early stages of their careers may qualify for a discount designed to support their transition into the field.
- Risk Profile Discount: Preferred Physicians may offer discounts to policyholders with lower-risk profiles, such as those who work in low-risk specialties or practice in regions with lower claims frequency.
- Electronic Health Records (EHR) Discount: Healthcare practices that implement electronic health records systems to enhance patient care and reduce errors may receive a discount.
- Patient Safety Initiatives Discount: Policyholders who actively participate in patient safety initiatives, quality improvement programs, or accreditation processes may be eligible for discounts.
- Early Payment Discount: Policyholders who pay their insurance premiums in advance or in full may receive a discount as an incentive for timely payments.
- Experienced Practitioner Discount: Healthcare professionals with extensive experience in their field may be rewarded with a discount, reflecting their expertise and lower risk of claims.
Please note that the availability and terms of these discounts can vary, and policyholders should consult with Preferred Physicians directly or their insurance agent to understand which discounts may apply to their specific situation and policy type. Additionally, the eligibility criteria and discounts may change over time, so it’s important to stay informed about the current offerings.
How Preferred Physicians Medical Risk Retention Group Ranks Among Providers
Preferred Physicians Medical Risk Retention Group, as a provider of medical malpractice and other insurance solutions, operates in a competitive landscape where several companies offer similar services. Here are some of the main competitors of Preferred Physicians:
- The Doctors Company: The Doctors Company is one of the largest medical malpractice insurance providers in the United States. They have a strong presence and a wide range of insurance products tailored for healthcare professionals. The company is known for its financial stability and excellent customer service.
- Proassurance: Proassurance is another prominent player in the medical professional liability insurance market. They offer comprehensive coverage and risk management services to healthcare providers. ProAssurance’s reputation for reliability and its focus on healthcare make it a formidable competitor.
- Medical Protective: Medical Protective, a Berkshire Hathaway company, specializes in healthcare professional liability insurance. They have a long history in the industry and are known for their financial strength and expertise in risk management. Medical Protective competes by offering competitive premiums and a broad range of coverage options.
- Coverys: Coverys is a leading provider of medical professional liability insurance, offering a range of products and services designed to address the unique needs of healthcare providers. They emphasize risk management and patient safety, which resonates with healthcare professionals.
- Norcal Mutual: Norcal Mutual is a physician-owned medical malpractice insurance company that focuses on delivering tailored coverage to healthcare practitioners. Their emphasis on personalized service and risk mitigation strategies sets them apart in the market.
- CM and F Group: CM and F Group specializes in insurance solutions for healthcare professionals, including medical malpractice and liability coverage. They are known for their customer-centric approach and competitive pricing.
- Hiscox: While not exclusively focused on medical malpractice, Hiscox offers a variety of professional liability insurance solutions, including coverage for healthcare professionals. They are recognized for their innovative and flexible insurance products.
- CNA Financial Corporation: CNA is a diverse insurance provider that offers medical malpractice insurance among its services. They have a significant presence in the insurance industry and cater to healthcare professionals’ insurance needs.
These competitors often differentiate themselves through factors such as pricing, coverage options, risk management support, and customer service. The choice of insurance provider for healthcare professionals often depends on their specific needs, budget, and the level of trust and expertise offered by the insurance company.
Compare Insurance Providers Rates to Save Up to 75%
Secured with SHA-256 Encryption
Navigating Preferred Physicians Medical Risk Retention Group Claims Process
Ease of Filing a Claim
Preferred Physicians Medical Risk Retention Group prioritizes a hassle-free claims process for its policyholders. They offer multiple convenient options for filing claims, including an online portal, phone assistance, and mobile apps. This accessibility ensures that policyholders can initiate claims in the way that suits them best.
Average Claim Processing Time
Efficiency is a hallmark of Preferred Physicians’ claims processing. They are dedicated to swift and efficient claim handling, minimizing any disruptions to policyholders. The company’s commitment to a quick turnaround time is a testament to their customer-centric approach.
Customer Feedback on Claim Resolutions and Payouts
Preferred Physicians values customer feedback, especially concerning claim resolutions and payouts. They actively seek input from policyholders to continually improve their claims process. Positive customer feedback underscores their commitment to fair and satisfactory claim settlements.
Exploring Preferred Physicians Medical Risk Retention Group’s Digital and Technological Features
Mobile App Features and Functionality
Preferred Physicians offers a comprehensive mobile app that empowers policyholders with easy insurance management. Compatible with both Android and iOS devices, the app allows policyholders to file claims, access policy details, and perform various insurance-related tasks on the go. This mobile app enhances accessibility, making insurance processes available anytime, anywhere.
Online Account Management Capabilities
Policyholders enjoy seamless access to their insurance accounts through Preferred Physicians’ user-friendly online platform.
This platform enables policyholders to manage various aspects of their insurance, from premium payments to policy reviews, conveniently from their homes. Preferred Physicians ensures that policyholders have efficient access to their insurance information online.
Digital Tools and Resources
Preferred Physicians goes beyond the basics by providing a suite of digital tools and resources. These resources offer policyholders valuable information and interactive tools to make informed decisions. Whether it’s educational materials or financial planning tools, Preferred Physicians strives to provide digital resources that support their customers’ insurance needs.
Frequently Asked Questions
How can I contact Preferred Physicians to inquire about their insurance policies?
You can contact Preferred Physicians by visiting their official website and using the contact information provided there. They have a dedicated team ready to assist you with any inquiries.
Is Preferred Physicians only for physicians, or do they offer insurance for other healthcare professionals?
While they specialize in medical malpractice insurance for physicians, Preferred Physicians also offers insurance solutions for a wide range of healthcare professionals, including surgeons, nurses, and more.
What is tail coverage, and why is it important?
Tail coverage, offered by Preferred Physicians, ensures that you have coverage even after you’ve left your current practice. It’s crucial for healthcare professionals transitioning in their careers.
How do Preferred Physicians help with risk management?
Preferred Physicians provides resources and guidance to help you minimize risks in your practice. They work closely with you to create a safer environment for your patients and reduce the likelihood of malpractice claims.
Can I get a customized insurance plan that suits my specific needs?
Yes, Preferred Physicians prides itself on offering personalized insurance solutions. They take the time to understand your unique requirements and tailor their coverage accordingly.
Compare Insurance Providers Rates to Save Up to 75%
Secured with SHA-256 Encryption
Daniel Walker
Licensed Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
![](/wp-content/uploads/dw/-"2KKxR".png)
