Top Five Things to Avoid When Buying Psychiatric Malpractice Insurance

You have insurance coverage. You received the lowest rate and have the certificate of insurance. You are properly insured, right?

Perhaps not.

Here are five of the most common issues you should avoid when choosing a policy.

Always read the fine print and make sure to choose a policy that will properly represent your best interests by not having an arbitration clause or a hammer clause. With PRMS, our client-focused policies do not include these clauses.

Read our full list of coverage features and benefits here

A low premium won’t always end up saving you money particularly when you are faced with the bill for upfront defense costs, high deductibles or inadequate coverage for medical board investigations.

With PRMS, we automatically provide $150,000 per complaint/$150,000 per policy limits for medical board complaints at no additional cost. We also do not assess deductibles for these claims and we pay all covered claims directly to the attorney. No additional premium is charged* and you don’t have to pay for these costs upfront.

Learn more about our defense strategy here

Other insurance companies usually comingle psychiatry rates and policies with physicians in other specialties. In terms of risk management advice, multi-specialty insurance companies often generalize their information or develop educational material focused on primary care physicians due to their large numbers or on specialties such as surgeons. As a result, you may not receive the specific advice relative to your practice of psychiatry.

Our policies and services are designed specifically for psychiatrists and groups of psychiatrists with behavioral allied healthcare professionals. The policy is customized to define psychiatric services.

Learn more about our risk management services here.

Some companies require psychiatrists to pay third-party companies for CMEs because the insurance company does not offer the service in-house or as part of its insurance package.

PRMS provides CME risk management education to all of our insured clients free of charge. We are accredited by the American Council for Continuing Medical Education and achieved ACCME Accreditation with Commendation – a level awarded to only 21% of accredited companies. This speaks to the quality of our education both in-person and online.

Experience a PRMS risk management CME seminar for yourself! Learn more.

At the end of the day, it is about results. Will your insurance company be there for you and act in your best interest when a claim is brought against you? How has your insurance company performed?

Learn more about claims here.

Choosing the right medical professional liability insurance can be a complicated and confusing process, but we are here to help you avoid these common pitfalls and many others.

To learn more about how we protect psychiatrists and to receive a personalized quote, please call (800) 245-3333 or complete and submit the form below.

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