Learn Important Issues to Avoid When Buying Malpractice Insurance
In honor of Insurance Awareness Day this June 28, we want to ensure that everyone knows about all the benefits a medical professional liability policy through PRMS includes. In addition to insurance coverage, PRMS provides clients with our psychiatric risk management expertise through resources, online educational tools, one-on-one support, consultation, and more.
PRMS strives to offer the best level of service at the greatest possible value to our clients. We prioritize sharing our expertise – knowledge gained across almost 35 years of providing psychiatry-specific professional liability insurance – with both our clients and the greater mental healthcare community.
While we have expertise on a wide-variety of topics such as telepsychiatry risk management tips and how to start a private practice, one of our most popular blog topics remains 5 Things Psychiatrists Should Avoid When Buying Malpractice Insurance. In the blog post, we review these common issues psychiatrists should avoid:
- Not having enough licensing board defense coverage – we offer up to $150,000 coverage.
- Only one policy type to select from – we offer claims-made and occurrence policies.
- Limited options for waiving tail coverage costs – we offer options for retirement and longevity (subject to underwriting guidelines).
- Choosing an insurance company with risk management services not specifically designed for mental health - our risk managers have addressed over 78,000 psychiatric-specific risk management issues through our helpline.
- Selecting an insurance company that doesn’t have psychiatric claims experience – our claims team has managed over 29,000 psychiatric claims (more than any other company in the United States).
You can also view a video on the subject below - starring a few of the PRMS Insurance Services team members. We are all here to help you learn more about malpractice insurance and how we can help protect your practice – for us, every day is Insurance Awareness Day!
To learn more about the superior psychiatry-specific insurance program and comprehensive services offered by PRMS, click here.
Authored by PRMS.