Learn Important Issues to Avoid When Buying Malpractice Insurance this Insurance Awareness Day

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:

  1. Not having enough licensing board defense coverage – we offer up to $150,000 coverage.
  2. Only one policy type to select from – we offer claims-made and occurrence policies.
  3. Limited options for waiving tail coverage costs – we offer options for retirement and longevity (subject to underwriting guidelines).
  4. 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.
  5. 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.

 

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