Malpractice insurance question

[r_salis]

If you're working at a group practice which has liability insurance covering all the doctors at the site, should you also get your own individual malpractice coverage?

[EyeBaller]

Originally Posted by r_salis

If you're working at a group practice which has liability insurance covering all the doctors at the site, should you also get your own individual malpractice coverage?

From many practice development classes that I'm sure you remember.... Yes, you should still always have your own malpractice insurance. I can't remember all the reasons why but I assume it's mostly a safety net so you don't get caught out with some loophole in the practice's plan. Also, this way you can also work at other locations if you wanted to without worrying about it.

On top of all that, the cost for OD malpractice is relatively low.. around $500 I think.

[KHE]

Originally Posted by EyeBaller

From many practice development classes that I'm sure you remember.... Yes, you should still always have your own malpractice insurance. I can't remember all the reasons why but I assume it's mostly a safety net so you don't get caught out with some loophole in the practice's plan. Also, this way you can also work at other locations if you wanted to without worrying about it.

On top of all that, the cost for OD malpractice is relatively low.. around $500 I think.

My malpractice this year was $2000.

If you are employed somewhere, I believe it is a good idea to carry your own policy. It is true that you may want to work elsewhere....but I don't really foresee it as a loophole issue because if you get into trouble and your employers insurance does NOT cover you, the loophole will be that they go after the employer personally which they will definately not want.

But the biggest reason to carry your own insurance is the following:

In the unlikely event that you are named in an action, your employers insurance will do what's in the best interest of the EMPLOYER, not necissarily you. And that is something you want to avoid.

[VA Hopeful Dr]

Originally Posted by KHE

My malpractice this year was $2000.

With respects, unless you live in a very high risk state (nevada or the like) then you're getting ripped off. His last year practicing (2005) dad paid about $600 for 2 mil coverage down here in SC.

[r_salis]

Originally Posted by EyeBaller

From many practice development classes that I'm sure you remember....

Hahahahaha. Got me.

The cost for malpractice insurance for NY state is $374-$498, but for the 5 boroughs it's $1049-$1399! Stupid lawyer-saturated city...

[cpw]

It's definitely good to have your own coverage. The office I work in insists on it. Any lawyer worth anything will sue both you AND the people you work for.

Thank goodness I'm not in miami ... they're coverage is double what I pay. Last years rates were about $650. I'll see what they are in September when I have to renew. I've heard they're going up again.

[362.04]

The cost of malpractice insurance depends greatly upon the scope of practice. Where it might cost $2k, the coverage might include pre- and post- operative care.

[r_salis]

Originally Posted by 362.04

The cost of malpractice insurance depends greatly upon the scope of practice. Where it might cost $2k, the coverage might include pre- and post- operative care.

That makes sense to me -- but why is NYC coverage so high, when we only have such a middle-of-the-road scope (no orals yet )?

[sniklegem]

This is per month, right?

And Nevada, NYC, Miami seem to be the highest that you all have mentioned...? What about for OK and TN where the scopes are a little more expanded?

[r_salis]

Originally Posted by sniklegem

This is per month, right?

The prices I quoted were annual.

[eyelectric]

Out of curiousity, why is Nevada a high-risk state? Are we only considering Vegas in this instance or does Reno/Sparks have high premiums as well? What about the small towns in the rest of the state?

[cpw]

Originally Posted by r_salis

The prices I quoted were annual.

r_salis is right... these are annual rate quotes.

[sniklegem]

Hmm, annual.
Wow.

Thanks!