there are many areas where you want to keep costs low, but malpractice insurance is not one of them. Do not skimp on this or consider only the cost. Malpractice insurance is not just for when you get sued but a resource for practice management questions for medico-legal issues. The kinds of things that might come up are reviewing forms for intakes or ongoing care, forms for any contractors related to confidentiality/HIPAA policies, advice on managing liability in split treatment or for supervising NPs, navigating the no surprises act, support if you get subpoenaed for deposition or trial for one of your patients, questions related to managing termination, managing patient suicide, dealing with confidentiality issues after pt death etc. PRMS emphasizes this given risk management is in the name.
The PRMS policy is quite expansive compared to some other insurances and helpful for those of us who wear multiple hats - it covers claims related to advertising and online behavior, medical director duties, forensic activities, consultation, utilization review, teaching, publications, media appearances, good samaritan acts, and they cover some expenses if a patient assaults you, fire damage to your office (up to $150k), HIPAA violations, claims if a pt is injured in your office, they will pay for an attorney to accompany you to a deposition (for cases where you are not being sued but asked to attend as a percipient or hybrid witness), and they cover $150k of expenses if you have to defend yourself against the medical board. (At least this is my policy). They also provide a lot of helpful guidance, forms, and risk management CME. If all of this is fluff to you you may be fine with a cheaper policy that covers less.
The main problems that I see with PRMS is the coverage for any medicare/medicaid investigations is low, they have a low cap for any sexual misconduct claims ($25k for coverage include to represent you) and they don't cover anything that falls under the scope of neurology (probably irrelevant for most psychiatrists tho). It is relatively rare, but it only takes one aggrieved borderline pt to accuse you of sexual misconduct to professionally ruin you. While it is vastly more common for psychiatrist to be the perpetrators rather than victims of a sexual misconduct case (the old studies suggested 10% of psychiatrists did so but that was in the era of psychodynamic psychiatry), there are definitely pts or family members who make false claims. I have seen enough pts with factitious disorder to know one manifestation of this is factitious sexual assault claims. I can see malpractice carriers being reasonable not to want to pay out for settlements or judgements of sexual misconduct but to limit fees to even litigate these cases is troublesome.
Definitely shop around for the policy that you think will be most helpful to you but I think it is a mistake to focus only on the cost. you get what you pay for.