Malpractice insurance in private practice.

[Celexa]

Am starting a small private practice next year in addition to my primary academic gig. Thoughts on specific companies? Notable good or bad experiences?

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[splik]

Most people are happy with their malpractice carrier until they get sued… then no one is. I use PRMS. Have a look around at which companies offer the services you need in your area. Premiums are highly geographic. Don’t just focus on cost look at what they offer for the price. There are big differences.

ETA: American Professional Agency and The Doctor's Company are the other two most common malpractice carriers. Some are only available in certain localities so check what people in your area have. In CA, MIEC and CAP are two other common plans people have

 

[Celexa]

Most people are happy with their malpractice carrier until they get sued… then no one is. I use PRMS. Have a look around at which companies offer the services you need in your area. Premiums are highly geographic. Don’t just focus on cost look at what they offer for the price. There are big differences.

Yeah I am definitely not shopping based on price. I have asked PRMS for a quote and wondering who else I should look at.

 

[forchinet121]

Most people are happy with their malpractice carrier until they get sued… then no one is. I use PRMS. Have a look around at which companies offer the services you need in your area. Premiums are highly geographic. Don’t just focus on cost look at what they offer for the price. There are big differences.

For us inexperienced folks what differs based on price? What should we be looking for and what do we need?

 

[Sushirolls]

I've had American Professional in the past. No complaints.

I went with PRMS this time. I forgot why. But they have part time rates under 20 hours which is great (patient clinical hours).
I've also called them up in a 'risk management fashion' quite helpful.
So far I'm pleased. Easy to reach, easy to email, easy to log in to.

I opted against Doctors company because I couldn't guarantee in my mind I'd ride out to the end their benefit of dividends etc. I also didn't like their plan was claims made, and you didn't get the tail until you retired or something like that. I wanted Occurrence based right from the start.

 

[Shikima]

I dropped PRMS because they were extorting me with raising rates each year. I went over to Allied World Surplus Lines Insurance Company with pretty good rates and the same coverage standards.

 

[romanticscience]

This question may be best answered by @splik, should one carry errors and omissions insurance for forensic work? PMRS specifically states it covers forensic psychiatry, which is why I'm considering switching to them.

 

[splik]

This question may be best answered by @splik, should one carry errors and omissions insurance for forensic work? PMRS specifically states it covers forensic psychiatry, which is why I'm considering switching to them.

No need for errors and omissions insurance. You want your malpractice insurance to cover forensic work which PRMS and APA both do. It is exceedingly rare to be sued in forensic cases so it shouldn’t cost extra to have this coverage. When it does happen, it’s usually the attorney that retained you that sues.

 

[Merovinge]

No need for errors and omissions insurance. You want your malpractice insurance to cover forensic work which PRMS and APA both do. It is exceedingly rare to be sued in forensic cases so it shouldn’t cost extra to have this coverage. When it does happen, it’s usually the attorney that retained you that sues.

You would know better than I, but I believe child custody cases have the highest rate of lawsuit of any activity a CAP can do.

 

[alina_s]

I’ve used mostly American Professional Agency, but had PRMS when I worked for an employer who made me switch. Never been sued, I’ve called both for guidance and found them helpful. I didn’t have to pay for PRMS but with APA, rates seemed reasonable and I appreciated that I didn’t have to pay for tail after 10 lawsuit-free years. It was also reassuring that there didn’t seem to be a lot of turnover. At one point, I called PRMS and they couldn’t find any record of my policy (!!) They found it eventually but it took many calls over a week or so.