Malpractice Insurance Liability Limits

[romanticscience]

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For those of you in private practice, what are your medmal liability limits? I've had 1M (incident)/3M (aggregate) for the past 2-years but was wondering if I should bump it up. The cost difference is ~$200/year per additional 1M up to 5M/5M.

 

[psychapp121]

More insurance makes you a bigger target for lawyers means you’ll get sued more..do you wanna be sued?

 

[splik]

1M/3M is considered the standard for psychiatry. It makes no sense to increase it. The damages in psychiatry are low and thus fall under that limit, especially if you have an outpatient psychotherapy based practice, which I believe you do.

 

[Sushirolls]

1M/3M, no more.

 

[sighchiatry]

For those of you in private practice, what are your medmal liability limits? I've had 1M (incident)/3M (aggregate) for the past 2-years but was wondering if I should bump it up. The cost difference is ~$200/year per additional 1M up to 5M/5M.

1 million / 3 million
To me, an occurrence based policy is more valuable than higher limits.