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Psychiatrists hold an important responsibility when treating their patients. Unfortunately, there is always a risk associated with it. Therefore, having the right insurance to cover all costs is extremely important. When purchasing your insurance plan, it is important to consider the list below.

  1. Does the insurance policy have hidden costs?

Getting low premium insurance may not save you money in the end. The coverage may be inadequate with upfront costs and high deductibles. Some insurance companies will require individuals to pay huge amounts in order to apply for reimbursements or other costs upfront.

Before selecting an Insurance company, it is important to know in detail what all costs will be so you are not stuck with hidden costs in the end.

  1. Are there any conditions to ‘consent to settle clause’ in the insurance policy?

The clause of consent to settle is common in medical malpractice insurance. psychiatrists must be well aware of the conditions that are a part of it. In some situations the insurance company will prefer to settle. In other’s attributions may be required in order to settle the dispute. Such a situation may be favorable for the insurance provider but certainly not for you.

  1. Is your policy requiring you to pay extra for CME’s and risk management education?

There are some insurance companies that do not include the costs for CME’s resulting in Psychiatrists paying third party companies. Make sure that the company you choose provides such insurance without adding much to the costs.

  1. Is the risk management service specially for psychiatrists?

There can be situations when the insurance companies do not have policies specifically designed for risk management services. Such companies usually have a collaborated policy section for psychiatrists or physicians. There are companies having multiple speciality insurance services that focus basically on physicians with primary care. The special programs are designed appropriately for psychiatrists along with behavioural and health care professionals.

  1. Does your company have Psychiatric claims experience?

Not all insurance companies are knowledgeable on the issues that can be a part of psychiatric claims. Knowing the kind of sensitive field that it is, you have to be sure that your insurance company will be able to handle the situation well. Choose an insurance company that is highly experienced in the field to handle the situation in the best interest of the company.

Before selecting a particular insurance company make sure you have done your research. Review the list above as this can hugely affect the costs that you pay for  your insurance services and the additional costs when dealing with a claim.

Being a psychiatrist is a task of immense responsibility and care. One needs to be sure that the practice is secured with adequate malpractice insurance. Choosing a well fit medical malpractice insurance can save you money, your services and professional standing.

To learn more about services for medical malpractice insurance contact us at 973-939-3171.

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