Whether you own a small clinic, or you participate in a larger practice with other doctors, you need a solid understanding of psychiatrist insurance requirements. And ideally, you would like to locate smart cost saving tips so that you are both well covered for potential problems like malpractice and general liability and well within your budget. This article aims to boil down the "need to know" features of the policies you should research.
Psychiatrist Malpractice Insurance – and Beyond
Whether you treat patients over the internet via timed online sessions, or you counsel people in a more traditional setting, you need malpractice insurance in case a patient makes allegations that your treatment (or lack of treatment) led to substantial medical harm. For instance, say a prescription you gave for Lexapro caused a bad reaction in a patient, and now she wants to take you to court. Psychiatrist malpractice insurance will cover things like your legal defense and court costs and judgments against you.
You should also look into things like general liability and premises liability. (Say someone slips and falls in the lobby at your office and breaks an ankle — you could be sued for hospital bills and time off of work.) If you four or more people work for you, you need workers' compensation insurance, by law. You might purchase business interruption insurance as well as insurance to protect your work assets, such as your computer, your furniture, and any other tools of the trade.
Additional relevant kinds of insurance include: life, health, disability, dental, and more – the sheer diversity of the psychiatrist insurance coverages available can be dizzying.
Cutting Through the Overwhelm to Find a Psychiatrist Insurance Solution
First of all, you can find psychiatrist insurance policies. Carriers essentially cobble together coverages fine-tuned people for doctors like you and sell them in one big bundle. This compilation is simpler to buy and easy to use – although you may pay a slight premium for it (as opposed to pricing individual coverages individually).
A professional psychiatrist insurance agent can suggest strategies and ideas – such as what kind of limit to look for when you shop for psychiatrist malpractice insurance. A good agent can also highlight coverages to cut to save money. In terms of cost control, seek to raise your deductibles, try to use one carrier to write multiple policies, shop for discounts, and, most crucially, keep your practice safe. Meet all licensing and credential requirements, take good care of your patients, and avoid situations that could lead to malpractice charges. As the old adage goes, discretion is the better part of valor.
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