When it comes to ensuring the security of your psychiatric practice, having comprehensive insurance coverage is paramount. Navigating the complex landscape of psychiatric malpractice insurance requires a thorough understanding of the specific aspects that should be covered by your policy.
1. What kind of psychiatric activities does the insurance policy cover?
Ask the insurance company to provide a detailed list of all psychiatric activities that are covered under the policy.
2. Does the insurance cover psychiatric malpractice lawsuits related to medication prescriptions?
The insurer should be able to tell you explicitly whether this is covered, and under what circumstances.
3. What is the insurer's track record with handling malpractice cases related to psychiatry?
While specifics about individual cases might not be available due to confidentiality, the insurer should be able to provide general statistics or insights about their experience with psychiatric cases.
4. Does the policy include defense costs outside of the policy limits?
This should be outlined in the policy's terms and conditions.
5. Does the policy cover telepsychiatry?
Due to the rise of telemedicine, most modern insurers will include this in their policies, but you should ask to confirm.
6. How does the insurance handle cases of patient suicide or self-harm?
This is a specific risk in psychiatry that should be addressed in the policy. Make sure to ask your insurer for clarification.
7. What kind of support does the insurer offer in case of a lawsuit?
The insurer should be able to detail the support services they provide to policyholders in the event of a lawsuit.
8. Does the policy cover board complaints and license protection?
The insurance company should be able to confirm this. If not, you may want to consider additional coverage to protect your license.
9. Is “tail coverage” included in the policy?
Tail coverage can be an important component of malpractice insurance, especially in psychiatry. Ask your insurer if this is included or if it can be added on, and at what cost.
10. Does the insurance cover treatments that fall under experimental or off-label use?
This is a potentially gray area and should be explicitly discussed with your insurer to understand if they cover such scenarios.
11. What are the specific exclusions in the policy?
The insurer should provide you with a detailed list of exclusions. Make sure you fully understand these before signing any policy.
12. Does the insurance cover group therapy or therapy involving family members?
Group and family therapy should be explicitly mentioned in the coverage details. If not, ask the insurer to clarify.
13. How are premiums affected by the type of patients I treat?
Your insurer will need to know about your patient demographics to accurately answer this question.
14. Does the insurer offer any risk management resources or training to help avoid potential malpractice lawsuits?
Many insurers offer these kinds of resources as part of their services. Be sure to ask what's available to you.
Remember, it's important to consult with a professional who is knowledgeable about medical malpractice insurance to ensure you're asking the right questions and fully understanding the answers.
Contact SelectFirst Insurance today for help with your Medmal insurance. Call (888) 966-3881or Email us at email@example.com.