Psychiatry Malpractice Insurance

Psychiatry Malpractice Insurance

Psychiatry specializes in the diagnosis, prevention, study, and treatment of mental disorders and mental health issues, including substance use disorders. With such a delicate specialty, the possibility of malpractice filings is still possible. Research shows that nearly 3% of psychiatric physicians encounter claims annually. And, of those claims, 0.2% result in monetary damages.  For psychiatrists, the median indemnity payment is $60,000 and the mean is $185,000.

Actions that have led to malpractice claims for psychiatrists specifically include not fully documenting or following up with patients with suicide risks, failing to warn third parties when necessary, not responding (even appropriately and within legal limits) to concerned family members, and failing to consider the environment, such as accessibility to firearms, for suicidal patients.

Though psychiatrists are not at as much risk for malpractice claims as surgeons, protection is still vital. That's where malpractice insurance for psychiatrists can help.

How Much Does Psychiatrist Medical Malpractice Insurance Cost?

The costs for psychiatric malpractice insurance range from $6,000 to $30,000 each year.These costs cover all legal defense and settlements, conduct reviews from peer panels, medical damages, and more.

Insurance costs for psychiatrists vary depending on the state and county. Other factors that can influence cost include:

  • Time worked
  • Urban versus rural location
  • Competition among insurers
  • Desired level of coverage
  • Tort reform (especially non economic damage caps)
  • Policy limits
  • Use of “defensive medicine”
  • Individual practice and psychiatrist history

Insurers should customize policies to the individual psychiatrist's needs and should be sure to meet state malpractice requirements.

Types of Insurance Coverage for Psychiatry Malpractice Insurance

Psychiatry malpractice coverage may be in either one of two areas: claims-made or occurrences. Claims-made insurance only provides coverage during the time the policy is active, and can include “tail” coverage, which extends the policy for time after the policy period ends. Occurrence coverage is applicable for all claims that occurred during the time the policy was in effect, even if the policy period ends.

 


Are You In Need of Malpractice Insurance?

We offer quality malpractice insurance to compassionate, exemplary psychiatric specialists across the United States. Contact Capson now for a quote.