Choosing Insurance on the PRMS Blog

Each month, the PRMS underwriters are sharing insights on some of the top questions received from clients and potential insureds. One topic that has regularly been asked month over month: What is the difference between a claims-made and occurrence policy, and which one is best for me? What is a claims-made policy? A claims-made policy generally protects you if named in a practi ...

Choosing a malpractice insurance policy is one of the first – and most important – decisions you will face in your career. And as a resident, you may have a lot of questions: How much is malpractice insurance? When does a psychiatrist need malpractice insurance? What is a claims made policy versus occurrence insurance policy? Luckily, the experienced team at PRMS is equipped to ...

Yes, it’s already that time of year again! If you’re like most busy psychiatrists, you may not yet have had a chance to implement last year’s risk management resolutions, or maybe even those of the year before that. Don’t worry – we’re not here to make you feel bad. In fact, this year we’re recommending a slightly different approach. Rather than looking at ways to improve your ...

In honor of Insurance Awareness Day this June 28, we want to ensure that everyone knows about all the benefits a medical professional liability policy through PRMS includes. In addition to insurance coverage, PRMS provides clients with our psychiatric risk management expertise through resources, online educational tools, one-on-one support, consultation, and more. PRMS strives ...

Have you ever wondered what sets Professional Risk Management Services (PRMS) apart from other medical malpractice insurance providers and why psychiatrists select PRMS? PRMS Account Manager, Rich Stagnato, RPLU, shares some highlights about PRMS, our psychiatry-specific insurance program, and the advantages that set PRMS apart in the video below:   To learn more about the supe ...

An insurance policy with PRMS provides our clients with peace of mind. And this June 28th, in honor of National Insurance Awareness Day, we asked the PRMS Insurance Services team to share a few of the most common questions they receive from clients – and just what’s so great about a PRMS insurance policy. What has been the most common question received by Insurance Services in ...

You have insurance coverage. You received the lowest rate and have the certificate of insurance. You are properly insured, right? Perhaps not. Here are five of the most common issues you should avoid when choosing a policy.  1. Not having enough licensing board defense coverage. PRMS is seeing increased licensing board activity for many reasons such as aggressive boards, greate ...

Starting or joining a private practice is an exciting time, but it can also be risky. An essential way to protect your professional reputation and reduce risk is to obtain comprehensive medical professional liability insurance. In this post I will address some important steps you can take to help create and maintain a successful practice. Build good relationships If you are ent ...

Many medical professional liability companies only offer claims-made policies to behavioral healthcare providers like you. You are probably familiar with some common assumptions associated with claims-made policies: –  A claims-made policy protects you against claims for an incident if the policy is active when the “claim” is “made”. Correct! –  An incident must be within the ...

A guest blog by Remy Palumbo, Senior Underwriter Many of us have a tendency to purchase insurance and then set aside our policy hoping to never need it.  Of course sometimes “life happens” and as a result, there are times when you’ll want to provide the underwriter of your medical professional liability insurance carrier with updates.  A few of these include: 1) When your maili ...