What is PRMS, and what services do you offer?
Professional Risk Management Services® (PRMS®) specializes in providing medical professional liability insurance for individual psychiatrists and group practices, offering clients psychiatry-specific, in-house risk management and expert claims handling and defense services.

What types of coverage do you offer?
Our policies cover medical professional claims, legal defense, and settlement costs on both occurrence and claims-made policies for individuals and group practices. PRMS also offers coverage on surplus lines paper for additional flexibility.

What is the difference between an occurrence and claims-made policy?
An occurrence policy covers claims and incidents occurring during the policy period, regardless of when the claim is reported. A claims-made policy covers claims or incidents reported during the policy period if the claim or incident occurred after the retroactive date. For more information, visit our webpage on Claims-Made vs. Occurrence Policies.

What additional policy coverages are included in my policy?
Policyholders will receive coverages subject to individual aggregates for:

  • Board Proceedings
  • Administrative
  • HIPPA Defense
  • Privacy Breach Expenses
  • Medicare/Medicaid Defense
  • Deposition Expenses
  • Practice Interruption Expenses
  • Assault Expenses
  • Fire Damage to Premises Rented or Temporarily Occupied
  • Medical Payments

How are premiums determined?
Premiums are based on an underwriting analysis that considers, but is not limited to:

  • Practice and Patient treatment locations
  • Prior claim history
  • Limits of liability
  • Number of insureds (if a group policy)

What is tail coverage and do I need it?
Tail coverage, or Extended Reporting Period coverage, is needed if a practitioner has a claims-made policy and retires, switches insurers, or otherwise no longer needs the policy. Tail allows the insured to report claims that took place after the retroactive date until the policy ended.

Who manages claims and legal defense?
Our in-house claims examiners hire defense attorneys in your jurisdiction to defend you.  Our national network of defense attorneys are skilled in litigation within the behavioral and mental health arena.

How can I get a quote or apply?
You can request information through our website, by emailing TheProgram@PRMS.com, or calling at (800) 245-3333. If  you are ready to apply, you can also submit the application online.

What resources are available to reduce my risk?
Our clients have access to risk management tools and a library of psychiatry and behavioral health specific resources, educational on-demand and CME courses, as well as one-on-one support via our Risk Management Consultation Service helpline. Preview some of the risk management resources our clients have access to here.

Do you provide policies for psychiatry residents who moonlight?
Yes, PRMS offers coverage at a substantial discounted premium for moonlighting residents and fellows who are still enrolled in a qualified residency or fellowship program. Coverage may be available on an occurrence policy, and the moonlighting hours cannot exceed 20 average hours per week.

What happens to my policy when I transition from residency to full practice?
PRMS provides seamless transition options from residency coverage to full practice. We offer Early Career (including military) premium discounts for individuals from their first day of practice or at the completion of residency/fellowship, whichever is most recent.

Do you offer discounts for part-time practitioners?
Yes, we offer premium discounts for part time providers up to 20 average weekly hours.

What other premium discounts are available?
We offer other discounts subject to an overall combined maximum percentage:

  • Child and Adolescent Psychiatry Credit for 50% or more of your practice in this field
  • Association Credit for membership in an association or organization solely dedicated to the specialty of psychiatry Risk Management Credit for successfully completing at least 4 credit hours of our CME courses (New York Excess Seminar if rated in New York).

How does PRMS accommodate specific practice needs in different specialties?
We customized risk management resources, claims support, and policy coverages to align with psychiatry, ensuring targeted protection and guidance.

Do you cover psychiatrists supervising nurse practitioners and physician assistants (e.g., collaboration agreements)?
Yes, our policies include coverage for psychiatrists supervising nurse practitioners, physician assistants, and other behavioral healthcare providers. If they are hired as your employee or independent contractor, please contact your underwriter to request policy updates.

How does supervision of nurse practitioners and physician assistants impact my policy?
If you supervise nurse practitioners and/or physician assistants, it is important to ensure that your coverage addresses potential liability associated with their practice, as well as your own. We can tailor your policy accordingly.

What should I consider when supervising nurse practitioners and physician assistants?
It is critical to have clear agreements outlining responsibilities and to maintain thorough documentation. PRMS offers risk management resources to help navigate supervisory roles.

Can nurse practitioners and physician assistants under my supervision be covered under my policy?
Depending on your specific needs, PRMS can extend coverage to include nurse practitioners under your supervision or help you explore additional options.

Does PRMS cover group practices?
Yes, as long as the group has at least one practicing psychiatrist and a prescribing provider like a nurse practitioner (may vary by state). All providers in the practice – including psychiatrists, nurse practitioners, psychologists, social workers, therapists, and other behavioral healthcare providers – can be covered under one medical professional liability insurance policy, along with the entity itself. The same benefits of an individual policy are available to the corporate entity, as well as everyone associated with it.

For more details, visit PRMS.com.