TWR Posted December 29, 2016 Share Posted December 29, 2016 An NP triend is getting an LLC and wants to know where she can get private malpractice for herself. Any suggestions? This would be in Texas. Thanks Link to comment Share on other sites More sharing options...
Moderator ventana Posted December 29, 2016 Moderator Share Posted December 29, 2016 any insurance broker ask around your area - usually is a few online searching also try your national agency Link to comment Share on other sites More sharing options...
Katera Posted December 29, 2016 Share Posted December 29, 2016 CM&F group is what I use. They seem solid. Link to comment Share on other sites More sharing options...
Joelseff Posted December 30, 2016 Share Posted December 30, 2016 The Doctor's Company was the one I had in my private practice. it's also the same company my Group practice uses. Sent from my SAMSUNG-SM-G870A using Tapatalk Link to comment Share on other sites More sharing options...
polarbebe Posted May 12, 2017 Share Posted May 12, 2017 I wonder what percentage of PAs carry their own private malpractice insurance? Also wondering about the premiums (which I imagine vary by state, specialty, etc). I have heard from some people that carrying your own coverage makes you a bigger target for lawyers. I have also heard that hospital coverage/lawyers may throw you under the bus and it better protect your assets. Any thoughts? Link to comment Share on other sites More sharing options...
Boatswain2PA Posted May 12, 2017 Share Posted May 12, 2017 Yes, too much insurance makes you a target. Why do bank robbers rob banks? Cause that's where the money is. Link to comment Share on other sites More sharing options...
sas5814 Posted May 12, 2017 Share Posted May 12, 2017 There are only a couple of choices for PAs for private malpractice insurance. I'd speak to a broker...a good one. I have been using Don Dyer insurance at 800-338-2413 for years. Don knows PAs, often has a booth at conferences and is very responsive to needs. Having insurance vs not....that is a bit of a conversation. If you are self employed not having any insurance is foolish. Having your own coverage if your employer covers you...well that depends. When I worked for a hospital district I spoke with a rep and was told that in case of a malpractice claim they actually worked for the district while defending me. I'd rather have someone who works for me. If they work for the district I may not have as much voice as I would like and they could settle on my behalf even if I didn't want them to. Currently I work for a huge organization but I still carry my own policy. Personal choice. Link to comment Share on other sites More sharing options...
GetMeOuttaThisMess Posted May 12, 2017 Share Posted May 12, 2017 I have my own at a minimal level not listed at the carrier's site any longer only for the purpose of having my own legal representation. ~$900/year. Link to comment Share on other sites More sharing options...
Boatswain2PA Posted May 12, 2017 Share Posted May 12, 2017 I have my own at a minimal level not listed at the carrier's site any longer only for the purpose of having my own legal representation. ~$900/year. Is this just for the represenation? Or does it cover financial awards?? Since I am 1099/locums I have my own, costs me >$6K/year for $1M/$3M...but that covers me for everything from ED to FP to surgery. Just can't purposefully deliver babies (although I'm covered if I catch a baby in the ED). Link to comment Share on other sites More sharing options...
GetMeOuttaThisMess Posted May 12, 2017 Share Posted May 12, 2017 Award as well, but for minimal coverage ($100/300K). I'm in a tort reform state and a low risk environment. Link to comment Share on other sites More sharing options...
sas5814 Posted May 12, 2017 Share Posted May 12, 2017 I keep a 100/300 policy for part time work so I can contract as locums if I want to. It is about $900 a year. It would not be in effect in my main employment. Link to comment Share on other sites More sharing options...
polarbebe Posted May 13, 2017 Share Posted May 13, 2017 Yes, too much insurance makes you a target. Why do bank robbers rob banks? Cause that's where the money is. Early in my PA career, the above pretty much summed how I felt regarding my own private malpractice coverage. Fresh out of school with a financial negative net worth... certainly not a target for an ambulance chaser. Entering the middle part of my career and having accrued assets through hard work and sacrifice makes me rethink this strategy. Certainly all malpractice lawyers look at the providers and will think "provider practicing for X years (the higher number of years the higher likelihood of more assets) certainly has assets who we can sue for" vs a fresh grad. Having a family, you want to protect them financially of course. So I am reconsidering this approach ... any other thoughts? Link to comment Share on other sites More sharing options...
Boatswain2PA Posted May 13, 2017 Share Posted May 13, 2017 Do common sense finances that protect your wealth from bankruptcy. Most states protect your primary home and retirement funds from bankruptcy. The states that dont, like California (and some other far left states) aren't worth practicing in. So pay off your house and max out retirement. And if you live in a deep blue state...move! I also have much of my wealth (real estate) in a separate LLC that offers protection from a med mal bankruptcy. Link to comment Share on other sites More sharing options...
Katera Posted May 13, 2017 Share Posted May 13, 2017 Do common sense finances that protect your wealth from bankruptcy. Most states protect your primary home and retirement funds from bankruptcy. The states that dont, like California (and some other far left states) aren't worth practicing in. So pay off your house and max out retirement. And if you live in a deep blue state...move! I also have much of my wealth (real estate) in a separate LLC that offers protection from a med mal bankruptcy. Sorry, but not true. Most states do *not* protect your house....most states protect a portion of your house. Only a VERY few...Two I believe...states protect all your home value up to any price. Texas and Florida. Why do you think OJ moved to Florida and bought a multimillion dollar mansion? So he could hide his fortune in a house. He could of moved to Texas, but....well yea. Honestly, it's the best part of practicing in Texas and one of the reasons we paid off our house. My advice is to get familiar with your states liability laws. The vast majority of states only protect up to a certain value, and it's almost always far less then your house is worth. Which means that yes, you can get sued and they can literally take your house out from under you. Welcome to medicine. Link to comment Share on other sites More sharing options...
Boatswain2PA Posted May 13, 2017 Share Posted May 13, 2017 Should've said most states have "some" protection of your house. There are 6 states that have unlimited protection (with some conditions), other states have substantial protection of over $100K.NJ, MD, and PA give NO protection, while other states give virtually no protection (AR gives $2500 protection...really?) https://texaspolitics.utexas.edu/archive/html/cons/features/0406_01/homestead.htmlThat being said, I would still suggest everyone pay off their house ASAP. The risk of massive malpractice award is minimal compared to the risk of disability, loss of career, etc. Plus, having no mortgage payment is just awesome!Agree, everyone should know what they stand to lose in case of a massive malpractice award.Here is a site that discusses retirement accounts per state:http://www.thetaxadviser.com/content/dam/tta/issues/2014/jan/stateirachart.pdf Link to comment Share on other sites More sharing options...
Katera Posted May 13, 2017 Share Posted May 13, 2017 That being said, I would still suggest everyone pay off their house ASAP.... I could not agree more. You will always need a place to live, and interest on a 30 year loan is just stupid. The greatest financial day of our lives is the day we mailed off the final check to our mortgage company. It was glorious. And our $300k house is just under 4 years old and is now worth $425k. Not a bad investment should we decide to sell and move. Link to comment Share on other sites More sharing options...
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