Malpractice insurance

[NewPA5757]

Hello,

I am curious what proper malpractice insurance looks like in a private practice and hopsital setting. If the malpractice insurance is not usually adequate, how many PA's buy their own and insurance? 

 

I have a cardiology offer with a policy of 200,000 per claim and a total aggregate of 600,000. It seems pretty low to me! 

 

Thank you!

[Sunnyn]

Which company, and how much is the cost?

[NewPA5757]

It is a private practice cardiologist and they cover the cost of the insurance. It just doesn't seem like enough coverage to me. 

[ohiovolffemtp]

From what I've seen in EM, the standard coverage is $1 million/$3 million.

[Mayamom]

It's not enough coverage.  As above $1mil/$3mil is standard.  I always paid for the higher policy $2mil/4mil.   Some of the settlements I have recently read about are up toward $20million.    Crazy....

[NewPA5757]

Thank you all for the advice, that is very helpful! May I ask what you pay per month and what insurance provider you use? 

[Mayamom]

I have Coverys.  I stopped seeing patients 3 years ago and keep my policy current.  It's over $3000 per year.  That bill kills me. 

[ohiovolffemtp]

I only work for employers who provide medical malpractice insurance.  I've never purchased my own policy so I have no idea of cost or which vendors to recommend.

 

[EMEDPA]

1 hour ago, ohiovolffemtp said:

I only work for employers who provide medical malpractice insurance.  I've never purchased my own policy so I have no idea of cost or which vendors to recommend.

 

Ditto. 

[NewPA5757]

That is a rough bill! But I would rather be safe than sorry! Thank you everyone for the advice!

[EMEDPA]

On 7/2/2023 at 9:11 PM, ohiovolffemtp said:

I only work for employers who provide medical malpractice insurance.  I've never purchased my own policy so I have no idea of cost or which vendors to recommend.

 

For EM is runs around 6k/yr. I think I will let my employer pay that, thank you very much...

[SedRate]

On 7/2/2023 at 10:44 PM, EMEDPA said:

Ditto. 

Same.

Also, all the hospitals I've had privileges at have required a minimum of $1 mil/$3 mil. So a $200k/$600k would be insufficient. Check your application for hospital privileges to see what minimum they require. My employer has always paid for my malpractice policy.

[Mayamom]

So are you all buying tail when you move on?  Although most of you seem like you are good at staying at your job long term!!

[Mayamom]

Just and update for anyone interested.   I received a letter yesterday from Coverys that nurse practitioners and physician assistants rates are going up effective 11/1/2023 by 65% to 214%!!!!   This was approved by the state of Massachusetts.  So my policy will now be close to $6k.   

[SedRate]

On 7/9/2023 at 2:43 PM, Mayamom said:

So are you all buying tail when you move on?  Although most of you seem like you are good at staying at your job long term!!

Haven't had to purchase tail. Most of my policies have been occurrence, so no tail needed. And the jobs I've had claims made have always provided tail.