Medical Malpractice Insurance for Psychiatrists

The relationship between a doctor and their patient is a very personal one, that is built on trust. Patients trust the knowledge and expertise of their doctors while the doctors trust the information and medical history disclosure their patients give them. Psychiatrists have the most intimate relationship with their patients. Caring for individuals’ mental health and wellbeing is something many psychiatrists take great pride in.

What is Psychiatrists Malpractice Insurance?

Medical malpractice insurance protects doctors and healthcare professionals from potential legal litigation. A malpractice claim can cost you thousands and thousands of dollars and damage the reputation of you and your practice. Carrying malpractice insurance gives a piece of mind that your career and your finances are well protected.

Why is Medical Malpractice Insurance Important for Psychiatrists?

Psychiatrists are at risk for medical malpractice litigation just like any other medical healthcare professional. Every year 2-3% of all psychiatrists in the United States face a malpractice claim.  Psychiatrists can be sued for malpractice over several aspects of their daily work.

Potential Causes for Psychiatry Malpractice Litigation

  • Improper prescriptions
  • Exploitation of confidentiality 
  • Perceived negligence
  • Improper diagnosis
  • Failing to complete proper assessments

Psychiatrists Malpractice Insurance Costs

Premiums for psychiatrist liability coverage varies depending on type and amount of coverage as well as a few other factors including: location (county specific), scope of practice, hours worked and prior claims.

What Psychiatrists Should Look for in a Malpractice Insurer

Psychiatrists should consider the following factors when selecting professional liability insurance:

  • Competence of Counsel
  • Access to Attorneys for Pre-Suit Advice
  • Consent to Settle Clause
  • Company Reputation and Financial Strength
  • Understandable Policy Language
  • Coverage Designed for Psychiatrists
  • High-Quality Customer Service
  • Premium Cost

Save Money by Working with a Malpractice Insurance Agent

You can save money on your psychiatrist medical malpractice insurance by working with an insurance agent or broker. Brokers shop for the best available policies to determine which ones are best suited for your unique needs at the lowest cost. In the medical malpractice insurance industry, agent commissions are already built into your premium. You pay the same amount for coverage whether you use an agent or purchase directly from the insurance company. Let us be your advocate.

Why Psychiatrists Choose Cunningham Group

Cunningham Group saves you money on your psychiatrist medical malpractice coverage. 

Psychiatrists choose Cunningham Group because we are one of the few medical malpractice insurance agencies that take the time to understand your specific employment situation and your approach to patient care. With access to every major medical malpractice insurance company, our team is uniquely qualified to get you the best coverage at the most affordable price. Most malpractice insurance agents only have access to one or two medical malpractice insurance companies. Our almost-universal access lets us shop your coverage among nearly every available company, which means malpractice insurers compete for your business.

How Does the Process Work?

  1. You will submit your information through a secure medical malpractice insurance quote form.
  2. You can always call us and speak to an agent immediately.
  3. A veteran medical malpractice insurance broker will be assigned to you.
  4. We shop your psychiatrist malpractice insurance to every major malpractice insurance.
  5. Your insurance agent will take the time and go over all of your options with you, explaining everything to make certain you make the right decision.
  6. We get you your insurance policy at the best price with a major insurance company.
  7. At renewal time: We start the shopping process all over again, getting you quotes from all the major malpractice insurance companies to again make certain you’re properly priced.

Request your free medical malpractice insurance quote and learn why more dermatologists choose us over anyone else in the nation.

Important Resources for Psychiatrists

Medscape Psychiatry Articles
American Journal of Psychiatry
Archives of General Psychiatry
Clinical Practice Guidelines
Psychiatric Times