Moonlighting and first liability insurance purchase

[Gavanshir]

Hello, I'm CAP fellow being offered a telepsych position as a moonlighter with a good hourly rate ($175), but I would be responsible for my own liability insurance. I'm currently doing quite a bit of moonlighting internally so my liability is covered but the rate I'm getting is close to $100/hr. I'm just now learning about the ins and outs of liability insurance and it seems that it may be a waste to use up the discounts that companies like APA and PRMS offer for trainees, first-time buyers, etc. given that I would only be moonlighting at this job for maybe 10 hours per week.

Should I negotiate for the employer to cover my liability insurance even if it means a lower hourly rate? Or does it not matter much whether I use up those "first time buyer" discounts now or later? Thanks for any guidance.

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[Sushirolls]

"A bird in the hand is worth two in the bush."

Do the moonlighting, and get the liability insurance you need. Whether you use up the first time buyer discount etc. This will be a part time policy anyways, so simply getting a half time occurrence (my vote over claims made) is still going to run you only $~2500/year.
10 x $175 x 46 weeks = ~80k
Go get 'em tiger.

*be aware that if you are doing telepsych beyond your current state, you will need a medical license in each of those states. Make sure your carrier is aware that this is for a telepsych gig and they cover it.

If you are a first year CAP, finish off this internal moonlighting thru the end of your year 1. Year two, drop it, and follow the money.

 

[Merovinge]

Yup, psychiatry malpractice is almost hilariously cheap compared to high risk specialties. This should not be a deal breaker like it would be for ob/gyn or spine surgeon.

 

[Merely]

Is malpractice legally required to practice similar to how car insurance is required to drive?

 

[SourceOfDenial]

Hello, I'm CAP fellow being offered a telepsych position as a moonlighter with a good hourly rate ($175), but I would be responsible for my own liability insurance. I'm currently doing quite a bit of moonlighting internally so my liability is covered but the rate I'm getting is close to $100/hr. I'm just now learning about the ins and outs of liability insurance and it seems that it may be a waste to use up the discounts that companies like APA and PRMS offer for trainees, first-time buyers, etc. given that I would only be moonlighting at this job for maybe 10 hours per week.

Should I negotiate for the employer to cover my liability insurance even if it means a lower hourly rate? Or does it not matter much whether I use up those "first time buyer" discounts now or later? Thanks for any guidance.

Did you first ask the program to just pay for malpractice? I’ve had one job that I negotiated if I worked X number of shifts they paid for my coverage.

 

[Sushirolls]

Is malpractice legally required to practice similar to how car insurance is required to drive?

No.

Possibly in some states, but overall, no.

 

[Merely]

No.

Possibly in some states, but overall, no.

then why get it? I have all my assets in an LLC so I have nothing to be sued for hypothetically

 

[TexasPhysician]

then why get it? I have all my assets in an LLC so I have nothing to be sued for hypothetically

I wouldn’t think about it that way. A good attorney can find a way to pierce a corporate veil and last I checked, there are ways to garnish ongoing wages to pay a judgement.

 

[Merely]

I wouldn’t think about it that way. A good attorney can find a way to pierce a corporate veil and last I checked, there are ways to garnish ongoing wages to pay a judgement.

you think they will go after my personal assets/income for a malpractice suit? I thought that never happened..I guess if you don’t have malpractice insurance it might

 

[Splenda88]

I believe state like FL requires one to have a huge some of cash in the bank if you don't want to carry liability insurance...

 

[TexasPhysician]

you think they will go after my personal assets/income for a malpractice suit? I thought that never happened..I guess if you don’t have malpractice insurance it might

Sure. Docs have deep pockets over their career.

 

[downwithDTB]

you think they will go after my personal assets/income for a malpractice suit? I thought that never happened..I guess if you don’t have malpractice insurance it might

If malpractice insurance wasn't required AND assets were easy enough to protect such that they would never go after your personal assets/income... would any doctor ever have malpractice insurance?

 

[Merely]

If malpractice insurance wasn't required AND assets were easy enough to protect such that they would never go after your personal assets/income... would any doctor ever have malpractice insurance?

doctors in general are very naive so probably

 

[Taddy Mason]

doctors in general are very naive so probably

Ummmm...