July 30, 2021
Malpractice Insurance Discount for Recent Grads
By Gary McCammon, AAPA Insurance Services
If you’re in your last year of PA school or a recent graduate, you spend a lot of time thinking about that first job. Where will it be? A hospital, physician practice or community clinic perhaps? Last, but not least, how much can you expect in salary?
The AAPA Salary Report is a must-read for all PAs who want to know what they’re worth in the job market. In fact, it’s a useful tool for employers too. As an AAPA member and recent grad, you may find that you’re worth even more than you think.
Insurance premium savings can make you an even more attractive hire and/or give you more leverage in getting a higher salary. The AAPA-endorsed Professional Liability Insurance Program launched a plan this year just for new grads. It radically discounts your malpractice insurance premium to the point that it’s virtually free in your first year of employment. Since PA premiums can run as high as five figures in some cases, this will save your employer thousands of dollars.
Here’s how it works: At any time after graduation but no more than 12 months after your first PA certification, click here to go online, follow the prompts and apply for coverage. Your first-year premium is $300, payable by credit card. This gives you a $1,000,000 limit of liability, the amount most likely required by your employer. You can also use the website to see the premium for the regular plan and compare the savings. That will be the amount your employer saves by accepting the AAPA coverage in lieu of their normal options.
Once you explain the plan, it should be a no-brainer for the employer to accept your almost-free insurance deal. At the minimum, you will stand out as a job candidate who has the foresight and professionalism to come to the table with a concern for your malpractice protection and the employer’s bottom-line. If your prospective employer needs more persuading, you can refer them to us at AAPA Insurance Services. We’d be glad to answer their questions by phone or email and assure them that this is top-of-the-line coverage that will meet or exceed their requirements.
In fact, I recommend that you don’t wait for the first job interview. Sign up as soon as you can after graduation so you’ll have the insurance in place when you interview. You can even bring the policy with you to demonstrate that you’re on top of this issue. But if you just can’t get to it that fast, you still have a full year to elect this plan. If you miss that deadline, though, you will have to access coverage through the regular plan at the higher premiums.
Although they decrease each year, with the new plan, you will be able to access reduced premiums each of your first five years of practice. It will protect you if your employer’s coverage is inadequate or conflicted. It will respond in some cases where your employer’s insurance does not, like representation at licensure hearings and HIPAA violation reviews. If you take on a second job or volunteer, this plan will follow you at no additional cost.
At $300 for the first year, you can have the confidence of $1,000,000 in AAPA-endorsed protection. That’s far less than you spend for your car insurance for less coverage. It’s a no-brainer, but you must act to take advantage of it! Click here for more information.
AAPA Insurance Services offers AAPA-sponsored insurance plans from insurance professionals and companies (distinct from AAPA) that are solely responsible for all insurance communications. AAPA Insurance Services can be reached at 1-800-221-4904.