Academic salaries tend to be lower than those in the private setting, but are highly variable from institution to institution. Most institutions offer a straight yearly salary, although some offer a slightly decreased fixed salary with incentive bonuses. The criteria on how bonuses will be awarded should be clearly presented. Benefits are important and make up a significant portion of your overall salary. The type and value of your benefits package may make a big difference in your happiness.
Malpractice insurance is of tantamount importance.
An occurrence policy is best, but if claims-made is offered, determine who pays for the tail coverage. Typical benefit packages also include life insurance, medical insurance, dental insurance, and disability insurance. A personal disability policy will likely provide more flexibility and have broader coverage than a group or association sponsored policy. You should be writing the check for your policy not the institution. For tax purposes, if you write the check for your policy premiums, and you need to make a claim, the money comes to you tax free.