Anesthesiologist Malpractice Insurance

Here are some of the factors that can affect insurance premiums for anesthesiologists during the underwriting process:

• Services provided. Malpractice insurance premiums depend on your services, such as providing general anesthesia to healthy patients in an ambulatory surgery center or severely ill patients in an intensive care unit (ICU).
• Patient safety. Insurers may offer lower rates to anesthesiologists who adhere to certain safety standards, such as the American Society of Anesthesiologists (ASA) Standards for Basic Anesthetic Monitoring.
• Business property and equipment. It'll cost more to insure a large office with expensive medical equipment than a smaller practice.
• Number of employees. A bigger workforce brings a higher risk of employee accidents and mistakes, which raises the cost of workers' compensation, general liability, and similar policies.
• Annual revenue. Increased business revenue is associated with higher risks and more frequent claims, which results in higher insurance costs.
• Business location. Regional factors such as crime rates, population density, and property values affect how much you pay for business insurance.
• Policy limits and deductibles. Policies with higher limits cost more but cover more expensive claims. Choosing a higher deductible can lower your premium, but your insurance won't activate until you pay the full amount.
• Claims history. An anesthesiologist who has filed an insurance claim in the past can expect to pay more for insurance than one with a clean history of claims.

Some states, such as Colorado and Massachusetts, require malpractice insurance for anesthesiologists and other medical doctors. You might also see this coverage called professional liability insurance or errors and omissions insurance (E&O).

Even when it's not required by your state licensing board, you'll still need malpractice coverage to work at hospitals, surgery centers, and other medical facilities. Healthcare networks usually require this coverage for anesthesiologists and CRNAs.

Medical professional liability insurance gives you peace and mind and protection against claims of negligence or failing to meet the standard of care. Your policy will likely cover everything from tooth damage and nerve injuries to non-economic damages like pain and suffering and loss of consortium.

An insurance agent who knows your industry can help you find the right coverage for your unique risks at a price you can afford.

Anesthesiologists who work as independent contractors or who run their own practice will need to buy a malpractice insurance policy to protect their assets, get licensed, and comply with contractual requirements.

There are several reasons you should invest in your own malpractice coverage, even if it's provided by an employer:

• Your employer's policy may not be sufficient. Employer policies are designed to protect their own interests, which can leave you with insufficient protection. Having your own policy protects your personal assets and your license, and you can choose the right amount of coverage for your needs.
• Your work has a direct impact on patient health. Anesthesia errors can lead to serious injuries or even death. For example, a mistake in a patient's dosage could lead to severe complications and a costly malpractice lawsuit.
• Lawsuits are common and costly. Even the most careful anesthesiologist can make a mistake on a busy day, or end up as a codefendant alongside a surgeon or hospital. The costs of a lawsuit, including a judgment or settlement, could easily overwhelm your finances.

In addition, if a CRNA or resident physician makes a mistake while under your supervision, you could find yourself held liable for the harm. A malpractice insurance policy covers vicarious liability in situations where you weren't directly at fault.

Insurance policies come in two forms: occurrence coverage and claims-made coverage. Anesthesiologist malpractice insurance is usually sold as a claims-made policy, which means you'll need to keep your policy active in order to benefit from it.

Most other types of business insurance, such as general liability, are occurrence-based policies. Occurrence policies provide coverage for incidents that happened during the policy period, even after your policy expires.

With a claims-made policy, it's crucial to have continuous coverage. You can secure coverage for incidents that happened in the past by setting a retroactive date with your insurance company. And for professional liability claims that happen after you retire or cancel your coverage, you can add tail coverage to extend the window in which you can file a claim.

Anesthesiologists should consider these coverages as part of a comprehensive risk management strategy to protect their assets and their career:

• Telemedicine / telehealth coverage covers liability claims that arise from virtual consultations and other telehealth services.
• License defense coverage pays for legal fees, expert witnesses, and other costs if you face an investigation or lawsuit that could affect your status as a Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), or other certified professional.
• Needlestick insurance covers testing for infectious diseases, long-term care, and specialized treatments arising from a needlestick injury.
• Occupational accident insurance (OAI) pays for medical bills and provides disability benefits for independent contractors and others who might not be eligible for workers' compensation insurance.
• HIPAA defense coverage covers legal proceedings, fines, and penalties related to HIPAA violations, such as an anesthesiologist who discusses a patient's surgical procedure in a crowded cafeteria.
• Sexual misconduct defense pays for legal costs if an anesthesiologist is accused of inappropriate physical contact.

These insurance products can help ensure you’re protected against other costly risks in your practice, including some that may not be included under standard policies.