Why do nurse anesthetists need business insurance?
CRNAs take on big risks every time they anesthetize a patient, and your employer may provide limited coverage—or no coverage at all. Business insurance covers malpractice claims and other costly incidents, so you can focus on providing excellent patient care without worry.
Find the right coverage
Insureon helps certified registered nurse anesthetists (CRNAs) find insurance that matches their unique risks.
Get free expert advice and peace of mind knowing you have the right coverage for your work.
What types of insurance do CRNAs need?
These insurance products cover common risks faced by nurse anesthetists.
Professional liability / medical malpractice
Medical malpractice insurance covers legal costs when a CRNA is sued for professional negligence, such as a dosage error that harms a patient. It’s also called professional liability coverage.
- Incorrect medication
- Improper treatment
- Failure to monitor a patient's condition
Workers’ compensation insurance
Most states require workers' comp for businesses that have employees. It also protects CRNAs who work independently from work-related medical bills that health insurance might deny.
- Employee medical costs
- Disability benefits
- Lawsuits from employee injuries
General liability insurance
A general liability policy covers the cost of common third-party accidents, such as a patient who slips and suffers an injury at your practice. It's often required for a commercial lease.
- Accidents that injure a patient
- Damaged patient property
- Libel and other advertising injuries
Business owner’s policy
A business owner's policy, or BOP, is a cost-effective way for nurse anesthetists to buy commercial property insurance and general liability insurance together.
- Slip-and-fall accidents
- Damaged patient property
- Stolen or damaged business property
Cyber insurance
This policy helps nurse anesthetists pay costs associated with data breaches and cyberattacks. It can often be added to a business owner's policy or general liability policy for savings.
- Customer notification costs
- Data breach investigations
- HIPAA data breach fines
Commercial auto insurance
Most states require commercial auto insurance for vehicles owned by a CRNA's business. It helps cover the cost of accidents involving your business vehicle.
- Damage caused by your vehicle
- Medical bills from an auto accident
- Vehicle theft and vandalism
How much does business insurance cost for nursing professionals?
A nurse anesthetist who works independently will pay less for insurance than a larger practice.
Factors that affect premiums include:
- Scope of practice and healthcare services, such as telemedicine
- Medical equipment and property
- Business income
- Operating location
- Types of insurance purchased
- Per-occurrence and aggregate policy limits
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How do I get nurse anesthetist insurance?
It's easy to get business insurance for CRNAs if you have your company information on hand. Our application will ask for basic facts about your practice, such as revenue and number of employees. You can buy a policy online and get a certificate of insurance with Insureon in three easy steps:
- Complete a free online application
- Compare insurance quotes and choose policies
- Pay for your policy and download a certificate
Insureon's licensed insurance agents work with top-rated U.S. providers to find the right insurance plan for nurses, caregivers, and other healthcare providers, whether you work independently or hire employees.
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FAQs about nurse anesthetist business insurance
Why do CRNAs need malpractice insurance coverage?
There are several reasons why CRNAs should carry malpractice insurance:
- Your state may require it. For example, all advanced practice registered nurses (APRNs) in Florida, including CRNAs, must carry malpractice insurance.
- Your employer may require it. The healthcare facility you work for may require you to carry malpractice coverage, even if it's not required by state law.
- Your employer's coverage may be limited. Your employer might provide coverage that is effective only in certain situations or for smaller claims. Additionally, it's possible that the employer's lawyers will place their interests above your own in court.
Fortunately, it's possible to find affordable CRNA malpractice insurance. Insureon's easy online application lets you compare quotes to find the best possible rate. You can customize your coverage options to match your specific needs and your budget.
What type of coverage is malpractice insurance?
Medical malpractice insurance is usually a claims-made policy instead of an occurrence-based policy. That means it only provides coverage for claims filed while the policy is active.
It's important to maintain continuous coverage with this type of insurance, as a lapse could leave you vulnerable to legal defense costs. You may want to set a retroactive date for coverage, which provides protection for work done in the past up to a specific date.
In general, lapses in insurance coverage can lead to an increase in your premium, as insurers may charge more for stopping and restarting coverage.