Anesthesiologists Malpractice Insurance

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What do Anesthesiologists need to know about medical malpractice insurance.

Today’s anesthesiologist is responsible for more than simply managing a patient’s pain and stability during medical procedures. The trend in the specialty now sees anesthesiologists involved in the entire treatment process. Anesthesiologists work closely with many other types of physicians, including intensive care medicine and emergency medicine. There are three established subspecialties for anesthesiologists: Critical Care Medicine, Hospice and Palliative Medicine as well as Pain Medicine.

According to a survey conducted by the American Society of Anesthesiologists (ASA), the majority of anesthesiologists carry policies with $1M/$3M limits (meaning that the insurance company will pay a maximum of $1 million for a given claim and a maximum of $3 million in total for all claims in a given policy period). According to the same survey, premiums for malpractice insurance in anesthesiology have stabilized in the last several years. In 2007, the most recent year for which complete data is available, anesthesiologists paid an average of $23,481 for a mature, claims-made policy with limits of $1M/$3M.

For those focusing on the subspecialty of chronic or acute pain management, malpractice premiums will be somewhat higher. In the ASA survey, about one third of the insurance companies surveyed charged a higher premium to anesthesiologists specializing in chronic pain management, especially those who perform invasive procedures. These higher premiums reflect the increased risk assumed by doctors who specialize in pain management.

How much does malpractice insurance cost for Anesthesiologists?

The cost of anesthesiologist’s malpractice insurance varies greatly dependent on your scope of practice and locality. Anesthesiologists can buy both claims made and occurrence coverage. When shopping for coverage, always choose an agent that understands your unique situation so they can place you with the right insurance company. 

In addition, Premiums for anesthesiologists are kept stable in part by impressive efforts by the specialty to advance patient safety. A concerted effort to find the causes of mortality in anesthesia procedures and mitigate them with education has been spearheaded by professional organizations. This effort, led by the ASA, has resulted in more than 30 established standards and guidelines promoting patient safety for anesthesiologists.

Dig deeper into how much medical malpractice insurance costs.

Why physicians choose Cunningham Group

Anesthesiologists choose Cunningham Group because we are one of the few medical malpractice insurance agencies that take the time to understanding of your specific employment situation. We will work with the major insurance carriers in your state to find you a policy that meets your specific needs. And, by shopping you to all of the major carriers, we can also make certain you pay the lowest cost for your professional liability coverage needs.

During the insurance application process, be sure to ask your med mal insurance agent about any discounts you may be eligible for. Are you “new to practice?” Are you working less than full-time? Are you interested in taking online risk management courses offered by the insurance company to lower your rates? Cunningham Group has helped thousands of anesthesiologists maximize their savings.

Does it cost you extra to work with a malpractice insurance agent or broker?

Our service costs you nothing. In the medical malpractice insurance industry, agent commissions are already built into your premium. You pay the same amount for coverage whether you use an agent or purchase directly from the insurance company. Let us be your advocate. Request your free medical malpractice insurance quote now.

The Ultimate Medical Malpractice Insurance Guide

We’ve created the ultimate medical malpractice insurance guide for healthcare professionals that can answer almost any question you may have — either before you buy or while you have an active policy. This guide applies to all healthcare professionals in every state.