Why Should  Anesthesiologists Carry Malpractice Insurance? 

Due to the  high-risk nature of the specialty, anesthesiologists can face lengthy and costly medical malpractice claims. Anesthesiologists are responsible  for more than simply managing a patient’s pain and stability during medical procedures. This specialty’s current trend has 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. Under these three subspecialities, anesthesiologists treat a wide variety of patient types that undergo a wide range of procedures.

Medical malpractice insurance provides financial protection in the case of a medical malpractice lawsuit. Professional liability insurance is a must when practicing any form of medicine. It is even more important when practicing medicine with such a high risk as anesthesiology. 

How Much Does Anesthesiologist Malpractice Insurance Cost?

The cost of anesthesiologist’s malpractice insurance varies greatly depending on your scope of practice and locality. Anesthesiologists can buy both claims-made and occurrence coverage. Every anesthesiologist works in a unique situation; the right type of malpractice insurance will depend on their specific needs. 

Is Malpractice Insurance Higher for Anesthesiologists?

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.

Who Pays for Malpractice Insurance?

Some hospitals and healthcare facilities will cover the cost of medical malpractice insurance for their employed physicians. It is important to know what the employer -provided insurance covers so that you can fill in any gaps with your own insurance to keep you protected. Working with an insurance agent or broker can help to simplify this process.

Save Money by Working with a Malpractice Insurance Agent

You can save money on your medical malpractice insurance by working with an insurance agent or broker. Brokers shop for the best available policies to determine which ones are best suited for your unique needs at the lowest cost. 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.

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 understand your specific employment situation. We work with major insurance carriers in your state to find you a policy that meets your specific needs. This also allows us to 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.

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.

Additional Resources for Anesthesiologists

American Society of Anesthesiologists
The American Board of Anesthesiology
Medscape – Anesthesiology
Society of Cardiovascular Anesthesiologists