No surgery is without its risks. In fact, according to a study done by researchers at Columbia University, anesthesia is an underlying cause of about 34 deaths and a contributing factor in about 280 deaths every year in the United States. That is why anesthesiologist liability insurance is so important.
If you are an anesthesiologist or an anesthesiologist’s assistant in Alabama, a local independent insurance agent can help you find suitable coverage at a competitive price. Talk to an insurance agent near you to get more information about anesthesiologist malpractice insurance.
Anesthesiologist Malpractice Cases in Alabama
In January of 2006, a 32-year-old mother underwent exploratory surgery for unexplained abdominal pain and died of pulmonary aspiration during the administration of the anesthesia. A jury awarded her estate a $20 million verdict.
This verdict was appealed to the Alabama Supreme Court in 2012 where it was lowered to $4 million, still a very large amount. In between the time of the original verdict and when the case went before the supreme court, Alabama imposed a $1 million cap on wrongful death cases.
However, if one of your patients dies as a result of negligent administration of anesthesia, in addition to the wrongful death judgment, you can also be responsible for additional expenses such as loss of potential income and other financial damages.
Anesthesiologist liability insurance can protect your finances if you are on the wrong end of a malpractice lawsuit.
What Is Anesthesiologist Malpractice Insurance?
Anesthesiologist liability insurance (also known as “anesthesiologist malpractice insurance”) is a specialized policy specifically designed to protect licensed medical practitioners who administer anesthesia to patients.
This insurance can cover your liability expenses including court costs, legal defense fees, damages, settlements, and other financial obligations if a patient or a patient’s family sues you due to death or injury caused by anesthetics.
Do Anesthesiologists in Alabama Need to Have Malpractice Insurance?
There are no federal laws mandating malpractice insurance for anesthesiologist, but several states require it. Alabama is not one of them. This state does not require any doctors to carry malpractice insurance.
However, most hospitals, outpatient surgery centers, and other medical facilities will require anesthesiologist to have it before they can work there. Because of this, nearly all Alabama anesthesiologists who do not work for private practices have this coverage.
What Do Anesthesiologists Pay for Malpractice Insurance in Alabama?
One reason that doctors’ salaries are so high is that they need to pay for their own malpractice insurance out of it, and this coverage isn’t cheap.
On average, anesthesiologist pay about $23,500 a year for their malpractice insurance, but malpractice insurance rates in Alabama are among the lowest in the country, so you may be able to get coverage for less. While this may seem like a lot to spend, it pales in comparison to the potential damage to your professional reputation and personal finances you may experience if you are sued while not covered.
Shopping around for the best anesthesiologist malpractice rate has the potential to save hundreds, if not thousands, of dollars every year. Independent insurance agents make comparison-shopping easy.
What Does Alabama Anesthesiologist Liability Insurance Cover?
Anesthesiology liability insurance is designed to cover your costs if you are sued following an injury or death caused by anesthesia. According to a study published in the Journal of Healthcare Risk Management in 2014, the top causes of anesthesiologist malpractice claims are the following.
|Top causes of anesthesiologist malpractice claims|
The average amount paid out for anesthesia claims in that year was $309,066.
There are two types of anesthesia malpractice insurance you can choose from.
- Claims-made coverage: This is designed to provide coverage for any incidents that occur and are reported while the policy is still in place. If the claim is made after the policy expires or if the incident occurred before the policy was officially in place, it will not be covered.
- Occurrence-based coverage: This is designed to provide coverage for incidents that occurred while the policy was in place regardless of when it was reported. This means that if a lawsuit is filed two years after the policy expired but it pertains to an incident that occurred while the policy was in place, you will be covered.
Talk to a local independent insurance agent to learn more about what anesthesia malpractice insurance can do for you and for help finding a suitable policy.
What Does Alabama Anesthesiologist Liability Insurance Not Cover?
There are some exclusions to what can be covered by your anesthesiologist malpractice insurance.
For instance, this insurance will not cover claims of sexual misconduct or other illegal acts such as inappropriately altering medical records. Also, a policy may be rendered null and void if the covered physician knowingly and intentionally misrepresented facts when applying for coverage.
How to Get the Best Anesthesiologist Liability Insurance in Alabama
When you are looking for the best anesthesiologist malpractice insurance policy, a local independent insurance agent can help. These agents are free to work with several different insurance companies to help you find the coverage you need at the most affordable price.
Set up a one-on-one consultation with an independent insurance agent near you to discuss anesthesiologist liability coverage as well as any other insurance products you may be interested in looking into.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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