No surgery is without risk. According to a study done by researchers at Columbia University, anesthesia is a contributing factor in about 280 deaths every year in the United States. That is why having anesthesiologist liability insurance is so important.
If you are an anesthesiologist or an anesthesiologist’s assistant in Arizona, a local independent insurance agent can help you find good coverage at a competitive price. Talk to an insurance agent near you to learn more about anesthesiologist malpractice insurance.
What Is Anesthesiologist Malpractice Insurance?
Anesthesiologist malpractice insurance, also called anesthesiologist liability 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 following the death or injury of a patient that was caused by the administration of anesthetics.
Do Anesthesiologists in Arizona Need to Have Malpractice Insurance?
There are no federal laws mandating malpractice insurance for anesthesiologists, but a few states require it. Arizona is not one of them. This state does not require anesthesiologists or other physicians to carry malpractice insurance.
However, most hospitals, outpatient surgery centers, and other medical facilities will require anesthesiologists to be covered by this insurance before they can work there and often pay for it. Because of this, nearly all Arizona anesthesiologists who do not work for private practices have this coverage.
What Do Anesthesiologists Pay for Malpractice Insurance in Arizona?
The good news is that Arizona is one of the US states in which malpractice suits against anesthesiologists are least common. Even so, having this coverage can prove invaluable.
In general, anesthesiologist malpractice insurance costs about $12,000 a year in Arizona. Premiums are frequently covered by your employer, though if you have a private practice, you will most likely have to pay for them yourself.
Whether you are looking for a policy for yourself or to cover the doctors at your practice, shopping around for the best anesthesiologist malpractice rate has the potential to save you hundreds, if not thousands, of dollars every year. Independent insurance agents make comparison-shopping easy.
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What Does Arizona Anesthesiologist Liability Insurance Cover?
According to a Medscape survey, only about 2 percent of lawsuits against anesthesiologists result in a judgment against them. Even so, these cases can get very expensive by the time you are done paying for your legal defense.
Anesthesiology liability insurance is designed to cover your costs if you are sued because of an injury or death caused by the administration of anesthesia. In 2014, a study published in the Journal of Healthcare Risk Management reported that the top causes of anesthesiologist malpractice claims in the US are as follows.
|Top causes of anesthesiologist malpractice claims in the US|
The average amount paid out per anesthesia claim in that year was $309,066.
When you are purchasing a policy there are two types of anesthesia malpractice insurance you can choose from. These are:
- Claims-made coverage: These policies can 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 eighteen months after the policy expired but it pertains to an incident that occurred while the policy was in place, you will be covered.
In Arizona, all anesthesiology malpractice claims must be filed within two years of the incident. If you have a claims-made coverage policy, you can purchase a tail insurance endorsement that can cover you for two years after your policy expires.
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, yet affordable, policy.
What Does Arizona Anesthesiologist Liability Insurance Not Cover?
As with any insurance policy, there are some exclusions to what can be covered by your anesthesiologist malpractice insurance.
For instance, this insurance will not cover these types of claims.
- Those that are due to sexual misconduct.
- Those that involve intentionally illegal acts such as inappropriately altering medical records.
- Those where a covered physician knowingly and intentionally misrepresented facts when applying for coverage.
Talk to a local independent insurance agent to learn more about the limitations of anesthesiologist liability insurance.
How to Get the Best Anesthesiologist Liability Insurance in Arizona
When you are looking for the right anesthesiologist liability insurance policy, a local independent 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.
Contact an independent agent to set up an obligation-free consultation. Your agent can answer your questions regarding anesthesiologist malpractice insurance as well as any other insurance products you may be interested in looking into. Find an insurance agent near you to get started.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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