Surgeries do not always go as expected. A Columbia University study found that anesthesia is a contributing factor in approximately 280 deaths a year in the US. Patients can also suffer severe and debilitating injuries if anesthetics are not properly administered. That is why anesthesiologist liability insurance can prove so beneficial.
If you are an anesthesiologist or an anesthesiologist’s assistant in Mississippi, a local independent insurance agent can help you find suitable malpractice coverage at a competitive price. Talk to an insurance agent near you to learn more.
What Is Anesthesiologist Malpractice Insurance?
Anesthesiologist malpractice insurance (which can also be referred to as “anesthesiologist liability insurance”) is a professional liability insurance policy that is designed to shield licensed medical practitioners who administer anesthesia against potential lawsuits.
If a patient or a patient’s family files a lawsuit following a death or injury caused by the administration of anesthetics, anesthesiologist malpractice insurance can cover expenses such as court costs, legal defense fees, settlements, judgements, and other financial obligations.
Do Anesthesiologists in Mississippi Need to Carry Malpractice Insurance?
There are no federal laws mandating malpractice insurance for anesthesiologist, and only seven states require it. Mississippi is not one of them.
Although the coverage is not required by law, many hospitals and medical centers require all of their medical staff to be covered. Also, proof of coverage must be submitted to the Mississippi State Board of Medical Licensure to be Board Certified.
Whether or not coverage is required, it is strongly advised because a liability lawsuit following an unfavorable anesthesia outcome can be overwhelmingly expensive.
How Much Does Anesthesiologists Malpractice Insurance Cost in Mississippi?
Mississippi is among the least expensive states in the country for medical malpractice insurance policies.
Although lawsuits against anesthesiologists are not as common as they are for physicians practicing in many other specialties, when they do occur, they can prove quite expensive. That is why covering this specialty is mid-range in cost when compared with other medical malpractice policies.
On average, an anesthesiologist malpractice insurance policy costs between $10,000 and $12,000 a year in Mississippi. Anesthesiologists who work for hospitals or medical centers frequently have their premiums covered in part or in full by their employers.
Whether you are looking for a policy for yourself or to cover the doctors who work for you, shopping around for the best rates has the potential to save you hundreds of dollars a year. Local independent agents can save you time and money by doing the comparison-shopping for you.
What Does Mississippi Anesthesiologist Liability Insurance Cover?
A Medscape survey revealed only about 2% of lawsuits against anesthesiologist that go to trial result in a judgement for the plaintiff. However, even if the courts ultimately rule in your favor, these cases can get very expensive by the time you are done paying for your legal defense.
Anesthesiologist liability insurance is designed to cover your financial losses if you are sued because of an injury or death caused by the administration of anesthesia, regardless of the trial outcome.
According to a study published in the Journal of Healthcare Risk Management in 2014, anesthesiologist liability insurance claims average $309,066 per incident, and the top reasons for these lawsuits in the US are:
|Top reasons for lawsuits in the US:|
When you are buying an anesthesiologist liability insurance policy there are two types of coverage you can choose from:
- Claims-made coverage: These policies are designed to only cover incidents that occur and are reported while the policy is in place.
- Occurrence-based coverage: These policies are designed to cover any incidents that occurred while the policy was in place, even if the lawsuit was filed after the policy was terminated or expired.
In Mississippi, all anesthesiology malpractice lawsuits 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.
What Does Mississippi Anesthesiologist Liability Insurance Not Cover?
As with any insurance policy, anesthesiologist malpractice insurance has some limitations. For instance, most insurance providers will not cover claims that:
- are related to sexual misconduct.
- involve intentionally illegal acts such as inappropriately altering medical records to cover up errors.
- are filed by physicians who knowingly and intentionally misrepresented facts when applying for the policy.
- are related to incidents that occurred outside the of policy’s coverage period.
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 Mississippi
Independent insurance agents are free to work with several different insurance companies so they can shop around to help you find the coverage you want at the most competitive price.
These experienced insurance professionals can answer your questions about anesthesiologist malpractice coverage and can offer you trustworthy guidance and advice as they search for the best policy to meet your coverage and budgetary needs.
There are more than 200 independent agents located in Mississippi. Set up an obligation-free consultation with an insurance agent near you to get started.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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