To be an anesthesiologist is a feat in itself, but it is safe and wise to protect your hard work and career using a liability policy. As a professional anesthesiologist, you do not plan to harm your patients, but medical liability insurance keeps you protected against false claims and accidents.
You require an independent insurance agent who could go over the cold facts of liability plans and defend you during those uncertain and unplanned events. They have all the resources to guard your professional practice and use them when the time arises.
Also known as anesthesiologist malpractice insurance, it gives them full coverage against claims of negligence and misuse of medications that resulted in said injuries and even death during the treatment.
These accidents and medical malpractice claims are likely to occur, as every human being is different. Their bodies react differently to different treatments, and therefore, the possibility of internal injuries and death can happen.
Will Your Healthcare Facility Pay For The Policy?
Typically, large hospitals and healthcare facilities buy malpractice policy plan for their doctors and other staff members. As a part of the perks, these organizations may even pay the monthly premiums of your malpractice insurance policy.
However, the coverage will only be functional until the time you are associated with that particular organization. This could later create problems in renewing your license and future malpractice policies. Therefore, it is better to buy yourself a medical malpractice insurance plan to keep you covered, irrespective of the fact that your organization provides malpractice insurance.
How to Get A Low Premium Anesthesiology Insurance Plan
The best bet is to hire an independent insurance agent who can help you find a plan with the most benefits while fitting your budget. If you are unsure if you have the right policy, here is an example of a typical anesthesiology malpractice insurance plan:
- $ 1 million per occurrence cost limit
- $ 3 million aggregated amount during the policy term
Per occurrence cost will cover up a claim worth up to $ 1 million, whereas the aggregated amount will cover all the claims within the limit during the policy tenure, which is typically a year. To know if the insurance coverage is enough for you or not, discuss the risk factors and chances of accidents with your policy agent, before making the purchase.
How Do I Ensure My Anesthesiology Insurance Plan Will Cover Me?
Get yourself a claims-made liability policy that will provide coverage when you face a malpractice claim. All you need to make sure is to fulfill these two requirements:
- It will help if you have insurance at the time of the claim. Or get yourself a tail-policy that will provide you coverage long even after your claims are over. However, you still receive coverage since you never used the policy.
- Renew your policy regularly, especially from the time the incident happened until you faced a claim. There should not be any gap during the entire time while you were working as an anesthesiologist.
According to a recent survey, around 59% of the anesthesiologists faced lawsuits during their careers. This means there are 50% chances of facing a lawsuit. Thus, the safest bet is to insure yourself to protect against malpractice claims. You can even compare and find the right policy at Advanced Professionals to practice without the fear of a lawsuit.