Anesthesiologists help monitor a patient’s vital functions during surgery. You can carry significant liability. Anesthesiologist insurance is a great way to protect yourself and your business from customer lawsuits and other liability claims. Keep reading as we explore critical topics and components of an excellent insurance policy for your anesthesiologist business.
Anesthesiologists need insurance to protect them from significant financial liabilities in the medical industry. Most states do not require that an anesthesiologist carries a liability insurance policy. However, most hospitals and clients demand anesthesiologists to have some form of liability insurance.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $300,000/$1,000,000 | $1,000,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $100,000 | $100,000 | $5,000 | $100,000 | $1,000,000 |
| Waiver of subrogation included? | Yes | No | Included | Can be included | No |
| Hired/non-owned auto liability coverage included? | Yes | No | Excluded | Can be included | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
| Can you get a certificate of insurance online? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Deductible | $0 | $0 | $0 | $0 | $0 |
General liability insurance protects from third-party liability claims resulting from injuries and property damage. Policies will also often include protection from claims resulting from advertising injury. Some example situations include:
A customer trips and falls inside your office
While providing anesthesiologist services, you accidentally damage a customer’s property
You can customize your anesthesiologist policy further by adding more policies or endorsements to increase your overall coverage. Below are some options to consider.
Cyber liability–Protects your business against data security breaches, cyber-attacks, and other related liability claims
Additional insured–Protects additional parties that were not initially named on the policy
Tools and equipment insurance–Helps you repair or replace damaged and stolen tools and equipment you use in your practice
Your anesthesiologist coverage limit for general liability insurance will typically be $1 million per occurrence and $2 million in aggregate coverage. Aggregate coverage is the total coverage you will receive across multiple claims in the lifetime of your policy.
Your anesthesiologist liability insurance cost will be around $35 per month. The cost of your policy will depend on factors like your business's location, claims history, and any employees you have.
No, since general liability only provides third-party protection, you would need a different policy to protect your property. You should consider getting a business owner’s policy or commercial property policy.
| CoverWallet | NEXT | Thimble (Best) | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $1,000,000 |
| Aggregate limit | $2,000,000 | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $2,000,000 |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Waiver of subrogation included? | Yes | No | Yes | Can be included | No |
| HIPAA coverage included? | No | No | No | No | No |
| Sexual misconduct coverage included? | No | No | No | No | Can be included |
| License defense coverage included? | No | No | No | No | Can be included |
| Deductible | $500 | $500 | $500 | $50/$10,000 | $500 |
Anesthesiologist malpractice insurance is an important policy to protect you from patient liability claims due to negligence, failure to perform, abuse, and other types of malpractice. Some coverage examples include:
A patient dies from a mistake you made as an anesthesiologist
A procedure you made as an anesthesiologist led to a negative health outcome for a patient
The National Institutes of Health that most policies offer limits from $100,000 and $300,000 per occurrence to $1 million and $3 million in aggregate coverage.
Claims-made policies only provide coverage if you file a claim during your insurance policy period. Occurrence policies will cover an incident as long as it happens during your policy period, even if you can’t file a claim until your policy expires.
Professional indemnity insurance for anaesthesiologist is another term for malpractice insurance. The former is the most commonly used term for businesses and professions in the medical industry.
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| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
|---|---|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $320,000 | $25,000/$500,000 | $75,000 | $25,000 |
| Contents coverage limit (minimum) | $50,000 | $35,000 | $25,000/$500,000 | $75,000 | $15,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Included |
| Accounts receivable | Excluded | Excluded | $5,000/$10,000 | Excluded | Included |
| Money and securities | Excluded | $2,500 | $1,000 | Excluded | Included |
| Lock and keys | Excluded | $2,500 | Excluded | Excluded | Included |
| Business interruption floater | Excluded | Included | Included | Excluded | Included |
| Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Included |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Excluded | Excluded |
Commercial property insurance is a policy that protects your anesthesiologist's business building and property from damage. Some situations to use this policy include:
A fire starts in your office that damages equipment you need to replace
One of the tools you use in your anesthesiologist practice gets stolen by a criminal who intends to resell it
Equipment breakdown insurance–Covers costs to replace or repair equipment that suffers a mechanical breakdown or another internal force breakdown
Earthquake insurance–Many policies will not cover earthquakes by default. Suppose you live in an area that has likely earthquakes. In that case, you will want to add this policy
Typically, your commercial property insurance policy for anesthesiologists will cover $50,000 in business property and $50,000 in property contained within the building.
No. Vehicles will require a separate policy to get protection. Commercial property insurance aims to cover your business building and property.
Before you sign up for a commercial property insurance policy, asses your business property. The coverage for your commercial property will depend on the value of office equipment, building, and other belongings.
