Medical Malpractice Insurance for CRNAs

A growing population and an aging population lead to a higher demand for health care services which, in turn, leads to a higher demand for professionals to deliver these services including surgical services.  When surgery is being performed, a quality Certified Registered Nurse Anesthetist is close by.  CRNAs are a key component to the service delivery model.

This increase in demand for CRNA roles leads to a increase in opportunities for those professionals – some to fill long term roles, some on a short term basis to fill immediate need, some needed where there is a shortage in a geographic region, etc.  In several situations, the CRNA may be hired as an employee and covered under an entity’s policy or as a group that is hired collectively.  In others, the CRNA may be retained via contract which could require the individual to carry their own coverage.

Why do you need medical malpractice coverage for CRNAs?

In most contracted cases, the CRNA is required to provide proof of coverage in order to start providing services in the facility.  This is required to protect the entity where the services are being performed and to protect the CRNA themself.

More importantly is to address a claim that could arise. The cost of any medical malpractice claim for a contracted CRNA could be devastating if no medical malpractice / professional liability coverage is in place.  The costs of a claim include third party damages and legal defense costs as well as possible license forfeiture and, thin the case of an individual, an ability to earn a living.  The reputation of the individual involved in the claim can be stained for an extended period of time.

This holds true even if the CRNA is not directly responsible for a claim.  In today’s litigious environment, plaintiff attorneys could include several parties in a suit that, even if found not negligent, could incur a significant legal defense bill.  

Why is the right coverage important?  

As with most health care offerings, an uncovered claim can lead to financial strain and reputational damage while having long-lasting effects.

It is necessary that CRNAs procure a policy that addresses the specific services being offered and comply with contractual terms.

Carriers are familiar with this type of work and some are more comfortable with certain geographies while others are more comfortable with certain experience levels.  It is necessary to ensure the policy matches the CRNA’s needs.

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How much will medical malpractice for a CRNA cost?

The cost of insurance for a CRNA depends on a variety of factors.  These factors include, but are not limited to, the experience of the individual, the geographic location of the work being performed, the duration of the agreement, the required portability of the policy, and the claims history of the individual.

All of these factors come together to allow underwriters to determine first, if they will entertain and quote the risk, and, second, how much they will charge for coverage for the stand alone CRNA policy.

How can an individual reduce the cost of medical malpractice as a CRNA?

Nurse Practitioners can best manage the cost of medical malpractice insurance by being proactive in risk management strategies while maintaining a clean claims history.

One of the first questions an underwriter will ask is “Have there been any claims?” For some carriers, an affirmation of claim activity could lead to a rejection of the application leading to reduced carrier competition.

A solid strategy in keeping a claims-free resume is to implement industry-based best practices for loss prevention and risk management. This means adhering to the published best practices and ensuring thorough documentation of procedures.

How can Southeast Insurance assist in procuring medical malpractice / professional liability for me as a CRNA?

Southeast Insurance has several product options that provide the customized terms for contracted CRNAs with some having risk management support tools to aid in your endeavor.

We would be happy to answer your questions on this specialization. Please contact us by submitting the form below.