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Things To Know Before You Purchase Crna Malpractice Insurance
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A Certified Registered Nurse Anesthetist, or CRNA for short, is a highly trained medical professional who anesthetizes patients for surgical procedures. These nurses usually possess an undergraduate Nursing degree that is followed by at least one year of specialization training. Due to the hands-on nature of their job, CRNAs are required to have some type of malpractice insurance. This coverage will protect them, their careers and their finances in the event a patient files a malpractice lawsuit against them. Read on to learn more about how CRNA malpractice insurance works.
The Different Kinds of Malpractice Insurance
CRNAs can choose to purchase occurrence-based coverage, claims-made coverage or a combination of the two. An occurrence-based malpractice insurance plan will cover the CRNA for any incident that occurred while the policy was active, even if the patient does not file a lawsuit until several years later. On the other hand, claims-made malpractice insurance will cover the CRNA for any incident that occurs during the policy’s term as long as the policy is currently active at the time the incident is reported. Some insurance companies offer plans that combine aspects of both occurrence-based and claims-made policies.
The kind of malpractice insurance a CRNA decides to choose will depend on whether they are purchasing their own individual policy or if they are part of a policy offered by their employer.
There are two liability limits in place on virtually any kind of physician assistant insurance policy. One limit deals with how much the insurance provider will pay for a particular claim. The other limit deals with the maximum aggregate sum that the insurer will pay in per year. In general, a CRNA will have an aggregate limit of $3,000,000 and a limit of $1,000,000 per claim.
CRNAs that are part of their employer’s group malpractice insurance plan need to find out whether or not the liability limitations are shared between each person on the policy. If so, this would mean that even if several employees were being sued, the insurance company would still only pay up to $1,000,000 per claim. In these cases, it may be wise for each CRNA to also have a separate malpractice insurance plan of their own.
As a CRNA, it is important to fully understand the implications of CRNA malpractice insurance. These specialized nurses work with patients on a daily basis, which means that human error will almost inevitably occur at some time or another. Having the right coverage will not only protect the CRNA’s livelihood, but will also protect them from having to pay malpractice settlements out of their own pocket.
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