How to Lower Malpractice Insurance Costs for Your Anesthesiology Practice

Nate Jones, CPCU, ARM, CLCS, AU
Jan 20
2 min read

Malpractice insurance is a necessary expense for every anaesthesiology practice, but that doesn’t mean you should overpay. Because anaesthesiology is considered a high‑risk speciality, premiums are often higher than average, but there are practical steps you can take to lower malpractice insurance costs for your anaesthesiology practice while maintaining strong protection.

Here’s how practice owners can reduce premiums the right way.

How to Lower Malpractice Insurance Costs for Your Anesthesiology Practice

1. Maintain a Clean Claims History

Your claims history is one of the most important pricing factors. Practices with fewer or no prior claims typically qualify for preferred rates. Focus on proactive risk management, thorough documentation, and adherence to established safety protocols to help reduce the likelihood of future claims.

2. Implement Strong Risk Management Procedures

Many insurers offer lower rates to practices with documented safety programs. This includes:

Pre‑operative assessment protocols
Intraoperative monitoring standards
Post‑anaesthesia care documentation
Team communication checklists
Regular staff training

Risk‑focused practices are statistically less likely to experience claims, which may translate to lower premiums over time.

3. Choose the Right Policy Type

Claims‑made policies usually have lower starting premiums compared to occurrence policies. While claims‑made coverage requires tail insurance when coverage ends, it can be a cost‑effective option for growing practices, especially when paired with properly negotiated tail terms.

4. Review Coverage Limits Carefully

Higher policy limits increase premiums. Make sure your limits meet hospital credentialing and contractual requirements, but avoid purchasing excess limits you don’t actually need. Adjusting limits properly can reduce annual premium costs.

5. Evaluate Sub-speciality and Procedure Mix

Certain anaesthesia sub-specialities carry higher risk profiles, such as obstetric, cardiac, or paediatric anaesthesia. Accurately classifying your procedures ensures you aren’t over‑rated for services you don’t perform. Misclassification is a common cause of unnecessary premium increases.

6. Work With a Specialised Insurance Agency

Many anaesthesiologists overpay simply because their insurance agent doesn’t specialise in medical malpractice. Carriers price anaesthesia risks very differently, and not all insurers offer competitive rates for anaesthesiology practices.

Wexford Insurance works with malpractice insurance companies that specialise in anaesthesiologist nationwide. This allows us to shop your coverage properly, identify cost‑saving opportunities, and match your practice with the most competitive carrier.