Neurosurgeon Malpractice Insurance

Neurosurgeon Malpractice Insurance

Neurosurgeons are medical specialists who focus on surgery involving the nervous system, particularly the brain and spinal cord. Neurosurgeons operate in high-pressure surgeries on a regular basis. But, with this high pressure work also comes a high risk of malpractice.

Approximately 85% of neurosurgeons will encounter malpractice claims during their careers. Data illustrates that about 19.1% of neurosurgeons face claims each year. Of those claims, 3% lead to monetary damages. For neurosurgeons, the median indemnity payment is about $230,000 and the mean is over $344,000.

According to research from the New York Medical College, the chances of neurosurgeons being sued for malpractice are not connected to a surgery's complexity but instead to the type of surgery performed itself. The most common cause of malpractice claims involve elective spinal surgery. Other reasons for malpractice lawsuits include lumbar laminectomies for discetomies, posterior cervical laminectomies, and lumbar decompression for stenosis.

How Much Does Neurosurgeon Medical Malpractice Insurance Cost?

Neurosurgeon malpractice insurance often costs between $50,000 to $150,000 annually. Insurance costs cover the expenses of legal defense and more.

Also, insurance has to meet state requirements. Furthermore, neurosurgeons should seek insurance from insurers willing to customize policies to individual needs and circumstances.

Insurance costs for neurosurgeons vary widely depending on the state (as well as urban or rural location) and the type of procedures the neurosurgeon performs. Other things that can affect cost include:

  • Worked hours
  • Physician history
  • Desired level of coverage
  • Competition among insurers
  • Tort reform (specifically regarding non economic damage caps)
  • Implementation of “defensive medicine”
  • Individual practice
  • Limits of individual policy

Types of Insurance Coverage for Neurosurgeon Medical Malpractice

Neurosurgeon medical malpractice coverage is generally either occurrences or claims-made. Occurrence coverage involves policies that cover claims made regarding the period of time the policy was in effect, even if it isn’t active anymore. Claims-made coverage only covers the claims made during the time the policy is active. However, claims-made policies can include “tail” coverage. "Tail" coverage extends coverage after a policy ends for a certain amount of time. Furthermore, neurosurgeons need individual coverage in addition to an employer's policy, to ensure full coverage at all times.

 


Are You In Need of Medical Malpractice Insurance?

We provide malpractice insurance to neurosurgeons across the United States. If you are interested in comprehensive coverage, contact Capson now to get a quote.