Nurses Liability Insurance

Going to a nursing school is good, but they can’t teach you how to prevent a lawsuit.

Most physicians and surgeons have professional liability insurance to protect themselves. Similarly, nurses should also protect themselves against possible lawsuits relating to their work.

It doesn’t matter whether you are working as a CAN, an LPN, or an RN. You can get an insurance cover that suits your needs.

There are different ways you can determine the best cover for your occupation. One such way is talking to an independent insurance agent. Insurance agents have been in the field for a long time and understand how different insurance types work.

Facts and statistics about Nursing

• Nurses are the primary caregivers in hospitals.
• The United States Bureau of Labor Statistics estimates that nursing will be the fastest-growing career in the coming two years.
• One out of four nurses works on a part-time basis.
• Three out of five nurses work in hospitals – Others are employed in schools, nursing homes, and private companies.

Is nursing malpractice insurance necessary?

Even if you work with a big hospital or private company, it is dangerous to assume that your employer’s liability insurance fully protects you.

Most medical lawsuits end up costing millions of dollars as a settlement. Whether you are the only one involved in the case or part of a group, the amount may exceed the one stated in your employer’s insurance coverage.

Because you do not know the limit or exact amount of money allocated in your employer’s policy, it can be hard to know if you are fully protected or not. Things can be trickier if you are ordered to pay a higher amount than the one allocated in your employer’s cover.

Additionally, there are some situations where your employer might find it difficult to cover for you. For instance, in case of a conflict of interest, the company might decide to defend itself at your expense.

In other words, your company’s liability insurance is there to protect the employer’s interest. This means that if offering you coverage will be to their disadvantage, they will have no choice but to abandon you.

This is the reason why you should try as much as possible to have a separate liability coverage other than your employer’s. You don’t know when a lawsuit will be launched – and how much you will be ordered to pay as a settlement by the court.

Common myths about nursing malpractice insurance

If you own a car, chances are you have active auto insurance. Why is it because the law demands so? But do you have insurance to protect your job or profession?

Below are some of the myths that make people bot to take nurse liability insurance seriously:

• I will be an easy target if I have nurse liability insurance – This is obviously not true. Not unless you have told a patient that you have insurance, they won’t know about it – since the information is considered confidential.
• I will not make mistakes and avoid getting sued – This is another myth that most nurses not to purchase malpractice insurance. The truth is that some of the people who get sued or reported to the licensing board never knew that they committed any mistakes. Some mistakes are innocent and can’t be avoided.

The cost of nursing liability insurance

Several factors will determine how much your insurance will cost. Below is a list of such factors:

• The type of services you provide
• Your place of work
• The amount of coverage your employer has
• The number of years you have been working in a place

The secret to getting the right insurance coverage in terms of cost is to understand your needs. It doesn’t make sense to purchase a cover that you won’t need. It is always advisable to buy a cover of at least $1 million for every occurrence.

The amount of nursing liability insurance will be implemented based on an incident and the agreed amount at contract signing. Although a $1 million cover is a good starting point, a protracted court battle may surpass that amount.

Once the limit set by the insurance company has been reached, you will be required to meet the balance. Talking to an independent insurance expert can help you know the right amount of insurance to purchase – and avoid getting disappointed in case of a lawsuit.

Nurse practitioner insurance

Nurses have a great responsibility when it comes to taking care of patients. They are the ones who sometimes diagnose, prescribe medication, and also make referrals to specialists and doctors.

Most nurse practitioners work in hospitals and other medical setups such as urgent care facilities and pharmacies. This puts them at a greater risk of medical malpractice than any other medical practitioner.

In case a nursing practitioner fails to assess, monitor adequately, or recognize symptoms and signs of a serious medical condition in a patient, they can be sued for medical malpractice.

Nonetheless, with a nursing malpractice insurance cover in place, it is easy to mitigate such risks that nurses face in their places of work.

Registered nurse insurance

Although there are different factions within the nursing field, the risk of running into a medical malpractice lawsuit is almost the same. Registered nurses, however, have distinct insurance needs because of the nature of their work.

Registered nurses are often supposed to offer medications to patients and review instructions from doctors for every medication.

This means that an RN can find himself or herself in a medical malpractice lawsuit if a patient experiences a bad reaction. If the RN doesn’t have proper documentation to prove that they performed their part, then they can be considered guilty for harming the patient.

In other words, registered nurse insurance can help protect nurses against major costs resulting from a medical practice lawsuit.