Cost Of Malpractice Insurance For Nurses
Cost Of Malpractice Insurance For Nurses
Are you looking for nurse practitioner malpractice insurance but not sure how to choose the right plan? We’ve got you covered. Many people think malpractice insurance is only for doctors since they usually lead patient care. But the truth is, that nurses can also be sued for malpractice. Unfortunately, many nurses don’t realize this or assume their employer’s insurance fully protects them.
As a nurse, your focus is on caring for patients, and you deserve coverage that protects you. Knowing how much malpractice insurance costs is important for budgeting and making sure you have enough coverage.
The price depends on factors like where you work, your specialty, and your experience. In this article, we’ll break down everything you need to know about nurse practitioner malpractice insurance and how to find the right coverage for you.
Also Read: Cost Of Legal Malpractice Insurance California
What is Nursing Malpractice Insurance?
- Nursing malpractice insurance, or nursing liability insurance, provides financial protection for nurses if they’re accused of malpractice. This insurance helps cover costs like court fees, settlements, and judgments, even if the claim isn’t true. Without it, nurses could end up paying a lot of money out of pocket. It’s a smart way to avoid the financial burden of a lawsuit, as your employer’s insurance might not fully cover your interests.
Who Needs Nursing Malpractice Insurance?
Every nurse should have their malpractice insurance. Without it, a lawsuit can cause serious financial trouble. Nurses who should consider getting insurance include:
- LPNs/LVNs
- Registered nurses (RNs)
- Nurse practitioners (NPs)
- Student nurses
- Physician assistants & other allied healthcare providers
What Does Nursing Malpractice Insurance Include?
Malpractice insurance coverage can vary depending on the provider, your nursing role, and where you work. However, most policies are designed to cover claims related to:
- Bodily injury
- Property damage
- Medical expenses
Additional benefits include:
- Loss of income
- HIPAA violations
- Slander and libel
- First-aid expenses
- Assault charges
- Incorrect advice
Types of Nursing Malpractice Insurance
There are two main types of nursing malpractice insurance:
- Occurrence Policies: This type of policy covers any claim for the care you provided while the policy was active, even if the claim is filed after the policy has expired.
- Claims-Made Policies: A claims-made policy only covers claims if both the treatment and the claim are made while the policy is still active. It’s usually cheaper than an occurrence policy but may leave you unprotected if a claim comes in after your coverage ends.
How Much Does Nursing Malpractice Insurance Cost?
- Malpractice insurance for LPNs, LVNs, and RNs typically starts at around $68 per year. However, the price can vary based on factors like your experience, education, where you work, and how many hours you work. The best way to find out your exact cost is to get a quote.
Best Nursing Malpractice Insurance Providers
Several trusted companies offer nursing malpractice insurance, and the best choice for you depends on your needs. Here are some of the top-rated options:
Berxi
- Part of Berkshire Hathaway, Berxi stands out by offering legal defense coverage beyond your policy’s limit, giving you extra protection.
- You can also adjust your premiums by choosing different deductible options.
NSO (Nurses Service Organization)
- NSO specializes in malpractice insurance for nurses at all levels, from students to Advanced Practice Registered Nurses with their practices.
- They offer quick quotes and also provide other types of insurance, like life, disability, and dental.
Also Read: Cost Of Attorney Malpractice Insurance
Ways to Reduce Malpractice Insurance Costs
- Go for Group Coverage: Nurses who are part of a union or professional group might get lower insurance rates than those with individual coverage.
- Increase Deductibles: By agreeing to pay a higher deductible, nurses can lower their monthly premiums, but they’ll need to pay more if a claim is made.
- Keep a Clean Record: Nurses with no past malpractice claims usually get lower premiums, as their clean record shows they’re less of a risk.
Getting malpractice insurance as a nurse practitioner is an important decision, but it’s one you need to make. Having your policy makes sure you’re covered and have support when you need it most. Reach out now for a quote.
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