What is Malpractice insurance for nurses?
One of the biggest risks nurses face within the workplace is a medical malpractice claim. Medical malpractice is defined as professional negligence by a nurse, physician or other medical professionals while administrating a treatment or the omission of required medical treatment.
For a malpractice case to be made, it must clearly involve a person who has a duty of care, who demonstrated a failure to exercise care, resulting in injury or financial damages due to the failure of care.
Even if you are not found liable, a lawsuit can still be made for allegations that your practice failed to deliver promised services, displayed negligence while performing services or made critical mistakes and oversights while a patient was under your duty of care.
As a nurse, Malpractice Insurance is designed to provide peace of mind and financial protection, if you were faced with a claim for allegations of malpractice and could cover your legal defence costs.
The rising cost of malpractice claims
The financial and professional risks tied to malpractice claims continue to rise, and nurses are not immune. According to the Nurse Practitioner Professional Liability Exposure Claim Report: 5th Edition:
- The average cost of professional liability claims reached $332,137 in 2022, up more than 10% from 2017.
- Diagnosis-related issues accounted for 37.1% of claims, making them the single largest category.
- Aging services claims increased from 17.2% in 2017 to 20.3% in 2022, reflecting the growing demand for elder care.
- The average cost of defending license protection matters involving nurse practitioners was $7,155 in 2022, a 19.5% increase since 2017 and more than 60% higher compared to 2012.
For nurses, these numbers highlight the importance of having Malpractice insurance in place. Lawsuits are not only more likely but also more expensive to resolve than in years past.
Do nurses need personal Malpractice Insurance?
While employers may provide some form of Professional Liability coverage, Malpractice Insurance provides additional coverage if a claim were to occur, so you’re not left in a situation without enough coverage in place. Being able to choose your own level and type of coverage, means you can have the right insurance coverage in place to suit your unique coverage needs.
It’s important to check what type of coverage your employer has in place, as it may not or stay in effect after you leave your employer. The employer’s policy may not provide coverage for the personal fees associated with the case, leaving you financially out of pocket.
Malpractice Insurance also covers any additional work done outside of the setting of your employer, which may not be covered. For example, if you stop to help someone in need of urgent medical assistance outside of work hours or if you volunteer at a free clinic, additional coverage may be required to ensure you are protected if a malpractice lawsuit was made against you.
What does nurses’ malpractice insurance cover?
BizInsure’s malpractice insurance policies can extend protection across many common scenarios. Depending on the options you choose, your policy may cover:
- Negligence or improper treatment: Claims that your actions or omissions harmed a patient.
- Misrepresentation: Claims that a patient suffered harm after being given misleading or incomplete information.
- Incorrect advice: Errors or mistakes made when giving medical advice or delivering services.
- Injury and property damage: Claims of accidental injury or damage to property linked to your professional activities.
- Cyber breach of privacy: Cyber Liability coverage to meet the Health Insurance Portability and Accountability Act (HIPAA) regulations.
- Equipment breakdown – Coverage for the cost to repair or replace essential work equipment.
- Hired and non-owned auto – Protection when using rented or non-owned vehicles for work purposes.
Cost of Malpractice Insurance for Nurses
The cost of malpractice insurance is often more affordable than many nurses expect. At BizInsure, coverage for nurses starts at around $513 per year.
Policies also include strong limits of protection. A standard Professional Liability policy offers up to $1,000,000 per claim (including claim expenses) and $3,000,000 aggregate for the policy term.
This means you have significant financial protection in place if a claim arises, which can help ensure legal fees, settlements, and other covered expenses do not come out of your own pocket.
Malpractice coverage made simple with BizInsure
Finding the right malpractice insurance doesn’t have to be complicated. With BizInsure, nurses can compare policies from trusted U.S. insurers, choose the coverage that works best for them, and get protected in just a few minutes.
Everything is online, so you can skip the piles of paperwork and focus on what matters most — your patients.
You’ve worked hard to build your nursing career. Don’t leave it exposed to unnecessary risk. Visit BizInsure to get a quote today and see how simple protecting yourself can be.
