Insurance for Nurses
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Insurance for nurses
As a nurse, your career is focused on helping people. You provide important medical care to patients, as well as support to their families, your coworkers, and the wider community. You work tirelessly day in and day to provide the highest standard of care possible. But who’s looking after you?
At BizInsure, you’re in good hands with our selection of insurance products that are designed to provide nurses like you with the protection needed to care for your patients with confidence.
Why do nurses need insurance?
Nursing is a challenging and often unpredictable field. You face many unique risks while doing your job, and it’s important to be prepared for if the worst happens. Insurance is one way for nurses to protect themselves and the patients they care for.
Even a small mistake could affect a patient in a big way. If they think you are at fault for losses they suffered as a result of your work, they could decide to sue. Coverages like E&O insurance also known as Professional Liability insurance for nurses, General Liability, and Cyber Liability can help protect you from the financially devastating affects of a liability lawsuit.
Did you Know?
Most commercial leases require nurse to have general liability insurance.
Are nurses covered by their employer’s insurance?
Nurses are often employees of hospitals, nursing homes, home health agencies, or other medical entities. Your employer will typically have their own liability insurance policies that may also cover you as an employee.
However, these policies are designed to protect your employer first and foremost. As a result, you could still be left open to claims or lawsuits resulting from your work. This may especially be the case if you are considered an independent contractor or are employed part-time. However, even full-time employees might still be vulnerable to a lawsuit depending on how their employer’s insurance policy is worded.
Having your own insurance coverage, such as Professional Liability insurance for nurses and other common types of policies, can help fully protect you in the course of your work. Your policy will be tailored to fit your needs as an individual. It will help ensure that your best interests are protected should a liability claim be made against you by a client, their family, or even your employer. This could help you work with more confidence and give your patients more peace of mind.
Insurance for Nurses
There are many types of insurance coverage that nurses may benefit from having. Our Miscellaneous Medical Liability package is tailored to cover the specific insurance needs of nursing professionals. The package includes Malpractice Liability, General Liability, Products / Completed Operations Liability, and Cyber Liability.
Each of these types of insurances offers some form of protection against the risks commonly faced by your profession, providing you with peace of mind and comprehensive coverage.
Nurse Practitioner Malpractice Insurance
One of the most common risks which nurses are faced with in the workplace is being named in a malpractice lawsuit. The results from a claim can not only be devastating to your reputation, but they can also devastate you financially.
Malpractice Liability insurance, also known as Professional Liability insurance for nurses, gives additional coverage than what may be provided by your employer. As we’ve already discussed, your employer’s liability policies may not fully protect employees from claims and lawsuits. There have been many nurses who have unfortunately found themselves without enough coverage when faced with a malpractice liability claim.
An individual Nurse Practitioner Malpractice insurance policy can help provide more comprehensive coverage while you’re working. Malpractice Liability insurance may protect you from events such as:
- Misinterpreting instructions provided by doctors and administering incorrect medicines
- Mixing up patient files resulting in administering the incorrect procedure or medicinal treatment
- Patients that may have been left alone and unattended for long periods of time
- Giving incorrect patient information to the incoming nurse (shift change)
Importantly, Professional Liability insurance for nurses/Malpractice Liability will also cover you against false or baseless claims. Meritless claims can damage your professional reputation the same as those that do have merit. They can also be expensive to defend against, requiring thousands of dollars in legal fees to help clear your name.
A Malpractice Liability policy will pay these legal expenses (up to the limits of liability), so you’re not left to pay them from your own pocket. Worst case scenarios could mean filing for bankruptcy or depleting your personal savings protecting yourself professionally. Having an insurance safety net is one way to prepare for the worst, just in case.
General Liability insurance is an essential form of insurance that is designed to protect you against certain claims which may arise from third parties. Also referred to as Commercial General Liability (CGL) or “slip and fall coverage”, this insurance can protect your business against bodily injury or property damage lawsuits from outside parties.
General Liability insurance provides protection against events that may not be directly related to your medical work as a nurse. For example, you are assisting a client in their room at a nursing home. You accidentally knock over an expensive vase and break it. The client is upset and demands that you replace the vase. General Liability insurance will pay for a replacement or other compensation to the client.
The related legal costs and potential penalties for a General Liability claim can cost a fortune. No matter how careful you are, accidents do happen (as you can see from the previous example). Protecting yourself against the costs of a General Liability claim may be well worth the price of the premiums.
With technology now fully integrated into the medical workplace, the risk of cyber-crime continues to grow. While you’re busy caring for others you don’t need the added worry of someone potentially stealing customer data from you.
The healthcare industry is particularly attractive to hackers. The number of healthcare data breaches is on the rise, with the number of breaches increasing by over 55% in 2020. Fines and the cost of correcting the fallout after a hack can cost in the thousands of dollars, which can financially devastate everyday nurses.
Cyber liability insurance protects your business against malicious software attacks, data breaches, viruses, and phishing. It also covers legal fees, notifying customers of a breach, credit monitoring, and fines that your company may be ordered pay. This coverage also applies to Personally Identifiable Information (aka Non-Public Information) such as names, addresses, phone numbers, social security numbers, credit card and banking info, email addresses, etc.
Cyber Liability coverage provides that extra assurance when it comes to cyber risks. Sometimes the insurance provided by a hospital or other employer will not provide sufficient coverage in the event of a cyber-crime. An individual policy can help more fully protect you against these types of liability claims.
How much does insurance for nurses cost?
Every nurse is unique, and your insurance needs are also unique. This is why insurers use a variety of factors to help determine how much you will regularly pay for insurance (commonly referred to as premiums). These may include:
- Your annual business revenue
- Your qualifications and licenses
- The geographic location where you work
- Your history of past claims
- The amount of insurance coverage you need
Comparing quotes from different insurers can help you understand how much you can expect to pay in premiums. BizInsure makes it quick and easy to do this, so you can find the best Professional Liability insurance for nurses and other insurance coverages to suit your needs.