Nursing Insurance

Protect More Than Just Your Health!

Individuals working in the health sector are vulnerable to several risks. You work long, demanding hours in sometimes hazardous conditions. Mistakes can happen, such as providing an incorrect dosage of medication to a patient or a lack of proper monitoring of a patient. Therefore, nursing insurance can protect you from malpractice lawsuits or any other legal actions that can incur hefty expenses.  

In this article

Types of Policies Nursing Insurance Cover  

Malpractice Insurance

Generally, your employer will provide you with professional nursing insurance. However, when your reputation is at stake, nurses cannot always rely on their employer-provided coverage to cover them fully. In other words, having proper medical malpractice coverage is crucial. An appropriate medical malpractice insurance policy secures nurses from claims related to:  

1. Injury caused by negligence:

Entering the wrong information about a patient’s illness can result in incorrect medication or treatment. In such a case, a patient could needlessly suffer from their condition, sometimes to the point of disability or death. As a result, this could lead to a medical malpractice lawsuit.

2. Accusations of negligence:

If a qualified healthcare provider infringes on their duty to the patient.

General Liability Insurance  

Professionals are provided a nursing insurance. But as a nurse, risks are always part of the process when treating a patient. Suppose someone spills coffee in your clinic, and a patient steps in it and slips. As a result, they dislocate their shoulder. Therefore, they file a claim against you and the clinic for the injury.

This is where general liability insurance steps in. General liability coverage protects healthcare professionals from claims occurring on the physical premises of your practice. This includes:

  • Patient and visitor injuries    
  • Property damage to patient or visitor belongings  
  • Advertising injury 

In particular, you may need general liability insurance if you practice medicine in other than a hospital location. Usually, general liability policies provide adequate coverages for nurses and healthcare professionals. However, it is always a wise decision to look into umbrella insurance as well. Furthermore, if an event exceeds your policy’s claim limits, your umbrella insurance will kick in and cover the excess amount.     

how much does nursing insurance cost

Cyber Liability Insurance  

Every industry is at risk of cyberattacks. As data breach can lead to reputation harm, The American Journal of Managed Care found that hospitals spent 64% more on advertising costs. Most importantly, this was done to repair their image and prevent patient loss to competing hospitals after suffering a data breach. 

Therefore, cyber liability insurance mitigates losses after a cyberattack and data breach. It offers two types of coverage to healthcare professionals:     

1. First-party cyber liability insurance   

First-party cyber liability insurance provides coverage to your practice to mitigate the impacts of data breaches and cyber-attacks. Hence, it covers costs relating to:   

  • Customer notification 
  • Cyber extortion payments    
  • Customer fraud and credit monitoring services    
  • Business interruption expenses    
  • PR and crisis management

2. Third-party cyber liability insurance  

Your medical practice is also responsible for your client’s online security. Hence, third-party cyber liability insurance provides liability coverage when your medical practice suffers from an online attack. For instance, it includes coverage for:    

  • Legal defense costs    
  • Settlements costs    
  • Other court costs 

Get in touch with us for a personalized nursing insurance quote today!

Business Owners Policy  

From a patient’s injury on your business premises to accidental damage to your costly medical equipment, so the chances of mishaps always exist. Therefore, if you are running a private practice, you should consider getting a business owners policy (BOP).     

A BOP is a bundle of commercial property insurancebusiness interruption insurance, and general liability insurance. In other words, they make into one affordable policy that covers risks in your workplace. Hence, this policy covers some of the most critical areas of concern for healthcare workers in private practice. Such as:  

  • Damage to business property    
  • Patient injuries and property damage    
  • Advertising injuries    
  • Forced closure  

Workers Compensation Insurance  

According to the Washington Post, in many states being a nurse is more dangerous than being a correctional officer or a police officer. Despite all the safety measures in the workplace, you cannot always guarantee a safe working environment. In other words, healthcare professionals are at risk of being exposed to severe injuries or illnesses in the workplace.   

The Occupational Safety and Health Administration also found that healthcare workers face increased risks of workplace violence. For instance, healthcare workers are more likely to be physically hurt while working with patients who have a history of violence. Because such patients are either under the influence of drugs, or are delirious.   

Workers compensation insurance is regulated at the state level. Therefore, each state has its requirements and penalties. Suppose if you run your practice outside of Texas, this coverage is not optional. In conclusion, failure to meet mandatory state workers compensation requirements will put you on the receiving end of legal consequences.     

A workers compensation policy covers employee costs related to:

  • Immediate medical costs    
  • Ongoing medical costs    
  • Partial lost wages

how much is nursing insurance

Commercial Auto Insurance   

Healthcare practices use various kinds of vehicles, ranging from regular cars to specialized ambulances. So, if any of these vehicles face an accident or collision, commercial auto insurance will cover the damages.    

Usually, coverages in a commercial auto policy are:    

  • Property damage liability coverage    
  • Bodily injury liability coverage    
  • Combined single limit    
  • Uninsured M motorist C coverage    
  • Collision coverage    
  • Comprehensive physical damage coverage    
  • Medical payments  

Also, if your practice uses commercial vehicles, commercial auto insurance is mandatory unless your business is located in Virginia or New Hampshire. 

Directors and Officers Insurance  

Large scale practices and hospitals, in particular, require Directors & Office (D&O) insurance. Certainly while serving as a board member has its benefits, it also demands additional responsibilities. Thus, there are times when directors and officers of a medical practice might make wrong decisions. Hence, opening the way to a lawsuit. Above all, if you work as a medical director or an administrator, you will need D&O insurance to protect yourself personally.   

  • Allegations regarding employment practices    
  • Cyber data fallout    

Additionally, you can tailor your policy for specific D&O coverages to better suit your needs.  

Get in touch with us for a personalized nursing insurance quote today!

Standard Exclusions for Nursing Insurance

Nursing insurance has a few exclusions you should be aware of. These exclusions include, but are not limited to:  

  • Acts committed under the influence of alcohol or drugs.  
  • Sexually inappropriate behavior.  
  • Criminal activities or frauds.  
  • Claims from actions performed in a business not pre-mentioned in the policy.  
  • Unauthorized disclosure of patient records.  
how to get nursing insurance

Factors that Influence the Cost of Nursing Insurance  

  1. Type of healthcare services offered  
  2. Business assets
  3. Type of medical equipment
  4. Number of employees
  5. Revenue
  6. Business Location

To sum up, all professionals are open to risks and need insurance to protect themselves. Don’t play with your work and cover yourself against unnecessary hassle! Get a quote now!

Get in touch with us for a personalized nursing insurance quote today!

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