Being a nurse practitioner, you are always surrounded by many questions about protecting yourself from malpractice claims? However, the answer is straightforward: You must get a nurse practitioner liability insurance.
You hold a lot of responsibility related to delivering patient care. You work in different environments: trauma centers, neonatal intensive care units, labor care centers, wellness centers, private clinics, ICUs, etc. Well, working in so many different places also means you have been exposed to malpractice and legal dangers.
After all, so many responsibilities bring a significant level of risk if something goes wrong. On top of that, getting a liability insurance plan is a contentious topic in the nursing community.
In this blog, we will discuss nurse practitioner malpractice insurance and how to get one in detail. So, keep reading.
What is nurse practitioner malpractice insurance?
Nurse malpractice insurance promises to provide an additional layer of security for you and safeguard your license and credentialing. Investing in such an insurance plan provides financial protection against a lawsuit that may arise from carelessness or lack of knowledge.
Many health care centers will provide coverage to their staff in the form of malpractice insurance, but many still do not provide this level of protection. If, however, you wish to be protected against the costs of a lawsuit, you should invest in an insurance policy.
Many insurance companies will offer you various forms of coverage tailored to the type of work you do. Some policies also cover the expense of legal defense. On the other hand, if your negligence at work leads to a negative outcome, it will result in you paying a hefty amount to the affected patients or their families.
Types of malpractice insurance
Claims-made
A claims-made policy will only offer coverage if it was in effect at the time of the incident and when the lawsuit was filed. So, this necessitates that coverage is extended for a lengthy period to offer adequate protection. It is because a significant period may have elapsed between when an incident occurs and when a claim is made. Resultantly, specific claims-made policies are intended to give a term of coverage known as a tail, which continues coverage for a set period after a policy expires.
Occurrence
Occurrence policies are different from claims-made ones. An occurrence policy covers any claim for an incident that occurred during the term of the coverage. And with the occurrence policy, it does not matter when the claim is filed after the policy has expired. In general, this policy does not require tail coverage. However, this insurance plan is typically more expensive than a claims-made one and is less commonly given by companies.
Why do you need nurse practitioner malpractice insurance?
1. Complaints to the nursing board are typically not covered by a hospital or company plan. As a result, while a lawsuit may protect you if a complaint is filed with the board of nursing, you risk losing the license you worked so hard to obtain. By acquiring your policy, you may ensure that you are protected against a lawsuit and in the event of a complaint made to the board.
2. Nurses are frequently considered independent contractors, which means the doctor's insurance does not cover them. If you rely on an employer's insurance for coverage, thoroughly study the policy to discover whether you are a named employee or if you are excluded from coverage. If the terms of the policy are unclear, call the insurer for clarification.
3. Your workplace's policy may be aligned with the best interests of the employer. There may be occasions when that interest coincides with yours—but in other cases, you need someone looking out for your best interests. By getting your policy, you must ensure that you will have someone representing you if you ever face allegations.
Want to buy nurse practitioner malpractice insurance?
Let us look at some facts.
You cannot obtain a mortgage if you do not purchase homeowners' insurance. In the same way, you are required by law to have automotive insurance for your vehicle. Both homes and vehicle insurance cover property damage and liability resulting from an incident involving that asset.
Likewise, nurses and other healthcare professionals should be compelled to have malpractice insurance.
Insurance becomes essential when personal assets are insufficient to pay damages. Nurses should also be held accountable and liable for their practice. Advanced Professional Services will help you get malpractice insurance if you do not currently have one.
Advanced Professional Services is a well-established insurance agency. The agency offers a variety of insurance products for your family, your business, and other professional industries. Moreover, this insurance company also offers medical malpractice insurance online.
Connect with one of the insurance experts at Advanced Professional Services and get the most beneficial nurse practitioner malpractice insurance plan that will secure your future.