Nursing is a profession that requires a lot from you. It takes up your time and energy and requires you to be on your feet for hours at a time. It also requires you to be calm under stress, quick on your feet, and able to think on your feet.
In short, it's an incredibly difficult job to do well—and one that comes with plenty of risks. That's why it's so crucial for nurses to have malpractice insurance: malpractice insurance will help protect you from lawsuits if there is ever an incident where you do something wrong or neglectful in the field of nursing.
What kind of malpractice insurance should you get? What types of coverage should you look for? How can you find a policy that will be affordable and cover all bases?
We're here to answer all these questions! Our team has extensively researched the best malpractice insurance for nurses to bring our readers this article: "Top 6 Malpractice Insurance For Nurses."
What is Nurse Malpractice Insurance?
Nurse malpractice insurance is one of the nurses' most important types of professional liability insurance. This insurance protects nurses from financial loss due to errors or negligence on the job.
The best way to understand how nurse malpractice works are to look at what it covers:
If a patient suffers injury or illness due to something you did wrong, you may be liable for their medical bills and other expenses.
If a patient files a lawsuit against you, your employer's legal department will defend you in court and pay any damages awarded by a judge or jury.
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Suppose you accidentally expose your patients to an infectious disease like tuberculosis (TB). In that case, they could file suit against you and claim that your negligence caused them physical harm or emotional distress.
Why Do Nurses Need Insurance?
It's no secret that being a nurse can be dangerous. Whether you're working in an emergency room or taking care of patients at home, there are so many things that can go wrong—and if something goes wrong, it's your job to fix it.
If one of your patients gets hurt because of something you did or didn't do, they could sue you for medical malpractice and win damages from you as the nurse, the hospital, or the health care practice where you work.
That could cost hundreds of thousands of dollars—and possibly even put your career on hold for years while you fight back against a lawsuit!
6 Best Nurse Malpractice Insurance Companies
Best Overall Nurse Malpractice Insurance Company – Nurses Services Organization (NSO)
Second Runner Up For Best Malpractice Insurance for Nurses – Proliability
Overall Best-Priced Malpractice Insurance Company – CM&F Group
Best For Therapists — Healthcare Providers Service Organization (HPSO)
Best For Worldwide Coverage – NowInsurance
Best For All Healthcare Practitioners – Geico
1. Nurses Service Organization
Overview
Nurses Service Organization (NSO) is one of the leading nursing liability insurance companies in the world. It was founded in 1962 by a group of nurses who wanted to provide comprehensive insurance for all nursing professionals.
NSO offers malpractice insurance for nurses only. It has been offering this service for over 40 years and has more than 70,000 clients worldwide.
The company provides a wide range of policies, including professional liability, first aid coverage, license protection, and medical care defense protection. The most popular policy is the $1 million single limit policy which covers up to $6 million annual aggregate for all covered claims.
NSO offers policies that can be purchased by both new graduates as well as experienced nurses. It also has special rates for those who have passed their boards within the last six months or so.
The company also offers other insurance policies such as term life insurance, disability insurance, and health insurance. The policies are underwritten by American Casualty Company of Reading, Pennsylvania, which has an A rating from AM Best.
Why We Like It
Nurses Service Organization is a top nursing liability insurance company that offers professional liability coverage for nurses.
This includes malpractice insurance for nurses, nurse practitioners, and any related nursing specialty. With over 100 years of experience, they are the largest provider of nurses' professional liability programs in the United States.
Because they specialize in insuring nurses, they have very competitive rates and will ensure that you get the highest level of protection at the lowest possible cost. Their policies are highly customizable and can be tailored to meet your needs.
Is NSO malpractice insurance the best for nurses? Get a detailed review now!
Pros:
- Largest company serving nationwide.
- Provides liability insurance only for nurses.
- Offers a discount for fresh graduates.
Cons:
- No other business insurance offered
2. Proliability
Overview
Proliability is the second best country's nursing liability insurance company and has been in business since 1949. They offer group protection and individual coverage, which makes them a great option for nurses, nurse practitioners, nursing students, and other healthcare professionals.
You can choose between claims-made or occurrence-based coverage, depending on your needs. Their standard per occurrence limit of liability is $1 million, and they offer coverage up to $5 million. If you’re a member of a professional association, you may qualify for a discount on your premium.
Proliability offers a range of coverage options depending on your industry and offers student malpractice insurance for as little as $30 per month.
Proliability is powered by Mercer Health & Benefits Administration, which provides access to a team of experts who can help you find the right solution for your needs.
Why We Like It
Proliability is a professional liability insurance provider that serves multiple industries. It offers both low-cost options and higher tiers of coverage to help individuals and businesses meet their needs.
Proliability has been around since 1954, which is decades of experience. The company is rated A by A.M. Best, an independent company that rates insurance companies based on their financial strength, operating performance and ability to meet their contractual obligations.
One benefit is you may qualify for discounts if you already have other insurance policies through Proliability or other providers. This can be a big money saver!
Pros
Available nationwide.
Offers a discount for members,
Offers coverage for students.
Cons
No other business policies are available.
3. CM&F Group
Overview
When it comes to insurance, you want to ensure that you're getting the best coverage at the best price. CM&F Group's malpractice nursing insurance is just that.
They're an established company, having been in business since 1919, so you know they've got their act together. And they've got the highest-rated policies for nurses out there, too—that's why so many nurses use them!
Their customer service is exceptional; if you ever have any questions or need help with anything (like maybe a quote?), just call them, and they'll take care of it for you immediately.
They offer coverage options up to $2 million per claim (which is more than enough for most nurses who get into trouble), and they even have policies available for nursing students, too!
CM&F Group offers group and individual liability insurance as well as other insurances.
Why We Like It
CM&F Group, the best nurse malpractice insurance coverage, offers comprehensive insurance plans for nurses. They offer group and individual liability insurance policies that are the highest rated policies in the industry.
They also offer insurance for nursing students as well as a range of other healthcare professionals who work in hospitals or clinics.
Pros:
Offers group and individual liability insurance
Offer insurance for nursing students.
Provide coverage up to $2 million USD.
Cons:
Not specifically for nurses.
4. Healthcare Providers Service Organization (HPSO)
Overview
The Healthcare Providers Service Organization (HPSO) has been around for 30 years and was designed specifically to be the malpractice insurance provider you've been looking for.
They're a great choice if you're a nurse working in the field, and they cover you up to $1 million per claim arising out of a covered medical incident—for up to $3 million annual aggregate for all claims.
The policy also includes license protection, deposition representation, personal liability protection, and medical payments. And while they don't offer general business liability protection or cybersecurity coverage (which is why we didn't give them five stars), they do have some pretty sweet discounts available: 60% New graduate discount; American Counseling Association (ACA) discount; 10% discount for risk management course takers.
They have earned an A rating from AM Best.
Why We Like It
When you're looking for malpractice insurance, it's essential to choose one with a stellar reputation and a solid financial record. And that's precisely what you get with [HPSO]!
They've got an A rating from AM Best, so you know they're in good hands. They offer up to $3 million in insurance claims, so you can rest assured that your practice is covered when something goes wrong. And they offer discounts on services—and they're easy to access!
Pros:
60% discount for newly graduates.
The policy includes license protection and personal liability protection.
Covers up to $3 million in insurance claims.
Cons:
Do not offer business insurance.
5. Now Insurance
Overview
Now Insurance has been around for more than 20 years, and they are the only company whose policies are truly tailored to the type of work or specialty you have. Their premiums are competitive, and they offer monthly payment options so that you don't have to worry about paying off your premium balance all in one go.
Plus, they offer up to $1 million per claim and an aggregate limit of up to $6 million, so if you do get sued by multiple patients at once (or by some crazy person who wants to make a name for themselves), you'll be covered.
Now Insurance offers worldwide coverage, too—so if you travel anywhere in the world for work or pleasure, your insurance will follow along with you.
Their policies are designed to fit your needs, not the other way around. What's more? They offer businesses and cybersecurity insurance as well!
Why We Like It
Now Insurance Malpractice is a reputable company that covers many different industries and offers affordable coverage with monthly payment options. Their aggregate limit is up to $6 million, and their worldwide coverage means that you are protected no matter where you are working or traveling.
Pros:
Aggregate limit up to $6 million.
Offers worldwide coverage.
Provides insurance for other businesses as well.
6. Geico
Geico, a malpractice insurance company, teamed up with Berxi to offer fast and affordable coverage for nurses. The two companies are part of Berkshire Hathaway Specialty Insurance Company, so you know you're in good hands.
Berkshire Hathaway Specialty Insurance Company offers same-day coverage with 24/7 access to your online account, so you can get a quote and buy your policy in minutes. They also offer malpractice insurance policies to different practitioners, including Nurse Practitioners, Physical Therapists, Licensed Practical Nurses, and Physician Assistants.
The cost of medical malpractice insurance depends on your professional specialty and ranges from $500 to $2 million per year. It covers up to $1 million for each claim if you're sued by a patient or their family member for something related to your work.
However, this is not the end. They also offer other insurance for businesses as well.
Why We Like It
Geico is part of Berkshire Hathaway Specialty Insurance Company, which has been around for years—and as part of their group, we know we're getting top-quality service. Plus, Geico offers same-day coverage in most cases—and 24/7 access to your online account so you can get the information you need quickly when you need it most.
Their policies cover up to $1 Million per claim, which is more than enough peace of mind for us!
Pros:
Teamed up with a reputable company.
Offers other insurance policies as well.
Provide same-day coverage.
How Much Does Nurse Malpractice Insurance Cost?
The average cost of nurse malpractice insurance is around $68 per year, but if you shop around and compare quotes from several different providers, chances are good that you can find a lower price.
How Much Is Nurse Practitioner Malpractice Insurance?
The average cost of NPs' malpractice insurance is $800 to $2,200 per year. This amount varies depending on whether or not you are a member of a group practice. The length of time you have been practicing as an NP also affects how much your insurance costs.
In Which Situation Is An Occurrence-based Policy Most Beneficial to the Nurse?
A nurse who had insurance coverage during 20 years of practice but is now retired and no longer has an active policy.
In a malpractice claim, the nurse's employer may be held responsible for paying damages if it can be shown that the employer had knowledge of prior claims or complaints against the nurse.
The employer may try to get out of this responsibility by arguing that the nurse was not acting within the scope of his/her employment when the alleged incident occurred.
However, an occurrence-based policy will protect against this type of argument because it covers all acts committed by a nurse during any time period for which he/she has coverage under the policy.
Pros and Cons of Malpractice Insurance for Nurses
Malpractice insurance is a must for any healthcare professional. It protects you from liability if you are ever sued for malpractice. However, it can be expensive and time-consuming to get.
Pros of Malpractice Insurance for Nurses
The most obvious reason to purchase malpractice insurance is protection against lawsuits. Any healthcare professional who works with patients is at risk of being sued by someone who feels they were mistreated or injured in some way.
This can be very stressful and financially devastating if the case goes against you.
Malpractice insurance will protect you from this risk by providing financial coverage if you are sued and found liable for negligence on your part.
In addition, many states require that healthcare workers carry malpractice insurance as a condition of practicing medicine in their state.
Cons of Malpractice Insurance for Nurses
The main downside to carrying malpractice insurance is cost: premiums can be expensive, especially when combined with other insurances such as general liability and property damage policies (if applicable).
The cost varies widely depending on several factors: your location, medical specialty, number of years in practice, age, and more.
Some states also have caps on how much money an attorney can recover from a successful lawsuit — which means that even if you’re found liable for malpractice, your practice may still end up paying more than the amount of the payout.
Final Thoughts
I hope this article has been helpful to you in learning about the best malpractice insurance for nurses (reviewed and ranked).
I know that when I was looking for this information, it was hard to find. But now that we've gone through all these different options, it should be easy for you to make an informed decision.
Good luck with your search!
FAQs
What Does Malpractice Insurance Cover?
Malpractice insurance covers the cost of defending against a lawsuit that alleges you were negligent in your practice. It does not cover the cost of paying damages if you are found to be negligent, nor does it cover any settlement costs.
Is Malpractice Insurance the Same as Liability Insurance?
No, they're not the same thing. Malpractice insurance is a policy that protects you from being sued for damages in the case that your work causes injury or harm to an individual or group.
Liability insurance covers possible damages for a number of different occupations and applies to all types of lawsuits, including those related to malpractice.
How Much Malpractice Insurance Do I Need?
It depends on a lot of factors, like how many patients you see every day and what kind of equipment you use. It also depends on how much money your practice brings in. Malpractice insurance is something that you should talk to a professional about before you decide how much coverage you need.
How Does Malpractice Insurance Work?
Malpractice insurance is a type of liability insurance that covers medical professionals for any mistakes they make in the course of their professional duties.
If you're a doctor, for example, and you accidentally give one patient the wrong medication or perform surgery on another person by mistake, your malpractice insurance will cover any lawsuits filed against you by the patients involved.
Is Malpractice Insurance Tax Deductible?
Yes, malpractice insurance premiums are tax deductible. You can deduct premiums you paid for medical malpractice insurance to protect yourself against a claim for damages if you're sued for malpractice.
You may also be able to deduct the cost of liability insurance that covers other types of professional liability, such as errors and omissions in your work or your work as an employee.
