If you're a nurse, you've probably thought about malpractice insurance. You might even have it—but do you know what it covers?
What if we told you that HPSO Malpractice Insurance is different from other malpractice insurance policies?
We know what you're thinking: "How could it possibly be different?" But it is! And here's why:
HPSO Malpractice Insurance is designed specifically for nurses. That means that it protects your career, not just your finances. It also means that HPSO Malpractice Insurance can be customized for your needs as a nurse, so you can rest easy knowing that your coverage will fit precisely where it needs to.
This article will help explain what HPSO is and how it works so that you can make an informed decision about whether or not HPSO is suitable for your situation.
What Does HPSO Insurance Stand For?
Healthcare Providers Service Organization (HPSO) is the country’s largest provider of malpractice insurance for allied healthcare providers and practices.
HPSO was founded in 1980 and has been insuring healthcare professionals for over 40 years.
HPSO understands the importance of having coverage to help safeguard your careers and livelihoods, which is why they offer coverage to over one million healthcare providers.
HPSO helps provide insurance to professionals across the healthcare industry, including individual practitioners, students, and business owners. HPSO insurance rating is an A from A.M. Best Rating.
With HPSO, you don't have to worry about finding coverage for your practice—they'll take care of it all!
What Policies Does HPSO offer?
If you're a healthcare professional, HPSO offers coverage for more than 200 professions across the healthcare industry.
1. Individual Practitioners
Whether you're a pharmacist, counselor, physical therapist, occupational therapist, clinical social worker, dental hygienist, or any other licensed professional working in the healthcare space, HPSO got a policy that's right for you.
Their policies are portable, so if you switch jobs or leave your practice for more than 30 days at a time—they've got you covered!
With coverage up to $1 million per claim and up to $3 million annual aggregate, there's no limit to the amount of protection they can offer.
2. Business or Practice Insurance
The HPSO offers business insurance to solo practitioners and practices with up to 25 employees.
They offer professional liability coverage, which helps protect you from risks like malpractice and work-related employee injuries. They also offer coverage for property damage and cyber breaches, as well as assistance in safeguarding your business reputation.
Their policies are customizable and available for any qualifying healthcare business.
3. Students or Recent Graduates
HPSO offers professional liability insurance policies for students and recent graduates. Students may be vulnerable to the risks of a malpractice lawsuit, and HPSO can provide coverage for amounts up to $1,000,000 each claim / $3,000,000 annual aggregate.
4. Personal Insurance
HPSO offers personal insurance coverage for healthcare professionals. They offer a variety of personal insurance options at economical rates exclusively for healthcare providers.
Life Insurance, 50 Plus Senior Group Term Life Insurance, Disability Insurance, Accidental Death & Dismemberment (AD&D), and more are all available through HPSO.
Benefits Of HPSO Malpractice Insurance
Professional liability insurance is a type of commercial insurance designed to protect health practitioners from losses resulting from claims related to their professional practice.
It can provide coverage for claims of malpractice, negligence, errors and omissions, substandard care, and other acts that may be alleged against you in your professional capacity.
There are several benefits associated with HPSO malpractice insurance:
1. Professional Liability
If a patient sues you for malpractice, your insurer will pay for your legal defense. If you win, they'll also cover any damages awarded by the court or paid out in the settlement. If you lose, they'll pay for your lawyer's fees as well as any settlement or award against you.
2. License Protection
This coverage protects against license revocation due to a criminal conviction related to your professional duties. It also protects against suspension related to an investigation into charges of misconduct relating to your practice.
3. Information Privacy Insurance
According to HIPAA law, HPSO reimburses you up to $25,000 aggregate for costs associated with a data breach. This is particularly important if your office requires patients to sign HIPAA privacy waivers before treatment.
4. Assault Coverage
In some states, assault coverage is mandatory for all health care workers. This coverage provides reimbursement up to $25,000 annual aggregate for your covered medical expenses or damage to your personal property if you are injured in an assault while on duty.
5. Sexual Misconduct
Coverage is provided up to $25,000 annual aggregate for claims alleging sexual misconduct against patients or clients by a health care provider during treatment and while acting within the scope of professional duties.
Cost Of HPSO Malpractice Insurance
The cost and availability of malpractice coverage vary widely by state and by practice type. If you're a nurse or physician assistant, you're most likely covered by your employer's professional liability insurance.
The average cost for individual practitioners is $100-500 per year, while students and residents can secure coverage for as little as $35 per year.
If you're an independent practitioner, or if your employer doesn't offer malpractice insurance, you'll need to purchase a policy yourself. You'll find that rates vary substantially based on several factors:
Specialty
Some specialties carry higher premiums than others because they involve more complex procedures or surgeries. For example, obstetricians are more likely to be sued than family doctors because they deliver babies, which means there's a greater chance something could go wrong during labor or delivery.
The size of your practice
A solo practitioner may have lower premiums than a group practice or hospital where there are more doctors working together.
Your location
The state you practice in can have a large impact on the cost of your malpractice insurance. This is because each state has its own laws regarding liability limits and caps on damages that can be awarded to plaintiffs. For example, some states do not limit damages, while others have caps of $250,000 or less.
Your experience
If you are an experienced doctor with no claims against your license, you will likely pay less for malpractice coverage than a new physician without any experience. This is because there are fewer risks associated with insuring a doctor who has already been practicing for several years.
How Malpractice Insurance Works?
Malpractice insurance covers claims that arise from negligence on the part of the insured doctor or dentist. The policy will reimburse the provider for legal expenses incurred during litigation and settlement costs awarded by the court if they lose the case.
Any problems with patient care that cause physical harm or death are considered medical malpractice. If a patient sues claiming negligence in treatment and wins, his attorney will submit a claim to the provider's malpractice carrier for reimbursement of legal fees and compensation for damages such as lost wages and pain and suffering.
Final Thoughts!
So there you have it: HPSO malpractice insurance is the best for you as a nurse. It's affordable, it covers all the bases, and it can help make your life a lot easier (and safer).
If you're still on the fence about whether or not to get some malpractice insurance, just remember this: if you don't take care of yourself and your family, who will?
FAQ’s
Does malpractice insurance cover HIPAA violations?
If you're worried about HIPAA violations, you should know that malpractice insurance covers a lot more than just HIPAA violations. It covers all of the things that could potentially go wrong during your medical practice, from missed diagnoses to patient injuries.
Malpractice insurance isn't just for doctors—it's also for nurses and other medical professionals who work in hospitals or clinics.
What is the HPSO malpractice insurance phone number?
The HPSO malpractice insurance phone number is 1-800-982-9491 for individuals and 1-215-660-0241 for businesses.
Does malpractice insurance cover negligence?
The short answer is yes. Malpractice insurance covers negligence, but it's important to remember that malpractice insurance does not cover every instance of negligence.
For example, if you were driving down the road and hit someone's car because you were distracted by your phone, your malpractice insurance would not cover this incident.
However, malpractice insurance would cover this incident if you were operating on a patient when they bled out due to a procedure that you performed incorrectly.
Who pays most for malpractice insurance?
The answer is doctors. Since the 1980s, malpractice insurance premiums have risen more than in any other industry.
In fact, according to the American Medical Association, the average cost of malpractice insurance has gone up almost 26.5% in 2019!
What is the best reason to carry a professional liability policy?
You should carry this policy because you're a professional. And we all know what happens when professionals don't have their professional liability policy in order: they get sued, and then they lose all of their hard-earned money!
So don't be like all those other professionals who didn't think to protect themselves. Get your policy today, and never worry about being sued again!
Is professional liability insurance the same as malpractice insurance?
Professional liability insurance and malpractice insurance are not the same. The first is to protect your business, while the second is to protect you as an individual.
Professional liability insurance protects your business from lawsuits related to your work. Malpractice insurance protects you if you make a mistake in your work.
