If you're a nurse, chances are you've heard of the NSO and their malpractice insurance. You may have even looked into it and decided it's not right for you. But maybe you're still wondering: Is this the best option out there?
It's great that you're thinking about your options, but if we were honest, we'd have to admit that finding a good malpractice insurance plan is not easy. And when you start talking about nurses, things get even more complicated.
NSO malpractice insurance is one of the great options out there for all nurses and nursing students.
So let's take a look at some of what makes up NSO malpractice insurance and see if it's worth checking out further.
What is NSO?
Nurses Service Organization specializes in providing unique services and insurance policies to nurses. Their primary focus is on the healthcare field, but they also offer other types of insurance policies such as life insurance, disability income insurance, and health insurance.
Since 1976, NSO has grown into a multi-million dollar corporation that provides health care coverage for all types of people throughout the United States. This includes student nurses, registered nurses (RNs), and nurse practitioners (NPs).
What makes NSO unique is that they provide unique services and insurance policies to nurses underwritten by CNA Financial Corporation.
CNA has excellent ratings and holds an A rating from AM Best, an A2 rating with Moody’s, an A+ rating with Standard & Poors, and many other accolades for customer service and financial stability.
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What Does NSO Offer?
NSO offers a variety of different products and services that are designed to meet your specific needs. These include:
1. Malpractice Insurance Coverage — This type of policy protects you from legal liability if you are sued for malpractice by a patient or family member who claims that your actions caused harm or injury to them during treatment. It also protects you from any type of damages resulting from lawsuits filed against you by patients.
2. Life insurance — This type of insurance pays off your mortgage if you die unexpectedly, leaving behind a debt-free home for your family; this is especially important because many people don’t realize how expensive funeral costs can be until they have to pay them out of pocket.
3. Disability income insurance — If something happens that prevents you from working, disability income insurance can help pay your bills while you're unable to work.
This type of coverage should be part of any comprehensive coverage plan for nurses because it protects them from financial loss due to illness or injury.
Why Do Nurses Need Malpractice Insurance?
Nurses are a crucial part of the healthcare industry. They work long hours and often put their lives on the line to save others, which is why they should have malpractice insurance. Additionally, it's not only crucial for nurses, but also nursing students.
In fact, it's been reported that 28% of nursing students perform malpractice during their clinical practice. Malpractice insurance protects nurses and nursing students against lawsuits filed against them by patients or their families.
There are many reasons why nurses and nursing students need malpractice insurance. Here are three of them:
To Cover Legal Fees
Nurses may need to hire an attorney to defend themselves against a malpractice lawsuit. In some cases, the cost of this legal counsel can be very expensive — especially if you don’t have private health insurance or other coverage that covers these expenses.
Malpractice insurance covers these costs so that nurses can focus on doing their jobs instead of worrying about how they will pay for their attorney fees in case of a lawsuit.
To Protect Your License
Nurses are licensed by their state's board of nursing. If you have been sued, your license could be revoked or suspended until the case is settled.
The legal expenses could be substantial. If your license is suspended, you cannot work as an RN.
If you lose your job because of a lawsuit, finding another one in the same field could take years. NSO will provide protection to your license.
To Protect Personal Assets
If you're sued for medical malpractice and lose, any award that is given to the plaintiff could be taken from your personal assets.
If you don't have enough money to make up the difference between what was awarded and what is owed, they can take it from your bank accounts or home equity loans.
This won't happen to you with proper coverage through NSO professional liability insurance!
What Policies Does NSO Offer?
NSO offers a wide range of malpractice insurance policies that are designed to meet the needs of nurses at all levels of experience.
NSO offers policies for student nurses, licensed practical nurses (LPNs), registered nurses (RNs), licensed registered nurse practitioners (ARNPs), and certified registered nurse anesthetists (CRNAs).
Their policies also include coverage for locum tenens nurses, who are temporary nurses hired to fill vacancies in areas where there is a shortage of healthcare workers. We also have policies for nurses who work in specific settings such as hospitals, clinics, and nursing homes.
In addition, NSO offers more than 80 different types of policies designed to meet the needs of nurse faculty members at nursing schools or universities and physicians in private practice who employ registered nurses on their staff.
What Benefits Does NSO Provide?
National service organizations offer many benefits to their members. Some of these benefits include:
Professional Liability Coverage
If you work with a national service organization, you are protected from liability in case of a volunteer or client injury. You will also have access to legal representation if necessary.
NSO will provide you with around $6 million in professional liability coverage.
License Protection
Your license will be protected if you work with a national service organization. This means that if someone files a complaint against you, your professional license might be at stake. NSO will take care of protecting your license so your hard work of studying for many years won't go to waste.
Privacy Protection
According to HIPAA laws, all medical professionals must take steps to ensure patient privacy. If you breach privacy protection and are fined, NSO will cover the costs of up to $25,000 annually.
Assault Coverage
NSO will provide $25,000 for the victim of a violent assault. This sum can be used to cover medical expenses or property damage caused by the assault.
Portable Coverage
The NSO can be transferred to your next job or position without going through a new application process and waiting for approval. This means that you will have the same coverage as long as you’re working for an NSO-approved employer.
Your coverage may also be portable if you switch from full-time employment to part-time employment within one year of leaving your last job with the company.
Sexual Misconduct Defense Expenses
Sexual misconduct is not covered under any other insurance policy, so this is something that only the NSO offers its members.
If sexual misconduct occurs while on or off duty and is caused by you at work, this coverage will pay up to $25,000 in legal defense expenses on your behalf.
How Much Does NSO Insurance Cost?
As a student nurse, you may be paying as little as $35 a year for your insurance. However, if you're a professional nurse, the cost of your insurance can range from $106 to $225 per year.
This will vary depending on the type of coverage you choose and how old you are when you enroll in the plan.
The cost of your policy will also depend on several factors, including:
Location
The state where you practice nursing plays a significant role in determining how much coverage you need, as well as its price tag.
For example, certain states have stricter laws regarding nurse safety than others, meaning fewer claims are filed there, which translates into lower premiums for residents practicing nursing in those states.
On the other hand, some states have more frequent incidents of nurses being sued for malpractice, which means higher premiums.
Your history
If you've been sued before and settled out of court, your premium will be higher than someone with no litigation history.
It’s A Wrap!
So, is NSO malpractice insurance the best for nurses? We think so.
We believe that NSO malpractice insurance is an excellent idea for any professional that works in a field where they have the potential to be sued, and nurses are no exception.
Nursing is an incredibly stressful profession, with many long hours and high stakes. Nurses have to be prepared for anything, including being sued by patients or their families.
If you're a nurse, and you don't have NSO malpractice insurance yet, what are you waiting for? Get it today!
