Are you a nurse practitioner? You might be surprised to learn that malpractice insurance for nurse practitioners can be more complex than many other types of insurance.
Read on to learn about our 5 favorite malpractice insurance for nurse practitioners!
As a nurse practitioner, you're the first line of defense for many people, their primary care provider, therapist, and confidant.
But when something goes wrong in your practice, it's not just your patients who suffer—it's also you. That's why it's so essential to have malpractice insurance for nurse practitioners—and we've got some great options for you here!We've done all the hard work of researching and comparing these policies so that you can find the best possible coverage at the best possible price. Here are our top five picks:
What is Nurse Practitioners Malpractice Insurance?
Nurse Practitioners Malpractice Insurance is a form of medical malpractice insurance that protects Nurse Practitioners (NPs) from claims of negligence. Nurse practitioners are professionals who provide primary care to patients, including diagnosing and treating illnesses, performing physical exams, and ordering laboratory tests.
The NP practicing as an independent contractor needs to have this insurance policy in place before starting her practice. All NPS must have coverage in order to be able to practice as independent contractors.
This form of insurance also protects against legal costs incurred while defending against negligence claims by patients or their families.
Importance of Malpractice Insurance for Nurse Practitioners
Malpractice insurance is necessary for any healthcare professional, but it's vital for nurse practitioners (NPS).
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NPS are advanced practice nurses who can perform a variety of medical tasks. They're often the first point of contact in a healthcare setting, so they need to be able to diagnose and treat patients without the assistance of physicians or physician assistants (PAs).
In many states, NPs have the same legal authority as doctors do. This means that if an NP makes a mistake in treating a patient, the patient may have legal recourse against the NP.
Malpractice insurance protects NPs from lawsuits by providing coverage for legal costs associated with defending against claims that their care harmed their patients.
5 Best Medical Malpractice Insurance for Nurse Practitioners
NSO
Proliability
Healthcare Providers Service Organization (HPSO)
CM&F Group
Berxi
Nurses Service Organization (NSO)
Nurses Service Organization (NSO) offers high-quality medical malpractice insurance for nurse practitioners. With an A+ rating from A.M. Best, the company provides affordable policies with comprehensive coverage.
The plans also include coverage for media liability, errors and omissions, and coverage for non-physicians who perform medical care in your offices, such as physician assistants and nurse anesthetists.
Policy Features of NSO
1. Professional Liability Coverage -- up to $1 million for each claim
NSO offers professional liability coverage for malpractice claims against nurse practitioners and other health care professionals. The policy covers bodily injury or property damage caused by malpractice during the course of employment. The coverage limit is $1 million per claim and up to $6 million annually.
2. Assault Coverage
NSO offers $25,000 in coverage for assault claims arising from both criminal acts and negligence by others. Criminal acts include sexual assault, robbery, and murder, while negligence includes assault caused by another person's reckless behavior or intentional act that results in bodily harm or death. This coverage applies even if you are not at work at the time of the incident.
3. Defense Attorney Provided
Suppose you are charged with a crime against someone else while working as a nurse or otherwise covered under NSO's plan.
In that case, NSO will provide an attorney who will represent you free of charge until the case is resolved favorably or otherwise terminated by mutual agreement between NSO and its attorney representing you (unless such representation is no longer needed).
4. Personal Injury Coverage
This policy will cover you against any damages that you incur due to an injury or an accident. This includes damages incurred due to a car accident, slip and fall, dog bites, and many other such incidents.
The policy will provide compensation for lost income during your recovery period as well as for any medical expenses that may occur during this time.
Portable Coverage
This means that even if you change jobs, your coverage will still be valid as long as you pay your premiums on time and keep up with all other requirements such as completing annual health assessments, etc.
Cost Of NSO Nurse Practitioner's Malpractice Insurance
The average cost for Nurse Practitioner (NP) NSO insurance is $106 per year.
The cost of the policy will depend on the state where you live, how many hours per week you work, and the amount of experience you have in your field. The more hours you work and the more experience you have, the lower your premium will be.
Proliability
Proliability is a nurse practitioner malpractice insurance company. Since 1949, Proliability has been helping nurse practitioners, and their practices stay protected.
Proliability offers several different types of policies that can be customized to your practice needs. They have several options for hospitals, clinics, private offices, and other locations. Their website is easy to navigate, but they also have an agent who can help you find the right policy at the right price.
Policy Features of Proliability
Professional Liability
Proliability covers your professional liability up to $1 million per occurrence/$6 million aggregate. This means the company will protect you from any financial loss arising out of medical negligence or wrongful death suits filed against you by patients or their family members.
This policy also covers any expenses incurred during the litigation process, such as attorney fees, court costs, and settlement awards.
Legal Representation
If you are ever sued for medical negligence, Proliability will provide legal representation on your behalf at no extra cost to you. The company will pay all expenses related to defending against medical malpractice claims, including expert witnesses, depositions, court filing fees, and more.
First aid Reimbursement
This coverage provides up to $10,000 for expenses related to first aid treatment required as a result of an accident involving the insured.
Sexual abuse
Provides up to $25,000 for expenses involved in defending against a medical malpractice claim involving sexual abuse committed by the nurse practitioner.
Portable Coverage
Proliability nurse practitioners and malpractice insurance policies are portable, which means that you can take your coverage with you when you move or change jobs.
Cost Of Proliability Nurse Practitioner's Malpractice Insurance
The cost of Proliability nurse practitioner malpractice insurance can vary from company to company and from state to state. The average cost of premiums for an Adult NP is $756, while the average price for a self-employed Adult NP is $908.
NPs may be eligible for a 10% discount on their premium if they are certified.
Healthcare Providers Service Organization (HPSO)
The Healthcare Providers Service Organization (HPSO) has provided medical malpractice insurance for nurses and other healthcare professionals since 1976. The HPSO has provided over 1 million medical professionals with protection against lawsuits, helping them focus on patient care rather than legal costs.
Its mission is to provide quality medical liability protection at an affordable price so that healthcare professionals can continue to focus on their patients and keep the cost of healthcare down for everyone.
Policy Features of HPSO
Professional Liability
The policy provides coverage for up to $1,000,000 for each claim / $3,000,000 annual aggregate for professional liability claims arising from the practice of clinical nursing. This coverage includes defense costs and any settlement or judgment paid by the insurer.
It also includes coverage for claims made against you by patients or their relatives in connection with your treatment of them while they were under your care.
License Protection
The policy will cover your medical license and provide coverage against any fines that you may be required to pay for violating state or federal laws.
Defense Costs
If you are sued for malpractice and fail to settle the case before it goes to trial, HPSO will pay for your defense costs and any legal fees associated with defending yourself against the lawsuit.
Deposition Representation
If you are called as a witness at a deposition, HPSO will cover any legal fees you incur while preparing for or attending the deposition.
Cost Of HPSO Nurse Practitioner's Malpractice Insurance
The cost for HPSO-Nurse Practitioner’s Malpractice Insurance varies from one state to another. The average cost of the insurance is $150-$200 per year. However, this figure can go up depending on your HPSO specialty.
CM&F Group Nurse Practitioner Malpractice Insurance
CM&F Group, established in 1919, is a leading medical malpractice insurance provider with over 200 professional specialties and more than 1,000 locations nationwide. They offer medical malpractice insurance for individuals, businesses and practices, students, and universities.
Their policyholders have access to our dedicated customer service professionals who work with them throughout the claims process. They offer various coverage options, including $2 million per claim, full consent to settle claims, license defense coverage, and more.
CM&F Group offers competitive rates and flexible payment plans so you can get the proper protection at an affordable price
Policy Features of CM&F Group
Professional Liability Coverage
With this coverage, you can be protected from liability claims arising from the negligence or errors in judgment of your employees. CM&F Group provides coverage up to $2 million per claim.
License Defense Coverage
If a client files a lawsuit against you, this coverage helps pay legal fees associated with the defense of your license to practice.
Sexual Misconduct Defense
Sexual misconduct claims are often difficult to defend against because they involve personal relationships between two people and often include no witnesses or other evidence that would be admissible in court. The CM&F Group policy offers coverage for sexual misconduct claims made against you by current or former patients or clients.
HIPAA Defense Coverage
CM&F Group offers HIPAA defense coverage to protect against claims alleging violations of the Health Insurance Portability and Accountability Act (HIPAA).
Telemedicine Coverage
This feature covers telemedicine services performed by a healthcare provider for the insured patient. It includes reimbursement for litigation expenses incurred in defending against any claim made against them relating to those services.
Cost Of CM&F Group Nurse Practitioner's Malpractice Insurance
The cost of malpractice insurance is determined by many factors: the type of medical practice you're in, where you practice, and your experience.
The average cost of malpractice insurance for a nurse practitioner is $1,300 per year. The average cost includes both employed and self-employed NPs.
Berxi
Berxi provides commercial property, casualty, healthcare professional liability, and other insurance products and services to businesses and individuals.
They are a part of Berkshire Hathaway’s National Indemnity group of insurance companies, which is the second largest insurer in the U.S.
With over 70 years in business, Berxi has built a reputation for providing digital-age ease and efficiency.
They offer customizable coverage options that are tailored to meet your needs so you can focus on what matters most: running your business.
Policy Features of Berxi
Legal defense outside the limits of liability
Your policy covers up to $1 million in damages per claim and $3 million per year. Additionally, it provides coverage for legal defense costs up to $100,000 per claim. This means that if a patient sues you or files a complaint with the state board of nursing, we'll provide legal representation at no cost to you — even if they sue for more than $1 million.
Reputation Coverage
This coverage protects against any loss suffered due to slander, libel, or similar claims that have been made against your practice. Berxi will pay out $50,000 for each claim for your reputation damage.
Licensing Board Protection Defense
The policy also includes coverage for licensing board defense. If a patient or their family member sues you, they may also file complaints against your license with the state licensing board. This type of claim could affect your ability to practice medicine in the future if it is not resolved quickly and adequately defended by an experienced attorney.
Wage Loss/Deposition Expenses
Berxi will pay the cost of up to $1,000 per day for your defense and any judgment or settlement award. Their insurance covers you for any legal fees incurred in defending your rights against any claim of medical malpractice. They will also pay the costs associated with depositions and other court appearances.
Cost Of Berxi Nurse Practitioner's Malpractice Insurance
The cost of Berxi nurse practitioner's malpractice insurance starts at around $68 per year for $1 million worth of coverage. This can vary depending on location in which you practice your profession as well as several other factors. The cost of Berxi nurse practitioner's malpractice insurance will also increase based on how many years you have been practicing your profession.
It’s A Wrap!
There you have it—the five best malpractice insurance for nurse practitioners (reviewed and ranked).
We hope this article has given you the information you need to make an informed choice about which policy is right for you. We also hope that it has inspired you to consider your own career as a nurse practitioner if you're not already in one!
FAQ’s
What state has the lowest malpractice premiums?
The state with the lowest malpractice premiums is North Dakota.
What are claims made vs. occurrence?
Claims made policies are designed to cover claims made during the policy period, regardless of when the event occurred.
For example, if you have a claims-made policy in place, and someone gets injured at your company on June 1, 2020, your insurance would cover that injury—even though you didn't buy the policy until July 1, 2020.
On the other hand, occurrence policies are designed to cover events that happen during a specific time period or date range—regardless of when the event occurs.
This means that if you buy an occurrence policy on June 1st for coverage starting on July 1st and someone gets injured at your company on June 15th (during the coverage period), it would not be covered by your insurance because it happened outside of the time frame specified in your policy.
Which state has the most malpractice lawsuits?
California, Texas, and New York are the states with the most malpractice lawsuits. California has 138,110 malpractice lawsuits; Texas has 122,197 malpractice lawsuits, and New York has 89,376 malpractice lawsuits.
What is the most common medical malpractice case?
The most common medical malpractice case is when a doctor doesn't diagnose a patient correctly. This can lead to incorrect treatment and severe injury or death.
