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HPSO Malpractice Insurance: Is It The Best For You As A Nurse?

Yasmine Seidu — Fri, 12 Aug 2022 18:47:51 +0000

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.

Table Of Contents

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.

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A Step-to-Step Guide On Malpractice Insurance Cost for Nurses

Yasmine Seidu — Fri, 12 Aug 2022 14:54:58 +0000

We all know that nursing malpractice insurance is essential. However, it’s not always easy to figure out how much you need or where to get it.

We’re here to help! In this guide, we’ll give you a step-by-step process for determining the malpractice insurance cost for nurses and other professionals in the healthcare industry.

We’ll go over what malpractice insurance is, why it’s important, how much malpractice insurance costs, and how to find an affordable policy that fits your needs.

So, are you ready? Let’s dive in!

What Is Nursing Malpractice Insurance?

Nursing malpractice insurance is a specific type of professional liability insurance that offers protection from potential legal action brought against you due to your work as a nurse.

If you are found to be negligent in your duties as a nurse, this could lead to an injured patient suing you for damages. This includes paying for their medical bills, lost wages due to missing work, and compensation for pain and suffering.

The cost of being sued for negligence can be relatively high if the case goes to trial and results in a settlement or judgment against the defendant’s nurse or healthcare provider (usually if the plaintiff wins).

This cost can include paying legal fees, expert witness fees, and other expenses involved in defending yourself against charges brought forth by injured patients or their families.

Why Do Nurses Need Nursing Malpractice Insurance?

Patients can sue nurses if they fail to provide adequate care and treatment. Nurses are also responsible for ensuring that all medications and treatments given to patients are appropriate.

If a nurse fails to follow any of these things, chances are that patients will suffer from health problems or even death. This can lead to lawsuits filed against the nurse for causing harm to the patient’s welfare.

Where to Find Malpractice Insurance for Nurses?

There are many options available for getting malpractice insurance for nurses. Some companies offer this type of insurance through their employer. Others sell it directly to consumers through agents or brokers.

You can also find plans online if you want to do so on your own.

We have a list of the best malpractice insurance companies for nurses; check it out now!

The best way to locate your ideal plan is by thoroughly researching what each company offers before deciding which policy you want to purchase or reject altogether because it doesn’t meet your demands.

What Is The Cost Of Malpractice Insurance For Nurses?

The malpractice insurance cost for nurses varies by state and the type of nursing license you have. For example, a registered nurse (RN) may need more coverage than an LPN.

The average cost of medical malpractice insurance for nurses is between $300 and $1,500 per year. However, this figure can vary significantly depending on where you live and your license type.

Medical malpractice insurance costs for nurses also depend on your specialty within the healthcare industry. For example:

Pediatric nurses tend to pay less than their counterparts who work in other areas such as labor and delivery or emergency rooms.

Nurses who work in private practices tend to pay more than those who work in hospitals or clinics because their employer’s policy does not cover them.

What Are the Factors that Affect Malpractice Insurance Cost for Nurses?

Several factors determine the cost of nursing malpractice insurance. The following are some of the most important ones:

1. The state in which you work

The cost of malpractice insurance varies from state to state due to different laws governing nursing practice. In some states, the number of cases filed against nurses is higher than in others, which means that premiums have to be higher to cover the costs of claims.

2. Your specialty and place of employment

Specialty plays a big role in determining how much money you will pay for malpractice insurance coverage. If you work in an area with a high level of litigation risk, like emergency care or pediatrics, you will likely pay more for your policy than someone who works in less risky areas such as psychiatric nursing or case management services.

3. Your years of experience

A nurse who has been working for ten years will usually pay less than someone who has just graduated from college because they have had more time to accumulate credits and build up their trustworthiness among patients and employers over time (and hopefully avoid having any claims filed against them).

4. The history of claims

Another factor is the number of claims against you. If you have been sued many times in the past, then your premium will be higher than those who have not been sued as often.

How To Reduce Malpractice Insurance Cost For Nurses?

Malpractice insurance for nurses is a necessary expense for any practicing nurse. The cost of malpractice insurance has been rising in recent years, and many nurses have found themselves paying more than they should have to insure themselves against malpractice claims.

The good news is that there are several ways you can reduce your malpractice insurance costs. Here are some of them:

Do not practice outside of your scope of practice.
Be careful when prescribing medications and keep up with changes in regulations regarding prescriptions and limitations on prescribing rights.
Keep up with continuing education courses to ensure you are current on all new developments in the medical field.
Stay abreast of new health care laws that may affect what you do daily at work. For example, if you work in an emergency room, you must keep up with any new regulations regarding how long someone can wait before receiving treatment after arriving in an emergency room.
Know how to handle difficult patients or family members who might make false complaints about you. This can be a particularly tricky situation because sometimes these people will go so far as to file lawsuits.

Let’s Wrap It!

In conclusion, we have seen that malpractice insurance is a necessary part of being a nurse. This insurance can help protect you from any mistakes you might make during your career as a nurse.

As we have seen, there are many different types of malpractice insurance available on the market today. Each type has its own pros and cons. Thus, it will be up to you to decide which one is best for your needs.

If you are looking for an affordable way to protect yourself against malpractice suits, consider getting a standard medical and legal insurance policy. You could also choose a policy that covers only legal costs or just medical costs. However, these policies are not as common.

Malpractice insurance is not cheap. However, it is well worth the cost if something happens that causes harm to someone else or their property due to negligence on your part while performing duties as a nurse.

FAQ’s

What is the average malpractice insurance cost for nurse practitioners?

The average malpractice insurance cost for nurse practitioners is $800-$2,200. In the U.S., most nurse practitioners have to carry malpractice insurance just like doctors do.

Malpractice insurance can be expensive, though—and it varies depending on where you live and what kind of practice you have.

How much is malpractice insurance for nursing students?

Malpractice insurance for nursing students is typically between $35 to $65 per year.

This is a relatively low cost, but it’s essential to make sure you have malpractice insurance as a nursing student because it can be costly if you don’t have it.

What is the malpractice insurance cost for nurse anesthetists?

The average cost of malpractice insurance for a nurse anesthetist is around $1,014 per year.

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5 Best Malpractice Insurance For Nurse Practitioners (Reviewed And Ranked)

Yasmine Seidu — Tue, 09 Aug 2022 20:08:08 +0000

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!

Table Of Contents

What is Nurse Practitioners Malpractice Insurance?

Importance of Malpractice Insurance for Nurse Practitioners

5 Best Medical Malpractice Insurance for Nurse Practitioners

Nurses Service Organization (NSO)

Cost Of NSO Nurse Practitioner's Malpractice Insurance

Proliability

Healthcare Providers Service Organization (HPSO)

CM&F Group Nurse Practitioner Malpractice Insurance

Berxi

It’s A Wrap!

FAQ’s

What state has the lowest malpractice premiums?

What are claims made vs. occurrence?

Which state has the most malpractice lawsuits?

What is the most common medical malpractice case?

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).

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.

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Is NSO Malpractice Insurance The Best For Nurses?

Yasmine Seidu — Fri, 05 Aug 2022 18:18:24 +0000

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.

Table Of Contents

What is NSO?

What Does NSO Offer?

Why Do Nurses Need Malpractice Insurance?

To Cover Legal Fees

To Protect Your License

To Protect Personal Assets

What Policies Does NSO Offer?

What Benefits Does NSO Provide?

Professional Liability Coverage

Sexual Misconduct Defense Expenses

How Much Does NSO Insurance Cost?

Location

Your history

It’s A Wrap!

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.

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!

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6 Best Malpractice Insurance for Nurses (Reviewed and Ranked)

Yasmine Seidu — Wed, 03 Aug 2022 16:39:59 +0000

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."

Table Of Contents

6. Geico

Why We Like It

Pros:

How Much Does Nurse Malpractice Insurance Cost?

How Much Is Nurse Practitioner Malpractice Insurance?

In Which Situation Is An Occurrence-based Policy Most Beneficial to the Nurse?

Pros and Cons of Malpractice Insurance for Nurses

Pros of Malpractice Insurance for Nurses

Cons of Malpractice Insurance for Nurses

Final Thoughts

FAQs

What Does Malpractice Insurance Cover?

Is Malpractice Insurance the Same as Liability Insurance?

How Much Malpractice Insurance Do I Need?

How Does Malpractice Insurance Work?

Is Malpractice Insurance Tax Deductible?

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.
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.

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