It's no secret that the nursing profession is a dangerous one. For example, In the United States, there are around 7,000 to 9,000 documented deaths each year due to improperly administered medications—and that's just the reported cases!

So what does this mean for you? It means that if you're a nurse, you must have malpractice insurance. But why?

What Is Malpractice Insurance For Nursing Professionals?

Let's start at the beginning: what exactly is malpractice insurance? Simply put, it's an insurance policy that protects your finances from the costs associated with being sued for negligence on the job.

The most common malpractice lawsuits against nurses include failure to diagnose, failure to treat, or incorrect treatment.

Malpractice insurance policies are designed to protect those who have been wrongfully accused or found liable in a court of law. Malpractice insurance can cover legal expenses and pay any damages awarded by the court.

Malpractice insurance for nurses is very similar to other types of malpractice insurance. A nurse will be covered by their malpractice policy if:

• The nurse has acted in accordance with accepted standards of care in treating patients.

• A patient is harmed as a result of the nurse's negligence.

• The harm caused was foreseeable at the time the treatment was given.

• The nurse did not intentionally harm the patient.

• The nurse did not engage in willful misconduct.

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

6 Reasons Why Nursing Professionals Need Malpractice Insurance

Malpractice insurance is a necessity for nursing professionals. It's not just a good idea; it's the law. Licensed nurses must carry malpractice insurance, or they cannot practice.

The following are six advantages of malpractice insurance for nursing professionals: 

1) You Can't Afford To Lose Your License Or Practice

In some states, if you lose a malpractice case and don't have insurance to cover your legal fees, you could be forced to stop practicing. If you don't have the financial means to pay for the damages from a lawsuit — including punitive damages — you could lose everything. 

You could also face criminal charges if your negligence caused harm or death. Without an attorney on your side, it could take years to fight the case and even longer to rebuild your reputation and resume working as a nurse again.

2) Ethics And Morals

Nurses are ethically obligated to provide quality health care to their patients, but sometimes things go wrong despite their best efforts and intentions. If you're negligent in providing care due to poor judgment or lack of skill and judgment, you may be held liable for any injuries or harm caused by your actions (or lack thereof).

3) Malpractice Insurance Protects Your Future

If you have children or other dependents who rely on you financially, then malpractice insurance is an absolute necessity. This coverage enables you to provide for yourself and others during an unexpected event. 

It's also an added benefit if you have retirement savings plans or other financial obligations that require money over time to fulfill them properly.

4) It's A Smart Investment In Your Career

Malpractice insurance is an investment in your career. Without it, you could be putting your finances at risk, as well as your reputation and credibility. If something goes wrong and you're not protected by malpractice insurance, the cost of defending yourself against a negligent lawsuit can be enormous.

5) Provides indemnity for expenses

The most significant advantage of having malpractice insurance for nursing professionals is that it provides indemnity for expenses incurred by the nurse in case an error takes place during their treatment. This includes expenses like court fees, lawyer fees, and other charges related to the case.

6) Reduces stress levels

Nurses often feel immense pressure to perform at their best every day. They must multitask, think quickly on their feet and manage many patients at once. 

Malpractice insurance can help reduce stress by relieving some of the responsibility associated with being held accountable for mistakes made due to negligence on behalf of a nurse.

Also Read: 6 Best Malpractice Insurance For Nurse Practitioners

How Much Is Malpractice Insurance For Nurses?

Nurse practitioners can expect to pay between $65 to $100 per year for malpractice insurance coverage. This is based on the state in which they practice as well as their individual practice settings (hospital vs. private practice). 

Some states require all nurses who practice in hospitals to carry malpractice insurance coverage, regardless of where they work or how much experience they have under their belts.

Also Read: A Step-to-Step Guide On Malpractice Insurance Cost for Nurses

Disadvantages Of Malpractice Insurance For Nursing Professionals

Here are some of the most common disadvantages of malpractice insurance for nursing professionals:

1) It's Expensive

Malpractice insurance can be costly, especially if you're starting in your career. It may not be easy to afford the premiums in addition to your other expenses, such as rent and student loans. Even nurses who've been working for years may find their premiums increase as they age.

2) It Has Limits On Coverage 

Most malpractice nursing insurance policies limit how much money can be paid out in each case, which means that if you're sued several times in one year (or over the course of your career), you could run out of money before all claims are settled. 

Some policies also include a deductible amount — meaning that you must pay part of any settlement or court award out-of-pocket before insurance kicks in.

3) Premiums Can Increase Over Time

Medical malpractice premiums are set with a cap on how much they can go up in one year. In most cases, your premiums will increase by no more than 5%. 

However, if you have several claims against you or if you have been sued multiple times over the past few years, then it's possible for your premium to increase each year significantly. 

In addition, if your policy lapses for any reason and you decide not to renew it with the same company, then your premiums will go up drastically when you do decide to sign up again.

4) You May Need To Pay More According To Your Role

The cost of malpractice insurance varies based on your role in the medical field. If you work as a physician assistant, for example, you will likely pay more than someone who works as an RN. 

You may also need to pay more if you work in an ER or have special certifications such as those offered by The American Association of Critical Care Nurses (AACN).

How To Get The Best Malpractice Insurance Company For Nurses?

Malpractice insurance is a must-have for nurses. It’s essential to select the right malpractice insurance company for yourself, your practice, and your patients.

Here are some tips:

1) Know Your Needs

Before searching for a malpractice insurance provider, you need to know what coverage you need. How many policies do you need? Do you have employees? What is the limit of coverage per claim? These are all questions that will help narrow down your search for malpractice insurance.

2) Research Your Options

Once you know what type of coverage you need, it’s time to research your options. There are many different providers in the market today, so it’s essential to compare them all before deciding which one is best suited for you and your practice. 

Some providers offer different discounts based on specific criteria like age or years in practice, etc., so be sure to look into those when comparing policies offered by other companies.

3) Ask Around For Recommendations

You can also start by asking around and getting recommendations from other nurses. This will allow you to get an idea of which companies they use and whether they would recommend them or not. 

Additionally, you can ask other nurses who have just started their careers and ask them what they think about different insurance companies. This way, you will be able to find out more about other companies without having to waste your time looking at their websites and brochures.

4) Compare The Different Quotes

Once you have obtained several quotes from different companies, it is essential to compare them side by side so that you can see which one offers the best coverage at an affordable price for your budget. 

Be sure to check out all of the details regarding exclusions and conditions within each policy before making any final decisions about which company suits your needs best.

Also Read: Is NSO Malpractice Insurance The Best For Nurses?

Ending Thoughts

So why is malpractice insurance for nursing professionals important?

It's important because it can help you get back on your feet after something goes wrong. It's important because it will help you to focus on what matters most: caring for your patients. 

And it's important because it will ensure that the right people are held accountable when things go wrong—and that the blame is not placed unfairly on the nurses who do their best every day.

If you're a nurse, or if you've ever been cared for by a nurse, then I hope this article has given insight into how malpractice insurance works and why it's so important for us all—whether we're nurses or patients.

FAQs

How To Get Malpractice Insurance For Nursing Professionals?

Nurse professionals are required by law to have malpractice insurance. You can purchase it through your state's board of nursing or your employer. If you're a new nurse, you may need to wait a few years before your employer will offer you coverage.

What Does Malpractice Insurance Cover For Nurses?

Malpractice insurance covers any mistakes or errors made while on the job. 

It also covers situations where a patient makes a complaint against you after they leave the hospital or clinic with an injury they believe was caused by something that happened while they were under your care. 

If they file suit against you, the insurance company will cover any legal fees and payouts during the case until it is resolved in one way or another (which could be years).

Do Nurse Practitioners Need Malpractice Insurance?

Yes! Just like other types of professionals who make mistakes at work (doctors), nurse practitioners need this type of coverage as well. This is because sometimes those mistakes can lead to severe consequences for the patient involved—and if they decide to take legal action against you, then everyone involved should know about it beforehand, so there aren't any surprises down the road.

How Much Is Malpractice Insurance For Nursing Students?

The short answer is that malpractice insurance for nursing students starts at $30-$35 annually and goes up from there, depending on your risk factors.