Reviewed Archives | Nursepective

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.

Share 0

Tweet 0

The post 5 Best Malpractice Insurance For Nurse Practitioners (Reviewed And Ranked) appeared first on Nursepective.

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.

Share 0

Tweet 0

The post 6 Best Malpractice Insurance for Nurses (Reviewed and Ranked) appeared first on Nursepective.