Nurse Insurance Policy Information
Nurse Insurance. Nurses play an essential role in providing vital health care. Similar to other licensed health professionals, nurses are exposed to numerous potential risks.
Nurses are licensed health care professionals who work with patients and other medical service providers.
State regulations determine the services they can provide independently, which may include taking patients' medical histories, conducting physical examinations, diagnosing diseases, ordering laboratory tests, writing prescriptions for common ailments, coordinating care given by a team of medical practitioners, and educating patients or the general public about preventative care.
There are two major divisions of nurses: licensed practical nurses (LPNs) and registered nurses (RNs). LPNs generally complete a 2-year course of study while RNs earn a 4-year college degree.
Few nurses operate independently from their own private offices. Most are employed by physicians' offices, hospitals, clinics, and rehabilitation facilities. Others work as home health care providers, in the insurance industry as workers compensation consultants, in schools, or in drugstores.
In order to properly protection themselves from any lawsuits that may arise, nurses should protect themselves with a comprehensive nurse insurance policy. Below, you'll find out more about nursing insurance, what type of coverage it provides, and why investing in this type of insurance is so important.
Nurse insurance protects nurses from malpractice and other liability lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Below are some answers to commonly asked accounting insurance questions:
- How Much Does Nursing Insurance Cost?
- Why Do Nurses Need Insurance?
- What Type Of Insurance Do Nurses Need?
How Much Does Nursing Insurance Cost?
The average price of a standard $1,000,000/$3,000,000 Professional Liability Insurance policy (malpractice) for nurses ranges from $27 to $39 per month based on location, services offered, experience, claims history and more.
Why Do Nurses Need Insurance?
As a nurse, you are tasked with numerous responsibilities that are related to the health and well-being of the patients you care for. Assessing symptoms, ordering diagnostic tests, prescribing medications, offering advice, administering vaccinations, and so much more; the recommendations and care that you provide has a direct impact on the health and safety of your patients.
While you try your best to make the most informed decisions for the benefit of your patients and you always try to uphold the promises that you have made to protect the people you treat, there is a chance that an error could happen.
Any errors that you make could have negative consequences on your patients' well-being, and as a result, you could end up facing medical negligence claims.
It's estimated that patients file upwards of 19,000 medical malpractice suits in the United States each year. Though the majority of these suits do not result in a payout, the legal representation that you'll need should you face a lawsuit can be exorbitant.
And, just because most lawsuits don't result in a pay out, that doesn't mean that any claims that are filed against you won't. In addition to the financial losses that you could end up facing, you could face other consequences, such as being stripped of your nursing license.
That's where a nurse insurance policy comes in. This policy can provide you with the coverage that you need to protect you from any legal claims that may be filed against you.
What Type Of Insurance Do Nurses Need?
A nurse insurance policy provides liability insurance against medical malpractice claims and other legal issues that these health professionals may face.
Here are some of the most in demand nursing specializations as of 2021:
- Cardiovascular nurse
- Dialysis nurse
- Emergency room nurse
- Home health nurse
- Intensive care unit (ICU) registered nurse
- Labor & delivery nurse
- Licensed practical nurse (LPN)
- Medical-surgical nurse
- Neonatal intensive care unit (NICU) nurse
- Nurse anesthetist
- Nurse case manager
- Nurse manager
- Nurse practitioner (NP)
- Nursing assistant
- Oncology nurse
- Operating room (OR) nurse
- Pediatric nurse
- Post-anesthesia care unit (PACU) nurse
- Psychiatric nurse
- Radiology nurse
- Registered nurse (RN)
- School nurse
- Staff nurse
- Telemetry nurse
- Travel nurse
Examples of nurse insurance coverage that a robust insurance policy will provide include protection against include:
- Malpractice: Patients who experience adverse results from treatment may be fast to place the blame on the entire health care team and sue. Also know as professional liability, this coverage can help protect against claims of negligence.
- Sexual Misconduct: If a patient were to take legal action against a nurse practitioner that alleges sexual misconduct or sexual abuse, a robust insurance policy will help to cover the expenses that are associated with legal representation and any payouts that a court may find the defendant responsible for.
- Cyber Liability: This insurance policy also covers any data breaches that may lead to the confidential information of patients that may be compromised. It will pay for legal representation that may be needed, as well as support and mitigation of these risks, and any compensation that a court may require the nurse practitioner to pay out.
These are just a few examples of the type of nurse insurance coverage that a comprehensive nursing insurance policy should provide.
Nursing Risks & Exposures
Premises liability exposure is moderate due to patients' access to the premises. To prevent trips, slips, and falls, all areas accessible to patients must be well maintained with floor covering in good condition.
The number of exits must be sufficient, and be well marked, with backup lighting in case of power failure. Parking lots should be maintained free of ice and snow. Housekeeping should be excellent and spills must be cleaned up promptly.
Maintaining a patient's privacy is critical. Examination rooms, check-in and checkout stations must be in private areas so one patient cannot view information or overhear conversations regarding another patient's' confidential information.
Professional liability (malpractice) exposures are moderate. The exposure increases if the provider fails to conduct thorough background checks to verify employees' credentials, education, and licensing. The more types of procedures that the nurses perform, the more chance of a professional loss.
Very serious losses may result from failure to secure patient approval before performing procedures, including vaccinations. Needles and other equipment must be sterilized and sanitized to prevent the spread of blood-borne infectious diseases such as hepatitis, HIV, and AIDS.
Finally, inappropriate touching and sexual misconduct must be considered.
Workers compensation exposure is due to the possible transmission of disease from a patient. Gloves and masks should be worn at all times when working around any bodily fluids. Employees should have access to vaccinations to prevent diseases.
Unruly or unpredictable patients can cause harm including strains, back injuries, and contusions. Cuts and puncture wounds may be caused by the use of sharp equipment such as scalpels or needles.
Training and safety equipment should be in place to prevent exposure to radiation when performing X-rays. Back injuries can occur due to the mobility limitations of many surgical or home health care patients, requiring lifting or support.
Since patient information and billings are done on computers, potential injuries include eyestrain, neck strain, carpal tunnel syndrome, and similar cumulative trauma injuries that can be addressed through ergonomically designed workstations.
Property exposure is very light for fire and crime as nurses usually work at the premises of others and have little equipment of their own. Ignition sources include electrical wiring, heating, and air conditioning systems.
Crime exposure is from employee dishonesty of both money and inventory. The potential for theft, directly or by means of identity theft, is great. Background checks should be conducted on all employees handling money. Deposits should be made regularly and money should not be kept on premises overnight.
Inland marine exposure can include accounts receivable if the nurse bills for services, computers, and valuable papers and records for patients' records. The physicians and surgeons floater can be extended to include all office furnishings.
Duplicates of all records and programs should be kept off site. The off-premises exposure may be significant if the nurse takes equipment, supplies, or medications between treatment locations.
Business auto exposure may be hired and non-owned auto only for employees running errands. If there are owned vehicles, all drivers should be licensed with acceptable MVRs. Vehicles must be maintained and records kept in a central location.
Commercial Insurance And Business Industry Classification
- SIC CODE: 8049 Offices And Clinics of Health Practitioners, Not Elsewhere Classified
- NAICS CODE: 621399 Offices of All Other Miscellaneous Health Practitioners
- Suggested ISO General Liability Code(s): 66561
- Suggested Workers Compensation Code(s): 8832
Description for 8049: Offices And Clinics of Health Practitioners, Not Elsewhere Classified
Division I: Services | Major Group 80: Health Services | Industry Group 804: Offices And Clinics Of Other Health Practitioners
8049: Offices And Clinics of Health Practitioners, Not Elsewhere Classified: Establishments of health practitioners engaged in the practice of health fields, not elsewhere classified. Practitioners may or may not be licensed or certified, depending on the State in which they practice. Establishments operating as clinics of health practitioners, not elsewhere classified, are included in this industry.
- Acupuncturists, except M.D., offices of
- Audiologists, offices of
- Christian science practitioners, offices of
- Dental hygienists, offices of
- Dieticians, offices of
- Hypnotists, offices of
- Inhalation therapists, registered
- Midwives, offices of
- Naturopaths, offices of
- Nurses, registered and practical: offices of, except home health
- Nutritionists, offices of
- Occupational therapists, offices of
- Paramedics, offices of
- Physical therapists, offices of
- Physicians'assistants, offices of
- Psychiatric social workers, offices of
- Psychologists, clinical offices of
- Psychotherapists, except M.D.: offices of
- Speech clinicians, offices of
- Speech pathologists, offices of
Nurse Insurance - The Bottom Line
It's important to note that nurses should consult with a reputable agent who specializes in providing nurse insurance coverage to ensure that they have the coverage they need to protect them against the unique risks that they face.
In order to avoid serious financial losses and the other consequences that legal actions that are taken against a nurse may cause, investing in the right type of comprehensive nursing insurance coverage is vital.
Types Of Small Business Insurance - Requirements & Regulations
Perhaps you have the next great idea for a product or service that you know will appeal to your local area. If you've got a business, you've got risks. Unexpected events and lawsuits can wipe out a business quickly, wasting all the time and money you've invested.
Operating a business is challenging enough without having to worry about suffering a significant financial loss due to unforeseen and unplanned circumstances. Small business insurance can protect your company from some of the more common losses experienced by business owners, such as property damage, business interruption, theft, liability, and employee injury.
Purchasing the appropriate commercial insurance coverage can make the difference between going out of business after a loss or recovering with minimal business interruption and financial impairment to your company's operations.
Insurance is so important to proper business function that both federal governments and state governments require companies to carry certain types. Thus, being properly insured also helps you protect your company by protecting it from government fines and penalties.
Small Business Insurance Information
In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage.
The The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.
Commercial insurance is particularly important for small business owners, as they stand to lose a lot more. Should a situation arise - a lawsuit, property damage, theft, etc. - small business owners could end up facing serious financial turmoil.
According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage.
Types Of Small Business Insurance
Choosing the right type of coverage is absolutely vital. You've got plenty of options. Some you'll need. Some you won't. You should know what's available. Once you look over your options you'll need to conduct a thorough risk assessment. As you evaluate each type of insurance, ask yourself:
- What type of business am I running?
- What are common risks associated with this industry?
- Does this type of insurance cover a situation that could feasibly arise during the normal course of doing business?
- Does my state require me to carry this type of insurance?
- Does my lender or do any of my investors require me to carry this type of policy?
A licensed insurance agent or broker in your state can help you determine what kinds of coverages are prudent for your business types. If you find one licensed to sell multiple policies from multiple companies (independent agents) that person can often help you get the best insurance rates, too. Following is some information on some of the most common small business insurance policies:
|Business Insurance Policy Type||What Is Covered?|
|General Liability Insurance||What is covered under commercial general liability insurance? It steps in to pay claims when you lose a lawsuit with an injured customer, employee, or vendor. The injury could be physical, or it could be a financial loss based on advertising practices.|
|Workers Compensation Insurance||What is covered under workers compensation insurance? This type of insurance protects a business and its owner(s) from claims by employees who suffer a work-related injury, illness or disease. Workers comp typically provides the injured employee with benefits to cover medical expenses, a portion of his/her lost wages, rehabilitation costs if applicable, and permanent partial or permanent total disability.|
|Product Liability Insurance||What is covered under product liability insurance? I pays an injured party's settlement or lawsuit claim arising from a defective product. These are usually caused by design defects, manufacturing defects, or a failure to provide adequate warning or instructions as to how to safely use the product.|
|Commercial Property Insurance||What is covered under business property insurance? General liability policies don't cover damages to your business property. That's what commercial property insurance is for. It protects all of the physical parts of your business: your building, your inventory, and your equipment, giving you the funds you need to replace them in the event of a disaster. If you work from home, you might consider a Home Based Business Insurance policy instead.|
|Business Owners Policy (BOP)||What is covered under a business owners policy (BOP)? This is a policy designed for small, low-risk businesses. It simplifies the basic insurance purchase process by combining general liability policies with business income and commercial property insurance.|
|Commercial Auto Insurance||What is covered under business auto insurance? This type of insurance covers automobiles being used for business purposes. This could include a fleet of business-only vehicles or a single company car. In some cases it might cover your car or your employee's car while they're being used for business. These policies have much higher limits, ensuring you can cover your costs if one of these vehicles gets into an accident.|
|Commercial Umbrella Policies||What is covered under commercial umbrella insurance? This type of policy is a sort of "gap" insurance. It covers your liability in the event that a court verdict or settlement exceeds your general liability policy limits.|
|Liquor Liability Insurance||What is covered under liquor liability insurance? It covers bodily injury or property damage caused by an intoxicated person who was served liquor by the policy holder.|
|Professional Liability (Errors & Omissions)||What is covered under professional liability insurance? This type of business insurance is also known as malpractice oe E&O. It covers the damages that can arise from major mistakes, especially in high-stakes professions where mistakes can be devastating.|
|Surety Bond||What is covered under surety bonds? Bonding is a contract where one party, the SURETY (who assures the obligee that the principal can perform the task), guarantees the performance of certain obligations of a second party, the PRINCIPAL (the contractor or business who will perform the contractual obligation), to a third party, the OBLIGEE (the project owner who is the recipient of an obligation).|
Who Needs General Liability Insurance? - Virtually every business. A single lawsuit or settlement could bankrupt your business five times over. You might also need this policy to win business. Many companies and government agencies won't do business with your company until you can produce proof that you've obtained one of these policies.
Business Insurance Required by Law
If you have any employees most states will require you to carry worker's compensation and unemployment insurance. Some states require you to insure yourself even if you are the only employee working in the business.
Your insurance agent can help you check applicable state laws so you can bring your business into compliance.
Other Types Of Small Business Insurance
There are dozens of other, more specialized forms of small business insurance capable of covering specific problems and risks. These forms of insurance include:
- Business Interruption Insurance
- Commercial Flood Insurance
- Contractor's Insurance
- Cyber Liability
- Data Breach
- Directors and Officers
- Employment Practices Liability
- Environmental or Pollution Liability
- Management Liability
- Sexual Misconduct Liability
Whether you need any or all of these policies will depend on the results of your risk assessment. For example, you probably don't need an environmental or pollution policy if you're running an IT company out of a leased office, but you would need data breach and cyber liability policies to fully protect your business.
Also learn about small business insurance requirements for general liability, business property, commercial auto & workers compensation including small business commercial insurance costs. Call us (855) 767-7828.
Additional Resources For Medical Insurance
Discover small business insurance for medical and dental professionals. Medical malpractice insurance is a type of professional liability that protects health care professionals from liability causing in bodily injury, medical expenses and property damage.
- Ambulatory Surgical Center
- Art Therapy
- Assisted Living Facilities
- Blood Banks
- Dental Lab
- Dental Office
- Diagnostic Imaging Centers
- Healthcare Facilities
- Home Medical Equipment Dealers
- Marriage & Family Therapy
- Medical Clinics
- Medical Laboratories
- Medical Marijuana Dispensary
- Medical Practice
- Medical, Surgical & Hospital Supply Store
- Mental Health Counseling
- Nurse Registry
- Occupational Therapy
- Osteopathic Physicians
- Physicians Office
- Plastic Surgeons
- Skilled Nursing Facilities
- Speech Therapy
- Substance Abuse Counseling
- Telemedicine Business Insurance
Health care providers are the most trusted individuals in our society. Ironically, they are the same ones who can do the greatest harm. They actually have the right to invade our bodies with knives and to poison us with chemicals - all in the name of health care and with the goal of relieving our symptoms and hopefully bringing about a cure.
While the actions of these professionals normally benefit us, insurance coverage must be available for the times when mistakes happen and things go wrong. These professionals and their facilities have extensive property exposures that are becoming more and more intricate and whose values are increasing exponentially.
The 'one size fits all' approach that once could have applied to insurance for health care providers and their facilities no longer applies.
Professional liability offers protection against claims of malpractice for all sums that the medical professional becomes legally obligated to pay as damages because of rendering or failing to render professional services.
Professional and medical malpractice exposures are the most expensive and difficult of all exposures for health care providers. The commercial general liability policy excludes these exposures so separate coverage is needed. Most professional liability policies are written on a claims-made basis and, as a result, tail coverage and retroactive dates are important coverage issues to be aware of when evaluating the insured’s coverage needs and comparing coverages.
The coverage provided is often called medical malpractice. For decades, many involved in the health care field and insurance companies that provide insurance coverage to providers have stated that malpractice lawsuits have created an ongoing crisis of restricting insurance availability, due to loss of insurance companies that write the coverage and significant rate increases.
As a result, state legislatures have taken the following actions to address the situation:
Imposed a dollar limitation of liability for malpractice suits.
Modified statutes of limitation to limit the number of years that a suit may be brought against a physician following a negligent act.
Modified when the statute of limitations takes effect. An example is beginning from a negligent act's occurrence rather than from its discovery.
Passed laws to modify tort law procedures and doctrines that relate to malpractice.
Because of differences in law by state it is important to know the states in which the covered health care providers are licensed and regularly practice. Some health care providers may practice in multiple states because of their particular specialty, their reputation or the demand for their services. Some hospitals may have ownership in facilities or provide services to patients that are outside of their main location state.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Physicians and Surgeons Floater, Valuable Papers and Records, General Liability, Employee Benefits, Professional, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Equipment Breakdown, Flood, Leasehold Interest, Real Property Legal Liability, Computer Fraud, Forgery, Cyber Liability, Employment-related Practices, Business Automobile Liability and Physical Damage and Stop Gap Liability.