Tennessee Nurse Registry Insurance Policy Information
Tennessee Nurse Registry Insurance. Registered nurses make up approximately a third of the healthcare industry - and without competent, qualified, nurses, few healthcare facilities would be able to function competently.
Nurse registries, or staffing agencies for nurses, play a vital role in ensuring that hospitals and other facilities, such as palliative care homes, have access to the nursing staff they depend on. A nurse registry can place nurses on a temporary or a permanent basis.
Nurses registries arrange for the leasing and employment of nurses to clinics, hospitals, institutions, medical offices, nursing homes, and for private duty. The nurse's job assignment may be permanent, short-term, or temporary, as specified by the hiring company.
The registry keeps records of the nurses' education, degrees, licensing, skills, training, resumes, past assignments, and performances, matching requests for nurses with the type of service or training desired. They may assist hiring companies by running background checks.
The registry is compensated for their services by the company with the job opening or by the nurse seeking employment, on either a commission or flat fee basis.
The nurse seeking employment, the customer seeking the nurse, and the registry must fully understand the terms and conditions of the employment arrangement.
The contractual agreement should define who is obligated and responsible for providing workers compensation coverage, who pays the fee for the employment arrangement, who handles payment to the employee, who accounts for taxes and other mandatory deductions, and who provides miscellaneous employee benefits, if any, such as health insurance or a 401(k) savings plan.
While there is no question that nurse registries play an indispensable role in public health, these businesses are also vulnerable to a range of risks.
Nursing staff agencies help others weather their worst moments, but to make sure your business has access to first-aid in case of emergency, you need the right insurance. What types of Tennessee nurse registry insurance coverage should be in place? Read on to discover more.
Tennessee nurse registry insurance protects your leasing and employment business from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Why Do TN Nurse Registries Need Insurance?
Not only are nursing staff agencies legally required to invest in certain types of insurance, being correctly insured may save your business from massive debt or even bankruptcy in the event that you are confronted with a major peril.
Nursing registries face the same universal risks as any other commercial venture, after all, as well as risks unique to this industry.
Your commercial premises may be struck by acts of nature - wildfires, hurricanes, serious floods, and many others - at virtually any time, and you can do little to prevent this.
Theft, vandalism, and fire are three further examples of serious risks. When your office space and its contents are destroyed or damaged, massive repair or replacement costs inevitably follow. You may simultaneously be forced to interrupt your business, leading to losses on two fronts.
Third parties may be injured within your facility, or your agency's activities could accidentally damage a neighboring business' property. Unique to your industry, a nurse registry may also face lawsuits after one of the staff on their roster is accused of negligence of misconduct.
Nurses understand that risk is an integral part of life better than most. Insurance is crucial to nurse staffing agencies for the simple reason that mishaps and disasters are realistic threats.
Even if your business is impacted by a major peril, having the right Tennessee nurse registry insurance means you are only facing a temporary setback from which you will soon recover.
What Type Of Insurance Do Tennessee Nurse Registries Need?
Just as each nurse registry is unique, your insurance program should be tailored to your particular business. Variables like the jurisdiction within which you operate, the location of your TN office space, the size of your operation, and your number of employees all influence your insurance needs.
For advice tailored to your specific nurse registry, consult a commercial insurance broker who specializes in the healthcare sector. Meanwhile, here is a look at some of the most important types of Tennessee nurse registry insurance that should be considered:
- Commercial Property - Your office space is the beating heart from which you match nurses with healthcare facilities. If it were to be impacted by perils that include acts of nature, theft, vandalism, and named accidents, this crucial insurance covers the repair and replacement costs for not only your building, but also many of its contents.
- General Liability - This type of Tennessee nurse registry insurance covers the legal expenses that arise from third party bodily injury or property damage claims pertaining to your premises or activities. Were someone to fall down poorly maintained stairs in your facility, for instance, general liability coverage will take care of your attorney fees and settlement payments.
- Professional Liability - The nurses on your registry will each need to carry their own nurse malpractice insurance. That does not, however, mean that your agency cannot be held liable in malpractice cases. Professional liability insurance assists your business in managing the related costs.
- Workers' Compensation - If you employ five or more workers, likely administrative staff, your nurse registry will also need workers' compensation insurance. Should an employee be injured at work, this coverage will pay for their medical bills, as well as covering any income they lose to resulting work absences. Workers' comp does not, you should note, cover self-employed nurses on your registry.
Although these forms of Tennessee nurse registry insurance go a long way toward protecting agency from financial loss, you may also require additional coverage, whether in the form of cyber or commercial auto insurance.
Discuss your questions and concerns with a commercial insurance broker who is deeply familiar with nursing.
TN Nurse Registries' Risks & Exposures
Premises liability exposure is moderate due to the number of clients visiting the premises. The waiting area, interview, and conference rooms must be well lighted with floor covering in good condition. Exits must be sufficient in number, be well marked, and have backup lighting in case of power failure.
Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls. Personal injury liability exposures are high due to the potential for allegations of assault, breach of confidentiality, discrimination, and invasion of privacy.
The registry must take great care to maintain confidentiality when obtaining and releasing information regarding nurses and employers.
Professional liability exposure is high. The background, training, and licensing of the agency's own employees should be verified. Background checks must be done on all nurses represented by the registry to verify their educational accomplishments, licenses, and credentials. Nurses must be matched with the needs of clients since misrepresentation of either party may result in allegations of negligence.
If workers are placed in temporary positions, contracts with the registry, the client company, and the nurse must specify the exact date, time, place, wages, insurance coverages, and other arrangements for the services that are arranged. Allegations of Medicare fraud for improperly billed services have been made in some states. In some circumstances, agencies may be held liable for improper treatment of workers by the hiring company.
Workers compensation exposures are generally limited to office-type hazards. Potential injuries include eyestrain, neck strain, carpal tunnel syndrome, and similar cumulative trauma injuries that can be reduced through ergonomically designed workstations.
Personal contact with clients may involve situations that could produce injuries, such as assault. If nurses are leased or rented out, the exposure increases as the company has little control over the client's work premises or hazards.
The employment contract should specify whether the registry or the client company provides workers compensation coverage.
Property exposures are generally limited to that of an office. Ignition sources include electrical wiring, heating, and air conditioning systems, wear, and overheating of equipment. Computers and other electronic equipment may be targets for theft.
Inland marine exposure consists of accounts receivable if the registry offers credit, computers, and valuable papers and records for client companies' and nurses' information. Duplicates should be made and kept in an off-site backup facility for easy reproduction following a loss.
Crime exposure is from employee dishonesty since the registry usually handles billing and related paperwork for workers. Background checks should be conducted on all employees handling money. There must be a separation of duties between persons handling deposits and disbursements and reconciling bank statements. Audits should be performed at least annually.
Business auto exposure may be limited to hired and non-owned. The exposure increases if the registry offers shuttles for temporary workers, transports clients to job interviews, or if employees use their own vehicles for agency business.
All drivers must have appropriate licenses and acceptable MVRs. Vehicles must be maintained, and records kept in a central location. If the registry provides vehicles to employees, there should be written procedures regarding the private use of these vehicles by others.
Tennessee Nurse Registry Insurance - The Bottom Line
To discover the exact types of Tennessee nurse registry insurance policies you'll need, what coverage limits you should have and the resulting premiums, consult with a reputable broker that is experienced in commercial insurance.
Tennessee Economic Data & Commercial Insurance Information
If you're a entrepreneur, you need more than just a great products and services and a well-established business model to be a success; you also need to choose the right location for your organization. No matter how awesome your ideas are, if your business isn't located in a place where what you offer will provide value to consumers, you're going to struggle to succeed.
Whether you're thinking about setting up the headquarters of your organization or you're planning on opening a branch of your company in Tennessee, familiarizing yourself with the economic trends and the requirements for commercial insurance in the state is crucial for your success. Below, we offer insights regarding job growth and insurance coverage requirements in The Volunteer State.
Economic Trends For Small Business In Tennessee
In regard to job growth, the state of Tennessee is exceeds the rate of national job growth. As of February 2022, unemployment rates were at a historic low in The Volunteer State, with a rate of 3.2% throughout the state; 0.1% lower than the last historic low of 3.3% in October of 2018. That's lower than the national unemployment rate, which was reported to be 3.8% in February of 2019. Economists are forecasting continued job growth throughout the state into 2022.
In addition to positive job growth, the state of Tennessee offers other favorable conditions for entrepreneurs. No personal income tax and more training and education opportunities for the workforce are just some of the factors that make The Volunteer State a great place for business owners of both established companies and startups. While the entire state offers favorable conditions for businesses, the eastern and middle areas are considered the best to start a business; this includes big cities like Nashville and Knoxville; however, cities throughout the state are also offering great opportunities for business operations, such as Chattanooga, Memphis, Pigeon Forge, Alcoa, Lebanon, and Crossville.
Industries that are thriving in Tennessee include:
- Information technology
- Technology, as a whole
Business Insurance Regulations & Limits In TN
The Tennessee Department of Commerce & Insurance regulates insurance in Tennessee. Just like any other state in the country, there are regulations in place regarding commercial insurance. Business owners are required to carry certain types of coverage to protect themselves, their clients, and their employees.
Small businesses with 5 or more employees are required by TN state law to have workers comp insurance coverage. That drops to 1 or more employees if they operate in the construction business or trades (construction service providers).
If you use certain types of motor vehicles for business-related purposes, you'll also need to invest in commercial auto insurance coverage to protect your drivers, as well as other drivers on the road.
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
- Health Maintenance Organizations
- 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.
Request a free Tennessee Nurse Registry insurance quote in Alcoa, Arlington, Athens, Atoka, Bartlett, Bloomingdale, Brentwood, Bristol, Brownsville, Chattanooga, Church Hill, Clarksville, Cleveland, Clinton, Collegedale, Collierville, Columbia, Cookeville, Covington, Crossville, Dayton, Dickson, Dyersburg, East Ridge, Elizabethton, Erwin, Fairfield Glade, Fairview, Farragut, Fayetteville, Franklin, Gallatin, Germantown, Goodlettsville, Green Hill, Greenbrier, Greeneville, Harriman, Harrison, Hartsville, Henderson, Hendersonville, Humboldt, Jackson, Jefferson City, Johnson City, Kingsport, Kingston, Knoxville, La Follette, La Vergne, Lakeland, Lawrenceburg, Lebanon, Lenoir City, Lewisburg, Lexington, Loudon, Lynchburg, Manchester, Martin, Maryville, McKenzie, McMinnville, Memphis, Middle Valley, Milan, Millersville, Millington, Morristown, Mount Juliet, Munford, Murfreesboro, Nashville, Newport, Nolensville, Oak Ridge, Oakland, Paris, Pigeon Forge, Portland, Pulaski, Red Bank, Ripley, Savannah, Sevierville, Seymour, Shelbyville, Signal Mountain, Smyrna, Soddy-Daisy, South Cleveland, Spring Hill, Springfield, Sweetwater, Tellico Village, Tullahoma, Union City, White House, Winchester and all other TN cities & Tennessee counties near me in The Volunteer State.
Also find Tennessee TN local small businesses by General Liability Class Code and learn about Tennessee small business insurance requirements for general liability, business property, commercial auto & workers compensation including TN business insurance costs. Call us (901) 255-6544.