Why Nurses Need Nurse Practitioner Liability Insurance

Nurses require nurse practitioner liability insurance for various reasons. They work hard to treat their patients using various procedures. Unfortunately, patients end up suing them even when the nurses are not at fault. That’s when they need nurse practitioner malpractice insurance. Let’s learn more about why nurses need nurse practitioner liability insurance and its benefits

What is Nurse Practitioner Malpractice Insurance?

A nurse practitioner's liability insurance covers damage expenses and defense costs in court when they get sued. Misrepresentation, negligence, and inaccurate advice can result in legal challenges. However, nurse practitioner liability insurance protects professionals such as occupational therapists, physical therapists, and practicing nurses from legal issues.

People refer to malpractice insurance with different names including nurse practitioner liability insurance or nurse practitioner malpractice insurance. It is the same insurance policy and covers defense costs, legal fees, settlements, judgments, and lost income due to trials.

There is a different limitation on the professional liability policies. The limit depends on the insurance type. The common limit is $1 million a year.

Is Nurse Practitioner Liability Insurance Beneficial for Nurses?

Professional liability insurance helps medical professionals in many ways. Therefore, nurses should purchase the policy to protect themselves from legal issues. Many states make it compulsory for nurses to purchase insurance, even if they don’t need it.

Why Nurses Need Nurse Practitioner Liability Insurance?

Nurses play an integral part in treating patients. Unfortunately, nurses end up in devastating lawsuits that put their entire lives’ hard work in jeopardy. That’s why nurses need nurse practitioner malpractice insurance. The insurance covers their lawsuit expenses so they can get back to their job.  Here are some reasons why nurses need practitioner liability insurance:

1. Financial Devastation

Nurses can get into an expensive lawsuit that might wipe off their years of savings. These lawsuits can risk their career as well. Patients are often quick to file a lawsuit. Sometimes, the nurses are not even at fault, but patients’ misconceptions can cost them thousands of dollars.

2. Mistakes and Errors       

Mistakes are unavoidable sometimes. Even top physicians make mistakes in their careers. Since medicine is a critical profession, small mistakes can cause severe harm or even death to the patient. Nurses purchase nurse practitioner liability insurance, considering these issues and the long-lasting effects of lawsuits. A professional lawsuit firm helps nurses avoid financial losses from these problems. They cover court fees and other charges related to the lawsuit.

3. Insufficient Employer’s Coverage

Many large practices and hospitals offer malpractice to their employees. However, this coverage may be insufficient in certain cases. Getting professional liability insurance can cover nurses, helping them pay their legal fees.

Cost of Nurse Practitioner Liability Insurance

Liability cost varies depending on the benefits and income of the nurses. Since every job and business is different, nurses should carefully choose the policy depending on their requirements. Nurse practitioner liability insurance can range from $300 to $1500 a year. Insurance companies consider these factors to quote insurance costs to their clients:

•  Years of experience

•  Claims history

•  Location

If you want to purchase a liability and are unsure about how much the policy might cost, you can get the quote from here.

Conclusion

When choosing an insurance broker for nurse practitioner malpractice insurance, nurses should consider the benefits they will get. If you are looking for a reliable broker, consider Advanced Professional Services. We will help you choose the best policy according to your needs. Simply contact our experts and they will guide you with any query related to nurse practitioner liability insurance.