Tuesday, March 28, 2023

Nurse Practitioner Malpractice Insurance Cost

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Does Nursing Malpractice Insurance Cover Nurse Practitioners

Malpractice insurance for nurse practitioners: Claims made or occurrence?

One of the most interesting healthcare industry developments in recent years is the distinction between Registered Nurses and Nurse Practitioners. Nurse Practitioners have a graduate degree, make diagnoses and are allowed to prescribe medications. In many ways, they are replacing general practitioner doctors. So that puts them in an interesting position of needing greater malpractice coverage more akin to what a physician might need. That means they might need to source their own nurse practitioner malpractice insurance.

Luckily, its fairly easy to find nurse practitioner malpractice insurance. Its offered by some of the biggest malpractice insurers, like NSO and Proliability.

> > MORE: The 5 Best Malpractice Insurance Companies for Nurse Practitioners

How Much Does Malpractice Insurance Cost For A Nurse Practitioner

Because nurse practitioners often have a lot of responsibility like diagnosing and treating patients, malpractice insurance is a no brainer. The next question is usually how much does it cost? While it is impossible to give a number with having no information about your unique situation, it is very affordable. Premiums will depend on where you practice, what you do if you have any claims history, and how many patients you see annually on average. The rates will also be affected by coverage limits and if you have a deductible.

CoverWallet provides an amazing resource for nurses to be able to easily and efficiently purchase malpractice insurance. Our online platform is user-friendly and you can quote and purchase this critical coverage in just minutes. If you get stuck or have questions, our website is filled with resources, as well as we have educated insurance advisors standing by.

How Much Does Tail Malpractice Insurance Cost

The cost of tail coverage for physicians is typically 200% of the annual premium at your malpractice policys end date. This can vary from company to company but is the general rule of thumb. Make sure the malpractice insurance agency you select has access to every major malpractice insurance carrier in your state.For example, if a general surgeon in Philadelphia is paying $75,000 for their current malpractice policy and wanted to buy tail coverage, they could estimate their tail quote to be roughly $150,000.

This general rule does not mean that you could be paying a lower price. The best way to decrease your tail coverage cost is going with a malpractice insurance agency that will get you quotes from as many insurance companies as possible. You want companies to compete with each other.

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What Are The Common Malpractice Suits Against Nurse Practitioners

In general, nurse practitioners are held accountable when they are found negligent while caring for patients. In increasing number of states, nurse practitioners are given more and more responsibilities and allowed to practice independently. This opens them to even more malpractice claims. Below are a few examples:

  • When a nurse practitioner does not make sure the equipment is fully charged and/or functional before using on patients, if that causes problems to the patient, malpractice claims can be filed against the nurse.
  • When nurse practitioners practice independently, if they dont assess and monitor a patient carefully, a serious malpractice claim can be made against the nurse.

Coverwallet: Best For Comparing Quotes

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CoverWallet is a national digital insurance brokerage focused on business insurance. They offer a simple and fast online quoting flow for all types of business insurance, including nursing malpractice insurance for nurse practitioners and registered nurses. Within 10 minutes, you will be able to compare your nursing malpractice insurance quotes from several leading insurance companies such as The Hartford, Liberty Mutual, Nationwide, Chubb, and Hiscox.

In some cases when they are not able to provides quotes online, you can call their customer service to discuss your quote options. Their customer service staff are very knowledgeable. Even when you are able to get quotes online, you should call their customer service to understand the differences among the policies, especially if you are a new graduate.

Comparing quotes from multiple leading companies is the only way that ensures you have the best and cheapest quote for your situation.

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Professionals Advocate: Best For Comprehensive Coverage

Professionals Advocate was founded by doctors and has more than 35 years of experience in protecting health care professionals. The company provides multiple different coverages to suit your unique needs. They include:

  • Individual Medical Professional Liability: this is suitable for singular nurses who need coverage
  • Health Care Provider Group Professional Liability: organizations needing to cover multiple practitioners can use this option
  • E-DataRESPONSE: this option protects nurses from the fall out of privacy breaches, now that electronic medical records are the prevailing record-keeping method and
  • Verdict Inflation Protection: obtaining this additional coverage insures that the $1 million coverage for reported occurrences is not overtaken by non-medical claims.

Now that you know what this company protects you from, it is important to know how to obtain a quote. This provider requires professionals to do one of two things. You can call the office directly at 800-492-0193 or fill out their contact form and a representative will reach out to you.

Best For Dentists: Dentists Advantage

Dentists Advantage

Dentists Advantage creates policies specifically for dentists, allowing you to choose your own deductible and coverage level. The insurer offers other business insurance policies so you can get comprehensive coverage, and it has multiple premium discounts for dentists.

  • Deductibles range from $0 to $10,000

  • Choose between occurrence or claims-made policies

  • Multiple discounts available

  • Maximum coverage limit is $5 million/$6 million annual aggregate

  • Billing errors and omissions, employment practices liability coverage is extra

  • Cyber liability protection is not included

Dentists Advantage was started as a small family-run insurance agency in 1949. Since then, it has expanded nationwide, covering dental practitioners in all 50 states, making it the premier resource for dental malpractice insurance and our top pick for the industry thanks to its wide array of discounts and coverage customizations.

Dentists Advantage offers up to $5 million per incident and up to $6 million annual aggregate in professional liability coverage. You can choose your own deductible, which can be $0, $1,000, $2,500, $5,000, or $10,000. The higher the deductible, the lower your monthly premium will be.

Your malpractice coverage gives you professional liability protection, license defense protection, and personal and advertising injury protection.

Dentists Advantage is operated by Aon Corporation, a major insurance company with an A rating from AM Best.

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Best For Doctors: State Volunteer Mutual Insurance Company

State Volunteer Mutual Insurance Company

  • Policy Types: 1

State Volunteer Mutual Insurance Company has an outstanding reputation and has been in operation for over 40 years offering doctors coverage based on their practice’s specialty. It offers a wide range of options, so you can choose a policy limit that matches your needs.

  • Policies include cybersecurity coverage and consent clauses

  • Ongoing education courses provided

  • Dentists, podiatrists, and chiropractors are ineligible for coverage

  • SVMIC doesnt offer other business insurance policies

  • Limited to physicians in the Southeast

Founded in 1975, State Volunteer Mutual Insurance Company was launched by a group of physicians to insure their own medical liability risk. More than 40 years later, the company insures over 19,000 physicians in Alabama, Arkansas, Georgia, Tennessee, Kentucky, Mississippi, Oklahoma, and Virginia. SVMIC gets our nod for the best doctor’s malpractice insurance because it is designed by doctors to meet the unique needs of different types of medical practices.

The company only offers medical malpractice insurance. When you apply for coverage, you can choose from a range of policy limits, from $1 million medical incident/$3 million annual aggregate to $10 million medical incident/$12 million annual aggregate. Each claim is managed by an in-house attorney, and policies include consent clauses and cybersecurity coverage.

Medical Mutual Group: One Of The Oldest Companies Providing Malpractice For Medical Professional

NPBO QOW: Malpractice Confusion

Medical Mutual Group was founded by doctors to make certain that medical professionals have the most comprehensive coverage for the lowest price. Some of the advantages of obtaining nursing malpractice insurance through this company includes:

  • Limits for the length of time a claim can be submitted,
  • Claims-made coverage, which enables you to change the amount of coverage you have when necessary,
  • Leave of absence coverage, and
  • Network Privacy & Security Coverage is included to protect against breaches for electronic medical records systems.

There is no online form where you can enter your information and get a quote immediately. You must call the company at 800-662-7917.

> > MORE: What is Tail Coverage in Malpractice Insurance?

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How Much Does Nurse Insurance Cost

Nurse insurance is surprisingly affordable. Most insurance costs less than $100 per year. However, these rates will vary based on your location and the coverage amount. Another question you might ask yourself is, how much coverage do you need as a Nurse?

When you do decide to start shopping for malpractice insurance, and any other necessary insurance for nurses, you may wonder how much coverage is really needed. Unfortunately, there is no black and white answers as every case is going to be different but the standard and minimum recommended, coverage limit is $1,000,000 per occurrence. With your practice having insurance and hopefully coming to your rescue first you wont need it, but as stated above there are cases where their policy will not pay so having the one million will at least give you some cushion to start out with. Keep in mind that between any settlements, judgments, and court costs this amount can dwindle quickly. You want to make sure that you arent paying for unnecessary coverage, but also that you are purchasing enough in case any unforeseen events do occur.When making the decision on the limit of coverage you need, consider what you do, where you work, what kind of services and treatments you provide, how long you have been doing the job, and how much coverage your employer has. For example, a nurse that specializes in rare diseases will have a higher risk than a general practitioner so it may be a good idea to double that standard limit to $2,000,000.

How Does A Shared Limit Policy Work

When a policy is under a shared limit, everyone is subject to that limit. Every insured individual has one master limit of annual coverage. If the master policy limit is reached early, there will be no coverage for the rest of the year. So, anyone who files a claim after that won’t be covered because of the Shared Limit policy.

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Coverwallet: Best For Comparing Online Quotes

CoverWallet is a digital commercial insurance broker. They work with several leading business insurance companies to create a digital quote flow. Once you provide your information on their quote form, they are able to provide several quotes for you to compare and select the best one for you.

If you are new to buying nurse practitioner malpractice insurance, you should call to discuss your situation with an agent. Their agents are very knowledgeable about malpractice insurance or business insurance in general. They will be able to help you understand your specific situation and the malpractice insurance that is most suitable for your case.

How Much Does Nursing Liability Insurance Cost

Best Malpractice Insurance For Nurse Practitioners

Nurse malpractice insurance is surprisingly affordable. In some states, a $1 million/$6 million policy costs less than $100 per year. Of course, rates will vary based on your location and the coverage amounts you select.

Depending on your practice and how many certifications you have, you may want to purchase extra coverage even if it adds to your premium amount. In the end, peace of mind is priceless.

Save on Professional Liability Insurance

Our independent agents shop around to find you the best coverage.

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Were Here For Our Customers

When you call our support line, you wonât have to navigate through an endless phone tree or argue with a robot: Youâll reach a real-life human being whoâll work hard to answer all your questions. Being a customer-first company is part of our mission â and we have a great reputation for it.

Helpful, rapid, and responsive service. They patiently and courteously helped me through the nuances of all my questions!

“20% savings” is based on industry pricing averages as of March 2020.

Subject to terms and conditions of the policy. Quote and issuance of a policy are conditioned upon receipt and approval of the following 1) Practice Location 2) Profession / Specialty 3) Employment Status 4) Coverage Type 5) Hours Worked and 6) Prior Claims Activity. Final pricing and terms of coverage may vary. Terms, pricing, and coverage may vary. Products not available in all states.

We Can Find You The Right Coverage For Your Practice And Profession

Baxter & Associates has teamed up with several insurance companies to offer you a selection of quality medicalmalpractice insuranceplansfor nurse practitionersat affordable prices.Theres a plan for every professional.

Whether you are a nurse practitioner or advanced registered nurse practitioner , Baxter & Associates can provide you with cost-effective NP malpractice insurance plans to ensure you have protection against malpractice suits.

As a nurse practitioner, or any other healthcare professional for that matter, you run the risk of threatening your source of employment and incomeyour very livelihoodeach time you show up to work. Its a sad fact that even if you are not at fault, that you can become swept up in a medical malpractice suit. This is why its so important that you protect your job by taking the necessary steps and enrolling in a malpractice insurance plan for nurse practitioners.

Dont make the mistake that many NPs make by entrusting the safety of their primary source of employment to their employers insurance planthat plan will always favor your employer rather than their employees.A good NP malpractice insurance planhelpsensure that you always have a provider in your corner with your best interests at heart, and Baxter & Associates can help.

Our NP malpractice insurance program for Nurse Practitioners is an exceptional value and offers you the following benefits:

Policy Highlights

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How Much Does Nursing

How much your Nursing Liability Insurance policy costs depends on several factors, such as:

  • Years of experience
  • Level of education or training

Weve partnered with Canadas largest insurance companies to provide the most competitive Nursing Liability Insurance rates for you.

To find out how much Nurse Malpractice Insurance can cost for you simply click on the button below:

Professional Liability Insurance For Your Nurse Practitioner Business

Showing You My CRNA Paycheck | Malpractice Insurance Cost

In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Nurse practitioner business for them, you can quickly have to fight a law suit.

Even if the case against you is judged in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.

Most small Nurse practitioner business should have enough professional liability insurance to cover an individual claim of $25,000, with annual cover of $50,000.

See the table in the cost of Nurse practitioner insurance section below for average prices of professional liability insurance for your Nurse practitioner operations.

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Five Primary Factors Lead To Claims Of Nursing Negligence According To The American Journal Of Nursing

  • Failure to follow accepted standards of care
  • Failure to use medical equipment responsibly and correctly
  • Failure to assess and monitor patient health
  • Failure to document and communicate patient health status
  • Failure to act in the interests of the patient as a patient advocate

Sadly, working conditions are rarely perfect. Forces outside of your control may affect how well you can do your job.

These may include:

  • Patient ratios
  • Ancillary help

During any given shift, one or more of these factors may affect your ability to provide the level of care you were trained to perform. These are many of the same factors that lead to burnout and nurses leaving the profession and bedside arguably, we wish they werent a problem, but we would have to have our head in the sand to act like everything is in our control.

Can you think of something thats made you a bit nervous recently while working?

How Much Does It Cost

As there are many responsibilities that nurses may have, the insurance costs for nursing liability will vary depending on many factors.

Below are the following factors that are typically taken into consideration when determining the cost of your premium:

  • Years of experience
  • Cosmetic procedures involvement
  • Individual or Group Clinic coverage

Well make sure you get a price thats right for you. Weve partnered with over fifty insurance providers to offer you a variety of options to suit your business needs at the best price.

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How Much Nursing Liability Insurance Do I Need

The kind of insurance you need depends on a few factors, including:

  • Where you work
  • What kind of services you provide
  • How long youve been in your current workplace
  • How much coverage your employer has

Its important that you dont purchase so much coverage that its unaffordable, but it’s a good idea to purchase at least $1 million in coverage per occurrence.

This amount ensures the elimination of a gap between employer coverage and personal coverage. You may also want to research your employers policy to make sure there are no major coverage gaps you don’t know about.

Liability insurance amounts will be applied based on per incident and aggregate amount. While $1 million is a safe place to start, a drawn out lawsuit or lengthy battle with the BON may go above and beyond your coverage limit.

At that point, youre responsible for the remaining balance. If you need to know just how much insurance you should purchase, speak with an independent agent who can help you assess your personal insurance needs.

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