Products Offered By Hpso
HPSO offers professional liability insurance, or often called malpractice insurance in the healthcare industry, for over 150 healthcare professions, including:
- Athletic trainers
Getting a quote for professional liability insurance as an individual is very easy. You can apply, be accepted and be on your way in less than five minutes.
You can get professional liability insurance for individuals, business owners, and schools. If you are a business owner, you can also get:
To apply for professional liability insurance if youre looking to insure a school, theres a blanket protection policy available, but you have to download a form, print it, and send it in to get a quote.
In addition to professional liability insurance, HPSO also offers a limited number of personal insurance, such as:
- Life insurance
- Group accidental death and dismemberment
- Health insurance
- Home and auto insurance
- Real estate benefit
- Involuntary unemployment and disability insurance
The home and auto insurance are from Liberty Mutual but being an HPSO member earns you a 12% discount on your rates.
How Much Does Malpractice Insurance For Nurses Cost
Exactly how much malpractice insurance for nurses costs can be a tricky question to answer. The rates depend on a number of factors like your field and specialty, the state that youre working in, your claims history, and the place youre working for.
Not all nurses work in hospitals. Some work in schools and universities, others work at retirement homes and correctional facilities. So, insurance carriers such as The Doctors Insurance Agency write premiums after considering many of the factors discussed.
Some of the annual costs listed for occurrence-based policies are as follows:
- $594-$807 for nurses working in correctional facilities, and specializing in dermatology, oncology, geriatrics.
- $840-$1,538 for nurses working in psychiatric nursing homes.
- $1,086-$1,812 for nurses specializing in family practice, school nursing, and neonatal care.
- $1,334-$1,812 for nurses specializing in acute critical care, prenatal care, cosmetic/ aesthetic surgery, OB/GYN, and pain management.
Note: Coverage amount for all mentioned professions was $1 million per occurrence and $3 million in aggregate.
You can find the best rates and options by window-shopping coverages and comparing quotes from multiple insurance companies. You can also consult with your insurance agent to find the right policy for you.
Why Nurses Need Malpractice Insurance
Nurses play a crucial role in every healthcare team. Like physicians, they provide critical care to patients. But they also offer the emotional support that patients often need when facing an illness, preparing for a medical procedure, or recovering.
And, like everyone that works on a medical team, nurses are human, which means that they can make mistakes. Even an unintentional error in something as routine as administering medication can be cause for a malpractice claim.
All nursing professionals, including nurse practitioners and certified registered nurse anesthetists, need malpractice insurance for the same reasons that physicians do:
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Tips In Getting Malpractice Insurance
Start as early as possible.
Experts recommend getting malpractice insurance while you are still a student. Nursing students can get discounts from insurance carriers and they can get special offers once they transition to professional practice after licensure.
Although successful lawsuits against students are rare, they can be named in group lawsuits. The $30-$50 annual premium for malpractice insurance of students is a small price to pay during these times.
Dont rely on your employers malpractice insurance.
Hospital and other healthcare institutions usually have extensive malpractice insurance that also covers their employees in times of lawsuits. Although this sounds assuring, this should not be a reason in postponing your own malpractice insurance.
Malpractice insurances for companies have small coverage for employees and they prioritize the welfare of the company more than their employees. Without having your own insurance, you might need to shoulder out-of-pocket expense not covered by your companys insurance during group lawsuits.
Read the coverage of the offered malpractice insurance policy thoroughly before signing up.
Check for the extent of coverage being offered and all the fees you need to pay every year. Request for the explanation of a representative from the insurance carrier whenever you dont understand a part of the coverage.
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Who Else Needs Malpractice Insurance
Malpractice insurance is also called medical professional liability insurance and is basically a type of errors and omissions insurance. Many patients are increasingly litigious, and any medical professional would do well to look into malpractice insurance, including:
Almost anyone who is responsible for some kind of patient care should get malpractice insurance.
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Best For Attorneys: 360 Coverage Pros
360 Coverage Pros
For solo attorneys in need of malpractice insurance, 360 Coverage Pros offers coverage at a relatively low cost, backed by one of the worlds biggest and most respected insurance companies, with policies that are designed to deal with the frequent lawsuits filed by clients who didn’t win.
Coverage limits up to $10 million
Costs start as low as $800 per year
Firms must be small in size
Cyber liability coverage additional cost
Administered by Gallagher Affinity, a global insurance company that has been in operation since 1927, 360 Coverage Pros specializes in malpractice policies for lawyers, real estate agents, and accountants. It wins for the attorneys’ category because its policies reflect the litigious nature of the industry and are prepared to back clients up with a team of legal analysts.
Its lawyer malpractice insurance policy is a low-cost program designed for small law firms nationwide. It covers solo attorneys to practices with up to 19 attorneys larger firms are not eligible. You can qualify for a plan with annual premiums as low as $800 per year.
Coverage limits are available up to $10 million per year. However, only claims-made coverage is available. If youd like cyber liability coverage, that has to be purchased separately it costs $199 per year.
Your coverage is secured by the Swiss Reinsurance Company, a major insurance provider with an A+ rating from AM Best.
Reasons Why Nurses Need An Individual Nursing Malpractice Insurance Policy
First of all, in our increasingly litigious society, law suits are getting more and more popular. Physicians used to be the main defendant in a medical malpractice insurance lawsuit. However, nurses are being named as defendants in malpractice lawsuits has become more and more common. This is driven by healthcare organization recognizing individual contributions of all team members, including nurses. So if a nurse makes a mistake, he or she will be held accountable for his/her individual acts and omissions.
Secondly, you work in a hospital, you know that your employer has hospital professional liability insurance. This protects the hospital from mistakes made by their employees. However, it may only cover specific things. For example, the hospitals policy will cover damages, but the legal fees are your responsibility. More importantly, the hospitals policy will be for the hospitals best interests, not yours. Your own policy will be for at your best interests.
Additionally, these policies only protects a nurse only when they are on the job at the hospital. Most nurses dont just offer help when theyre on the job in a hospital. If they see someone in crisis, whether at a hospital or not, they are often inclined to do what they can to help. If you volunteer for a charity regularly, you need to have your own policy.
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Best For Dentists: 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.
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:
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Only Physicians Get Sued
Nurses increasingly are being named in suits. Weve fought to be seen as autonomous healthcare providers, and that comes with an added responsibility to defend our actions and decision making.
Often when claims are filed, all healthcare providers involved will be named in the suit. During the discovery phase, more information is made available that helps determine whether you will be dropped from the claim.
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.
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What Companies Offer Professional Liability Insurance
Below are three of the most well-known nurse liability insurance providers. Its best to receive quotes from multiple companies and compare benefits before making a decision.
Nurses Service Organization
NSO is one of the largest providers of professional liability insurance for nurses. According to their site they cover 500,000+ nurses in the US. You can receive an instant quote and apply for coverage here.
Healthcare Providers Service Organization
Often this company is recommended as a provider of nurse malpractice insurance. They currently partner with their sister company to offer this benefit to nurses and recommend applying through the NSO site. You can find the application link here.
HPSO does offer additional consulting liability protection for nurses for $25/year.
This coverage helps protect you if you are offering education or consulting services in the following areas:
- Medical administration
Best For Social Workers: Coverwallet
Social workers are often on a tight budget, so CoverWallets affordable approach to malpractice insurance is appealing. Social workers aren’t tied to one policy at one price but can instead customize an insurance package with packages that start at just $500 per year.
Get an instant, customizable online quote
Add general liability protection
Cyber liability protection and defense fees are an added charge
May need a business owners policy
Will need to speak to a representative for full details
CoverWallet offers a high-tech approach to professional liability insurance. CoverWallet is a subsidiary of the Aon Corporation, a well-known insurance underwriting company, but it aims to make insurance more accessible to small business owners nationwide.
Social workers can use the tools to build their own insurance packages based on questions that directly address a social worker’s business practices. If you dont know what coverage you need, you can use the insurance assessment tool to see what kind of insurance you should get and what limits you need. Then, you can get an instant online quote. CoverWallet allows you to add general liability, professional liability, a business owners policy, and even commercial auto insurance into one personalized package. This ability to customize policies at affordable prices makes CoverWallet the best in our review for social workers.
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Medical Mutual Group: One Of The Oldest Companies Providing Malpractice For Medical Professional
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?
The Differences Between Claims
Claims made coverage covers any claim brought against the insured during the policy period. Once your policy expires, you are no longer covered. Claims-made coverage is generally a little less expensive, since many patients file suit months or even years after the saw the NP.
You could get tail coverage, if your leaving one job and starting another and want to make sure youre covered if a patient files suit during the interim.
Occurrence based coverage covers any claim made during the policy period, even if the claim was filed long after the policy expired. Most malpractice insurance is claims-made coverage.
So, for example, Brian works at Medical International for a year, from June of 2019 to July of 2020. A patient named Margaret sues Brian due to a misdiagnosis. Margaret saw Brian in July, and she files suit in September. If Brian had claims based coverage, his policy would have expired when he left his job in July, so he would not be covered for Margarets claim. If he had occurrence based insurance, there would be no problem because he was insured when Margaret saw him.
> > MORE: Best Professional Liability Insurance Companies for Small Business
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Cna Best For Malpractice Insurance Policy Customization For Nurse Practitioners
CNA is a leader in malpractice insurance for health care professionals. Theyve been named the best Medical Malpractice provider by the National Underwriters Property Casualty 360. They tailor their policies for you. They dont have online quoting, because they sell policies through agents. But they have an excellent reputation and are worth a look.
> > MORE: Top 10 Malpractice Insurance Companies
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?
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The 6 Best Malpractice Insurance Companies For Nurse Practitioners
Home » The 6 Best Malpractice Insurance Companies for Nurse Practitioners
Nurse practitioners have a great deal of responsibility when it comes to patient care. Many nurse practitioners assume that because they work under a doctor and their employer provides some level of malpractice insurance, theyre covered. It may be worth it to purchase your own policy, however. Employer malpractice insurance is to protect the employer, not you. And nurses and nurse practitioners are being sued in increasing numbers. There are lots of companies offering malpractice insurancehow much do you need, and what companies are best?
To Protect Personal Assets
Every type of insurance policy that exists has one thing in common:
Theyre all designed to protect your finances and help you to keep more money in your pocket in the long run.
Malpractice insurance is no different.
Nurses employed by hospitals or large medical groups are often covered by medical malpractice insurance policies issued through their employer. But in some cases, employer-sponsored coverage isnt enough. Having an individual liability policy will provide you with greater benefits.
Should you be found guilty due to negligence, your employer could sue you in return for the costs they put forward for your defense fees.
The entire point of having malpractice insurance is so that you dont go broke trying to defend yourself against a claim. After all, you dont want to spend the rest of your life paying back damages.
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