This article overviews the 7 best malpractice insurance for nurse practitioners. Malpractice insurance protects you if a customer claims you made a mistake or committed an unintentional violation while delivering a service and sues you for damages.
The top malpractice insurance firms provide a wide range of coverage suited to their service sectors. They are respectable firms with solid financial ratings that offer reasonable rates, discounts, and a variety of coverage alternatives.
Read on to learn more about the different policy options available and what to look for when choosing the best malpractice insurance for nurse practitioners.
Key Takeaways
• You will learn how malpractice insurance companies work
• Understanding types of malpractice insurance for nurse practitioners
• The 7 best malpractice insurance for nurse practitioners
• Answers to frequently asked questions on best malpractice insurance for nurse practitioners
What Is Malpractice Insurance?
Malpractice insurance is a sort of professional liability insurance that healthcare practitioners can obtain. This insurance protects healthcare practitioners from individuals who sue them, claiming they were damaged by the professional’s carelessness or purposefully bad treatment decisions. Malpractice insurance also covers a patient’s death.
Medical malpractice insurance, a kind of professional liability insurance, protects physicians and other medical professionals from responsibility stemming from disputed services that result in a patient’s harm or death. Most American doctors will face at least one medical malpractice lawsuit throughout their careers.
This form of insurance is crucial for physicians and is mandated by law in most states. Dentists, psychologists, pharmacists, optometrists, nurses, and physical therapists are among the additional medical professionals who should consider this sort of coverage.
Most medical practitioners will require malpractice insurance at some point in their careers for a good cause. According to research by Johns Hopkins University, medical mistakes are the third most significant cause of mortality in the United States, after only heart disease and cancer.
Medical malpractice can occur during diagnosis, treatment, or as part of the treatment guidance given following an illness. Medical mistakes cause around 250,000 fatalities in the United States each year.
How Malpractice Insurance Companies Works
Medical malpractice insurance can take numerous forms depending on the location and type of medical practice, including:
- A person or organization acquires a typical private insurer’s individual or group coverage.
- A medical risk retention group (RRG), a mutual association of medical professionals founded to offer liability insurance, can provide individual or group coverage.
- The coverage is supplied as part of an employer’s insurance, such as a hospital.
Because the federal government self-insures against liability claims, medical practitioners employed by federal agencies such as the U.S. Department of Veterans Affairs do not require malpractice insurance. In rare cases, state and municipal governments may provide liability protection for medical staff.
Medical practitioners should get insurance for themselves as individuals, their business organization (e.g., corporation, partnership, limited liability company), and their staff.
What’s covered… and what isn’t
Medical malpractice insurance covers a variety of fees related to defending and settling malpractice actions, as well as damages if you are found guilty. The following expenses are covered:
- Legal fees and court costs
- Arbitration fees.
- Costs of settlement
- Punitive and compensatory damages are available.
- Medical expenses.
Medical malpractice does not include responsibility resulting from sexual misbehaviour, criminal crimes, or inappropriate medical record manipulation.
When assessing medical malpractice insurance alternatives, remember that a claim may be made years after the disputed treatment. There are two types of insurance available: A “claims-made” insurance will only offer coverage if it was in force both when the treatment occurred and when the lawsuit was filed. An “occurrence” insurance will cover any claim for an incident within the policy period, even if the claim is made after the policy has expired.
Medical practices confront risks related to cyber liability and regulatory obligations, such as compliance with the Health Insurance Portability and Accountability Act and medical liability claims (HIPAA). Medical practitioners should consider getting separate cyber liability insurance or looking for malpractice coverage covering these risks.
The Types Of Malpractice Insurance For Nurse Practitioners
The direct contrast in NP malpractice insurance plans is between claims-made policies and occurrence-based policies:
- Claims-made plans only cover occurrences that are reported or occur while you have that specific insurance policy.
- Occurrence-based plans cover an NP if a claim is submitted within the policy’s active period, regardless of when the incident occurred.
Both have drawbacks.
Most companies provide NPs with claims-made insurance plans, which implies that a change in job position may result in a loss of coverage. As a result, NPS negotiating employer-provided malpractice insurance plans are advised to “buy the tail,” which implies extending a policy’s coverage duration to encompass claims filed after they leave their present employment.
The 7 Best Malpractice Insurance For Nurse Practitioners
Malpractice insurance is vital for nurse practitioners as it offers protection against financial damages that may arise due to negligence, errors, or omissions while providing medical care. The best malpractice insurance for nurse practitioners should cover many risks, including prescription errors, wrongful diagnoses, and surgical complications.
It is essential to choose a policy that is tailored to the specific needs of nurse practitioners. To help you make the best decision, we have compiled a list of the 7 best malpractice insurance for nurse practitioners.
1. State Volunteer Mutual Insurance Company
The firm provides only medical malpractice insurance. When applying for coverage, you can select a policy limit ranging from $1 million medical incident/$3 million annual aggregates to $10 million medical incident/$12 million yearly. An in-house attorney handles each claim, and plans contain consent clauses and cybersecurity coverage.
The policyholders of SVMIC own the company. You can vote for the board of directors who manage the company and determine the insurance prices as a policyholder. Furthermore, SVMIC offers free continuing education classes. Previous topics have included risk management, stress management, and incorporating telemedicine in your practice.
Pros
- Limitation options
- Policies include provisions for cybersecurity and consent agreements.
- Ongoing education classes are available.
Cons
- Dentists, podiatrists, and chiropractors are not covered.
- SVMIC does not provide any other commercial insurance plans.
- Only physicians in the Southeast are eligible.
2. Proliability
Proliability has been servicing consumers since 1949 and is available nationwide. It ensures professionals in various occupations, including healthcare workers and business experts. Proliability can provide coverage for your business whether you are a physician, dentist, pharmacist, therapist, or lawyer.
It provides both group and individual coverage, allowing you to ensure legal companies, supplementary professions, and other personnel. Proliability is our top pick since they can represent the most classes at the lowest prices.
The typical liability limit per occurrence is $1 million; however, coverage up to $5 million is available. Suppose you are a member of a professional organization, such as the American Association of Nurse Practitioners or the American Speech-Language-Hearing Association. In that case, you may be eligible for a discount.
Pros
- Available for a variety of industries
- Premium savings for professional association members
- Students have access to coverage.
Cons
- Coverage limitations can be increased to $5 million.
- Other commercial insurance is not accessible.
3. Nurses Service Organization
The Nurses Service Organization only provides malpractice insurance to nurses. It has been in business for over 40 years and is the largest supplier of nursing malpractice insurance in the country, serving over 500,000 nurses. The Nurses Service Organization, by concentrating on nursing, can keep prices low while addressing the genuine dangers of the profession, making it our choice for the best for nurses overall.
Policies provide up to $1 million in coverage for any professional liability lawsuit from a covered medical occurrence. For all covered claims during the policy year, you are protected for up to $6 million in the annual aggregate. Your coverage covers license protection up to $25,000, and first aid charges up to $10,000.
Pros
- Professional liability insurance that covers everything
- There is also personal insurance coverage available.
- Students can save up to 50% off.
Cons
- The maximum coverage is $1 million per incident/$6 million in aggregate per year.
- There is no other commercial insurance available.
- Only nurses have access to it.
4. Healthcare Providers Service Organization
Because their plans are built for the unique professional risks of practices where patients may visit offices or work with counsellors via telemedicine, the Healthcare Providers Service Organization is our recommendation as the best insurer for therapists. For almost 30 years, the firm has provided malpractice insurance to over 96,000 counsellors countrywide.
HPSO’s professional liability for counsellors coverage covers you for up to $1 million per claim from a covered medical occurrence and up to $3 million in total for all covered claims throughout the policy period. License protection, deposition representation, personal liability protection, and medical costs are also included in your insurance. Your HPSO policy is transferable, so you can take it with you if you move to employment.
Pros
- There are several premium discounts available.
- Comprehensive professional liability insurance
- Portable policies
Cons
- Maximum yearly aggregate coverage of $3 million
- Other types of business insurance are not accessible.
- There is no cybersecurity protection.
5. Dentist’s Advantage
Dentist’s Advantage provides professional liability coverage of up to $5 million per occurrence and up to $6 million per year. You may set your own deductible of $0, $1,000, $2,500, $5,000, or $10,000. The greater your deductible, the cheaper your monthly cost.
Your malpractice insurance protects you against professional responsibility, license defence, and personal and advertising harm.
Because the plan includes dentists and offices, the maximum limitations for some firms may be modest. Dentist’s Advantage does have company owner plans, umbrella coverage, cyber liability protection, and workers’ compensation insurance at an additional fee.
Pros
- Deductibles range from zero to ten thousand dollars.
- Select either an incidence or a claims-made policy.
- There are several deals available.
Cons
- The yearly aggregate coverage maximum is $5 million/$6 million.
- Billing mistakes and omissions, as well as employment practices liability coverage, are optional.
- Cyber liability insurance is not covered.
6. CoverWallet
Social workers can utilize the tools to create their insurance packages based on questions about their business operations. If unsure of what coverage you require, you may use the insurance assessment tool to determine the type of insurance and the limitations you need.
You may then obtain a fast online quote. CoverWallet enables you to combine general liability, professional liability, a company owner’s policy, and even commercial car insurance into a single customized package. CoverWallet is the best in our study for social workers because of its flexibility to tailor plans at reasonable pricing.
CoverWallet’s cost might be pretty affordable, depending on your demands. Professional liability coverage starts at as little as $500 per year; however, rates vary based on the precise range you want.
Pros
- Get an immediate, personalized online quotation.
- Include general liability insurance.
- Insurance evaluation software
Cons
- Fees for cyber liability protection and defence are an additional cost.
- A company owner’s policy may be required.
7. NOW Insurance Agency
NOW Insurance Agency has created a quick and simple solution that streamlines the application procedure and provides you with a quotation in real time! They can personalize your insurance coverage to your particular needs and allow you to choose the quantity of coverage you desire by working directly with you.
NOW is backed by Lloyd’s of London, one of the world’s largest and oldest insurance organizations, and has over 20 years of expertise providing insurance coverage to small businesses and professionals.
Pros
- Premiums are significantly less expensive, sometimes even half the price of an Affordable Care Act health plan.
- Premium savings can be applied to other forms of healthcare, such as vision or dental insurance.
- Year-round insurance applications that are not based on the Open Enrollment Period
Cons
- It excludes coverage for pre-existing medical issues.
- Pre-existing conditions and health status are considered throughout the application process, and candidates may be denied coverage.
- Prescription medications may be subject to considerable coverage limits if they are covered at all.
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Conclusion
All of the malpractice insurance firms on our list are reliable, have high financial ratings, and provide a variety of plans. Some are well suited to physicians or dentists, while others are best suited to attorneys.
Some have considerable coverage limitations, while others provide a variety of insurance types that cover more than one sector. Overall, we urge that you look into Proliability. The organization serves several sectors with varying regulations and pricing points and provides significant discounts to students.
FAQS
Who Pays Most For Malpractice Insurance?
Anesthesiologists pay some of the highest malpractice premiums across all specialities. Almost a quarter (24%) reported spending between $10,000 and $15,000 per year for malpractice insurance, with 17% paying between $15,000 and $20,000.
Is NP Malpractice Higher Than Physicians?
Physicians’ median income was 1.3 to 2.3 times that of PAs or NPs. Over the observation period, doctors had considerably fewer reports (31.9%) than PAs (52.8%) or NPS (40.6%) of diagnosis-related malpractice claims.
What Are The Most Frequent Malpractice Allegations Against APRNs?
The most common malpractice claim levelled against nurse practitioners is failure to diagnose. It accounts for 32.8% of all malpractice claims made against nurse practitioners, according to the Nurse Practitioner Claim Report: 4th Edition.
Are Claims Made Or Occurrences Better?
As long as you keep renewing your occurrence-based insurance, you’ll have plenty of coverage. You’ll often pay more for this benefit than a claims-made policy. The quantity of coverage you purchase with claims-made insurance must endure for the duration of your policy.
What Is Medical Speciality Sued The Least?
Who Is the Least Likely to Sue? The specialities that are least likely to be sued for medical negligence include general family practice, paediatrics, and psychiatry. With only 2.6% facing lawsuits, psychiatrists have the lowest risk.
You can learn more from the video below:
About Author
- I am a professional article and e-book writer with 4 years of experience, I write on well research content on cryptocurrency, stocks, loans and finances.
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