The 7 Best Malpractice Insurance For Nurse Practitioners

This article on Malpractice insurance for nurse practitioners is a must-read for nurses out there as Nurse Practitioners (NP) are an important part of the medical team and are often called upon to provide health care services.

Many NP firms offer nurse practitioner insurance plans that offer protection to Nurse Practitioners from potential malpractice claims. 

The best nurse practitioner insurance policies vary in terms of the amount of coverage offered, the types of claims that are covered, and the exclusions. However, all policies should provide primary on-site care and emergency services.

What Is Malpractice Insurance?

Malpractice insurance is a type of insurance that helps protect healthcare professionals from being sued for negligence.

 This type of insurance can help cover the costs of legal defense and any damages that may be awarded in a lawsuit. Malpractice insurance is not required in all states, but it is highly recommended for all healthcare professionals.

How Malpractice Insurance Companies Works

Malpractice insurance companies are in the business of protecting doctors, nurses, and other medical professionals from being sued for negligence. They do this by offering liability coverage that will pay for the medical professional’s legal defense and any damages that may be awarded to the plaintiffs in a lawsuit.

Most malpractice insurance policies have a deductible, which is the amount that the policyholder must pay out-of-pocket before the insurance company will begin to pay for damages. The policyholder is also responsible for paying any co-insurance, a percentage of damages the insurance company will reimburse after the deductible has been met.

It is important to note that not all malpractice claims end in a lawsuit being filed. In many cases, the parties are able to reach an out-of-court settlement. However, even if a lawsuit is not filed, the costs of defending against a claim can be significant. This is why it is so important for medical professionals to have adequate malpractice insurance coverage.

The Types Of Malpractice Insurance For Nurse Practitioners

There are two types of malpractice insurance: occurrence and claims-made. 

Occurrence policies cover any incidents that happen while the policy is active, regardless of when the claim is made. 

Claims-made policies only cover incidents that occur and are reported while the policy is active.

The 7 Best Malpractice Insurance For Nurse Practitioners

Nurse Practitioners (NPs) are often considered generalists, meaning they are best suited for treating various conditions and diseases. In order to protect their practice, nurse practitioners should research their specific malpractice insurance options. Here are the 7 best NP malpractice insurance policies for nurse practitioners: 

1. NOW Insurance Agency

NOW Insurance Agency offers a simple and quick solution to streamline the application process and provide you with a quote in real-time. Working directly with you, they can tailor your insurance coverage to meet your specific needs.

NOW is backed and supported by Lloyd’s of London. This world’s oldest and largest insurance organization has more than 20 years of experience providing insurance coverage for professionals and small businesses.

Pros

• Premiums can be half or more of the Affordable Care Act’s health plans.
• You can use your premium savings to pay for other types of healthcare such as vision and dental insurance.
• Insurance applications year-round that aren’t based on the Open Entry Period

Cons

• It does not cover pre-existing conditions.
• Candidates may be denied coverage if they have pre-existing conditions or health issues.
• If prescription medications are not covered, they may be subject to significant coverage limitations.

2. Profitability

Since 1949, Proliability has been providing services to consumers nationwide. It covers professionals in many occupations, such as healthcare workers and business specialists. Whether you’re a dentist, pharmacist, or therapist, Proliability will protect your business.

You can have both individual and group coverage. This allows you to protect legal companies, supplementary professions, and other personnel. Because they can represent all classes at the most affordable prices, we recommend Proliability as our top choice.

A typical liability limit per incident is $1 million. However, coverage up to $5,000,000 is possible. Suppose you are a member of a professional organization, such as the American Association of Nurse Practitioners or the American Speech-Language-Hearing Association. You may be eligible to receive a discount if you are a member of a professional organization such as the American Association of Nurse Practitioners or the American Speech-Language-Hearing Association.

Pros

• It is available for many industries
• Members of professional associations receive premium savings
• Students can get coverage.

Cons

• The coverage limit can be raised to $5 million.
• There is no other type of commercial insurance.

3. Nurses Service Organization

Nurses Service Organization provides only malpractice insurance. The Nurses Service Organization has been in operation for more than 40 years. It is the largest provider of nursing malpractice insurance in America, with over 500,000 registered nurses. 

Because it focuses on nursing, the Nurses Service Organization can lower prices while still addressing the real dangers of the profession. This makes it the best choice for nurses.

For professional liability claims arising from covered medical events, policies provide coverage up to $1,000,000 You are covered for up to $6,000,000 in total for all claims you have during the policy year. Your coverage includes license protection of up to $25,000 and first aid costs of up to $10,000

Pros

• All professional liability insurance is covered
• Personal insurance is also available.
• Students get up to 50% off

Cons

• Maximum coverage is $1,000,000 per incident/$6,000,000 in aggregate per annum
• There is no commercial insurance.
• It is only available to nurses.

4. Healthcare Providers Service Organization

The Healthcare Providers Service Organization is our top recommendation for the best insurance for therapists.

 Their plans are designed to cover the unique professional risks associated with practices where patients visit offices or work with counselors by telemedicine. The firm has been providing malpractice insurance to more than 96,000 counselors across the country for almost 30 years.

HPSO’s professional liability coverage for counselors covers you up to $1,000,000 per claim from a covered occurrence and up to $3,000,000 for all claims during the policy period. Your insurance also includes license protection, deposition representation, and personal liability protection. You can transfer your HPSO policy to bring it with you when you change jobs.

Pros

• You can get several premium discounts.
• Comprehensive professional liability insurance
• Portable policies

Cons

• Maximum annual aggregate coverage of 3 million
• There are no other types of business insurance.
• There is no cybersecurity protection.

5. CoverWallet

Social workers can use the tools to build their insurance packages by asking questions about their business operations. You can use the insurance assessment tool to determine what type of coverage you need.

Then you can get a quick online quote. CoverWallet allows you to combine professional liability, general liability, and commercial car insurance into one customized package. CoverWallet was rated the best for social workers due to its flexibility and ability to create plans at affordable pricing.

CoverWallet may be affordable depending on your needs. CoverWallet’s professional liability coverage starts at $500 per year. However, rates can vary depending on what you need.

Pros

• Online quotations are available immediately.
• Include general liability insurance.
• Software for insurance evaluation

Cons

• Additional charges may apply for cyber defense and protection.
• It may be necessary to have a company policy.

6. State Volunteer Mutual Insurance Company

The firm offers only medical malpractice insurance. You can choose a policy limit from $1 million for medical incidents/$ 3,000,000 annual aggregates to $10,000,000 for medical incidents/$ 12,000,000 annually when applying. An in-house lawyer handles each claim. Plans include consent clauses as well as cybersecurity coverage.

The policyholders of SVMIC own the company. As a policyholder, you can vote for the board that manages the company and sets the insurance prices. SVMIC also offers continuing education classes for no cost. Previous topics include risk management and stress management.

Pros

• There are many options for limiting your exposure
• Policies should include consent agreements and cybersecurity provisions.
• You can also take continuing education classes.

Cons

• The insurance does not cover podiatrists, chiropractors, or dentists.
• SVMIC does NOT offer any commercial insurance plans.
• Only Southeast physicians are eligible.

7. The Advantage of a Dentist

Dentist’s Advantage offers professional liability coverage up to $5,000,000 per occurrence and up $6 million per annum. Your deductible can be set at $0, $1,000, or $2,500. Your monthly cost will be lower the higher your deductible.

Malpractice insurance covers you against professional liability, license defense, and personal and advertising damage.

The plan covers offices and dentists, so some firms might have to limit their exposure. Dentist’s Advantage offers company owner plans, umbrella protection, cyber liability coverage, and workers’ compensation insurance for an additional fee.

Pros

• The deductibles can range from zero to ten thousand dollars.
• Choose between an incident or a claims-made insurance policy.
• There are many deals.

Cons

• Maximum annual coverage is $5 million/$6million
• Optional coverage includes liability for employment practices and billing mistakes.
• Cyber liability insurance does not cover it.

FAQS

Who Pays Most For Malpractice Insurance?

A recent study found that the person who pays most for malpractice insurance is the doctor. 

Researchers at the University of Missouri studied claims data from a major insurance company and found that doctors were more likely to file a claim than other types of claimants.

 The study also found that the average amount paid out in a malpractice case was $156,000.

Is NP Malpractice Higher Than Physicians?

Physicians are often thought of as the gold standard when it comes to medical care. However, recent research suggests that NP malpractice may be higher than physicians in some cases.

 Some experts believe that this is because NP malpractice cases are often left to the physician’s discretion and can be more difficult to pursue.

What Are The Most Frequent Malpractice Allegations Against APRNs?

APRNs are frequently accused of malpractice in their professional and personal lives. 

Some of the most common allegations against APRNs include failure to properly care for patients, failure to provide enough medical care, sexual harassment, and providing inadequate support services.

Are Claims Made Or Occurrences Better?

Some people may feel that claims are better because they provide a sense of control or ownership. Others may find claims to be more frustrating because they can’t prove their allegations. Ultimately, whether or not to make a claim lies with the individual.

What Is Medical Speciality Sued The Least?

Medical specialties are not sued as often as others, based on factors such as the complexity of the law and the amount of litigation. Others argue that a specialty’s strict regulation and high-quality standards may lead to more lawsuits against practitioners.

Conclusion

Nurse practitioners can find insurance options that fit their needs and budget. By being well-prepared for potential lawsuits, nurse practitioners can be less likely to experience claims and better protected against potential damages.