Those who work in medicine are familiar with the innermost workings of the human body. However, they also need to be familiar with the other aspects of practicing medicine, such as insurance. Though dozens of medical professionals interact with patients, the question remains: Do nurse practitioners need medical malpractice insurance?
The Simple Answer—Yes
Malpractice insurance for nurse practitioners is a necessity. Nurse practitioners provide a substantial amount of patient care and have extensive interaction with those in their care. Because of this contact, there are ample opportunities for something to potentially go wrong or about which a patient may file a claim. As with all insurance, the most important thing to consider is the amount of risk involved in a situation and whether you want to do anything about it. As an NP, you face a significant risk that a patient may make a claim against you, and you must decide for yourself if you will take on this risk.
Why Do Nurse Practitioners Need To Be Covered?
Nurse practitioners need to be covered by a personal malpractice policy because the insurance policies of their employers may not also cover them. Though certain employers have inclusive insurance, many NPs do not realize the limitations of their employer’s coverage when it comes to their position. And it goes without saying that being stuck with a claim without insurance can cost a nurse practitioner significant amounts of money, time, and even their professional reputation.
What Kinds of Policies Exist?
When it comes to medical malpractice insurance, there are two main types: occurrence and claims-made policies. Occurrence policies provide coverage when the date of the incident in question falls within the time of the policy. So if you recently stopped paying for your policy but receive a claim for something that happened when your policy was in effect, you would be covered. With claims-made policies, you are covered when the date of the incident and the date of the claim both fall within the time of the policy. So you must be paying for your policy when the incident in question occurred and when the claim is made against you. Nurse practitioners, as with all medical professionals, must decide which policy they feel works best for them.
To ask the question again, do nurse practitioners need medical malpractice insurance? Yes. There is always the possibility of a claim being made against a medical professional, and NPs are not excluded. If you are looking for a malpractice insurance plan for nurse practitioners, contact one of our insurance professionals here at Baxter and Associates LLC for more information about our programs.