Nursing Insurance: The Basics of Professional Indemnity for Nurses

Professional indemnity insurance is defined as a type of insurance which helps safeguard professional individuals and companies from suffering the comprehensive expenses of defending against a negligence claim made by a client or a patient. Among the fields which primarily need professional indemnity insurance is the nursing industry that is sometimes subject to the possibility of making errors. A nursing insurance policy enables nurses to simply perform their respective jobs without being anxious about the damages to their careers and finances should any mistakes happen.

In 2009 alone, more than 10,000 in-hospital errors committed by nurses were reported, with 1100 of these cases resulting in death. In addition, global statistics show that in every 300 errors committed, one has eventually led into deaths. Among the primary reasons of nursing care errors include administering the wrong medication and providing incorrect advice to the patients as well as failing to carry out patient instructions and making a failed judgment as a result of being overworked.

Normally, there is professional indemnity insurance for nurses that is offered by every healthcare provider and nursing home. While this can be enough to help every nurse avoid lawsuits, the indemnity insurance provided by the company may or may not take effect depending on the statutory laws of a particular state or territory, thus, making a nurse insurance a much more sensible option. Medical professionals who can apply for nursing insurance include practice nurses, nurse practitioners, registered nurses, rural nurses, primary healthcare nurses, mental health nurses, cosmetic nurses, and enrolled nurses.

Benefits of Indemnity Insurance for Nurses

1. It Covers You From Damages

As a nursing professional, the best way to avert potentially career-damaging circumstances is being able to have your own nurse insurance. By holding your own nursing insurance policy, one can guarantee that they still are covered regardless if they choose to move to another employer. In addition, self-employed nurses can likewise benefit from this specific type of insurance as it shoulders claimant costs and expenses resulting from their services. Certain aspects that are covered by the indemnity insurance for nurses include public liability, spousal liability, extended reporting period, statutory liability, joint venture liability, and compensation for court attendance.

2. It Protects Your Career

It is no secret that when nurses commit errors, their career statuses are put under critical observations and constant criticisms. With a nurse insurance policy, everyone can guarantee that their nursing careers will not be at risk as it protects them from monetary deprivations and further public humiliations. Put simply, nurses who committed a specific medical error will be able to mitigate their losses and immediately get back to brass tacks without losing their license to practice.

3. It Covers Legal And Attorney Costs

A nursing insurance perth policy can also help nurses avoid the costly procedures of legal costs for their defense at a coronial inquiry or hearing. Normally, nurse insurance will cover about $100,000 in legal and attorney fees as well as approximately $25,000 in public relations costs.