Here is how much malpractice insurance cost for nurse practitioners.
As a nurse practitioner, you’re vulnerable to malpractice lawsuits. Some patients can report you for mistakes or negligence while discharging your duties.
To protect yourself against claims of error, you’ll need nurse malpractice coverage. It’ll cover all your defense expenses when such an allegation is raised.
While this is true, obtaining nurse malpractice security is a bit complex. You’ll also have to pay a certain amount to purchase an insurance cover.
Average Nurse Practitioner Malpractice Insurance Cost
Now, how much will it cost to obtain such insurance? This is where you’ll have to read this article until the end. You’ll know a great deal about nurse practitioner malpractice insurance costs.
Until then, we’ll talk about a few lawsuits raised against nurses.
Some Malpractice Filed Against Nurse Practitioners
Generally, NPs are given more and more responsibilities to be carried out independently. This makes them more vulnerable to malpractice claims.
Here, we have a couple of situations that may cause a nurse to be sued.
Firstly, if medical equipment isn’t fully charged or functional, the NP in charge can be sued. That’s because such mistakes or carelessness can cause a patient’s life.
Secondly, malpractice claims can be made against independent NP who don’t access and monitor their patients. So it would be best to note these perimeters to avoid accusations.
Cost of Malpractice Insurance for Nurse Practitioners
Malpractice insurance coverage for these healthcare practitioners is relatively expensive. They often pay anything from $500 to $2,200 annually.
However, you must know that the cost of such a policy depends on some influential factors. These include your years of experience, work hours, education, location, etc.
Meanwhile, certain elements must be considered when looking for where to purchase a malpractice cover. For instance, you’ll need to choose an agent who understands your unique situation.
That way, they can place you with the right insurance company.
Best Malpractice Insurance for Nurse Practitioners
Fortunately, multiple companies provide outstanding insurance policies for these practitioners. They include HIPSO, Simply Business, Berxi, NSO, Proliability, CoverWallet, and more.
Each insurance company has its unique price and requirements. So before you pick any of them, carefully go through their profile. Meanwhile, let’s review a few of them.
Since 1976, the “Healthcare Providers Service Organization” has been in operation. Research shows they have provided over 1 million medical practitioners protection against lawsuits. Their malpractice insurances are relatively affordable. The aim is to enable nurse practitioners to focus on patient care rather than legal costs.
HPSO malpractice insurance policy includes professional liability of $1 million/ claim and $3 million annually. Additionally, there’re defense costs, license protection, deposition representation, and more.
NP malpractice insurance will cost you around $150,000 to $200,000 annually. However, the figure can change depending on your state and experience level.
Berxi is an insurance company with over seventy years of business experience. They built a reputation for providing digital-age satisfaction and efficiency. Some insurance policies they have are suited for commercial property, casualty, healthcare professional liability, and more.
Besides their outstanding policies, they have other customizable coverage options. These options are tailored to meet your needs and assist you in focusing on your business. A few of their outstanding options are reputation coverage ($50,000), legal defense ($1 to 3 million), license board protection defense, etc.
Meanwhile, the cost of Berxi nurse practitioner malpractice insurance starts at around $68 to 1 million. However, the amount may change depending on the factors highlighted above.
The abbreviation above stands for “Nurse Service Organization.” They’re also a reputable insurance firm that provides outstanding coverage for its members.
Policies available in this organization are cost-effective and comprehensive. They include assault coverage ($25,000) and professional liability (limit of $1 million and $6 million annually).
Other policy features include personal injury, potable coverage, defense attorney, and more. Meanwhile, the average cost for a nurse practitioner is $106 per year.
You can opt for this policy if you’re currently on budget.
This is also a renowned malpractice insurance firm that has existed since 1949.
They offer different kinds of protective policies that can be customized to your practice needs. You can explore their insurance policies for hospitals, clinics, private offices, and other establishments.
Meanwhile, nursing practitioner malpractice insurance at Proliability is classified into two groups. We have a premium package for adults, which is around $756.
Then a package for self-employed adults costs about $908. As an NP, you’re eligible for a 10 percent discount on their premium package if qualified.
Tips for Saving Money on Malpractice Insurance
As highlighted above, purchasing NP malpractice insurance can be expensive. Not everyone can afford the bills, especially those working in low-income organizations or municipalities.
Therefore, there’s a need to reduce such expenses to suit your pocket size.
You’ll need to work with an experienced broker to save money on your insurance. We mean brokers with access to generate quotes from every major insurance company—additionally, those who can provide an accurate view of the market.
Another way you can cut costs is to adjust your coverage limits. How do you do that? It’s pretty simple. Just obtain your insurance cover from firms that offer lower limits.
However, you’ll need to consider all associated risks. That way, you will avoid paying so much from your pocket.
What’s more? You pay your premiums upfront. Some insurance companies will allow you to choose between monthly and annual repayment plans.
Choosing a yearly plan will save you about 10 to 20 percent of the price. However, this method may take some money from your pocket.
Other cost-effective approaches include choosing a higher deductible, buying only the necessary coverage, attending risk management training, and more.
Getting malpractice insurance as a nurse assistant is vital. As highlighted above, it will protect you against any patient lawsuit.
Additionally, it’ll cover all the expenses associated with defending yourself at the law court. However, most practitioners are worried about the cost of such coverage.
If you’re concerned about the costs, too, the estimated price above can serve as a guide. It will show you how much will go out of your pocket.