Does a nurse need malpractice insurance? Yes, but there are some pros and cons you need to know about.
Nurses are primarily trained to provide quality healthcare services to patients. This could be in hospitals, clinics, outpatient centers, and other medical facilities.
However, you may be accused of wrongdoing while discharging your duties. You’ll need malpractice coverage to set yourself free and reduce expenses on a lawsuit.
While this might seem like a fantastic idea, it has pros and cons. As you read this article, you’ll discover the benefits and drawbacks of obtaining malpractice insurance.
Until then, let’s briefly explain what med security is all about. That way, you can understand better what we’ll be discussing. Not to keep you waiting, we’ll start right away.
Do Nurses Need Malpractice Insurance?
This is a type of insurance that provides nurses with protection when patients bring legal action against them.
These claims are often alleged negligence or omission of appropriate care. Such wrongdoing may often lead to injury, loss, or death.
By obtaining malpractice insurance, you’ll have financial protection against costly legal fees and damages.
Meanwhile, being the subject of a claim doesn’t mean you’re guilty of whatever the claim states. But you’ll still need to defend yourself before the law to be proven innocent.
Some employers often provide malpractice coverage for their employees. But more than such, security may be required at some point due to some factors.
Therefore, you’ll need to purchase a private policy to keep you on the positive side always. Note: these policies vary from one company to the next.
6 Benefits of Purchasing a Nurse Malpractice Insurance
Should nurses get malpractice insurance? Yes.
Many perks accompany the purchase of medical malpractice coverage. These advantages are the reasons to get such indemnity. Below are a few benefits.
Protection of Assets and License
Do you know your valuable assets can be seized for a lawsuit against you? We have cases where nurses lose ownership of their cars, homes, etc., because they’re sued for one wrongdoing or the other.
By purchasing malpractice insurance, your properties will be protected from being confiscated. Moreover, your license will be fully covered when asked to defend it.
Cover Your Students Mistakes
This coverage is also helpful if you’re working in the academic sector or own one. While fostering and educating a newer generation of nurses, you may take them for the practicum experience.
While practicing, a student can make a mistake while administering care. Having purchased such insurance, you and the student will be covered when a lawsuit arises.
Maximum Legal Defense
There’s nothing more than having peace of mind. Purchasing nursing malpractice insurance will provide you with a maximum legal defense. In most cases, your insurer will retain counsel for you.
Such a counsel is critical for your insurance coverage.
Recovery of Legal Fees and Lost Wages
Most often, you’ll be taken off duty if you’re named in a lawsuit.
Within your off-duty, your employer will not pay you a dime. If you have any debt, your creditors will not put your bills on hold. Therefore, you may end up in a severe amount of dept.
But you’ll not encounter such a tricky event if you have paid malpractice insurance. All your legal fees and lost wages during the defense period will be covered.
You can use such an opportunity to repay your loans, if any.
You’ll Have Cover if Abandon by Your Employer
Typically, if you’re sued for malpractice, your workplace will, first of all, investigate the matter. They will want to know if you followed the institution’s policies and procedures.
If you stray, you’ll be left to handle your case. But if you have registered for malpractice, you’ll be covered for any event that will come your way.
Legal Coverage While Advancing Your Education
Some schools do not take responsibility for their nursing student’s mistakes.
For instance, if you incorrectly insert a tube into a patient’s nose and dies, they’ll not pay your defense fees. They will not investigate whether you duly follow the proper procedures or not.
So you’ll be all by yourself to resolve the matter.
However, if you have malpractice insurance, you will bell yourself out with less stress. The policy will cover all the expenses associated with your defense.
Additionally, it’ll protect your license and continuity of studies.
5 Drawbacks of Purchasing a Nursing Malpractice Insurance
You have seen the perks of medical malpractice coverage.
Now it’s time to consider some associated disadvantages. These drawbacks will help you make the best career and education protection decision.
Let’s take a look at them.
Although it’s essential to have nursing malpractice insurance, it’s also not mandatory. Those who do not need the cover will consider it expensive or a waste of resources.
Averagely, malpractice insurance costs anywhere from $500 upward. However, the fee depends on the company you patronize.
Only some malpractice insurance companies have ample coverage. Some firms’ insurance schemes are limited.
Therefore, you may need more than satisfying insurance. Moreover, they’re associated with extravagant exclusions and deductibles. Going for such cover may not help at some point.
Employers Often See It as A Crime
Only some employers will appreciate their employees having personalized malpractice insurance.
Some consider it a crime. Employers may sue you for damages after defending you against a malpractice lawsuit. They’re doing so to recover what they lost monetarily.
But if you don’t have any insurance coverage, they’ll find it not profitable to sue you. That’s because they know they’ll get little to nothing for damage reimbursement.
Plaintiff May Name You in a Lawsuit
Same here; some plaintiffs may be encouraged to sue you for malpractice. But that will be when they know you can pay for your defense and settlement.
In most cases, they’ll want to win their claim to be awarded funds.
Medic insurance companies are fond of increasing their premiums in the future.
This will make your insurance renewal an expensive venture. Therefore, you should always check out policies critically before purchasing a package.
There’s nothing worse than being named in a lawsuit for malpractice.
Defending yourself, your license, and your properties will take time and effort. Additionally, it will cost you a tremendous amount of money.
While malpractice coverage may be helpful, there’re associated cons as well.