Nursing Malpractice Insurance
Nursing malpractice insurance is most often used to protect oneself against liability. There are various reasons why a nurse may choose to purchase this kind of insurance, and most commonly against incidents that typically arise from allegations that a nurse has caused a patient some form of harm. You will often find that a nursing malpractice insurance claim will top $1 million.
The most common types of policies will generally either be occurrence or claims made. An occurrence will typically be used if a nurse has been accused of negligence. This will even cover a nurse against a claim once the policy has run out. This will basically mean that a nurse will be covered for this type of claim as long as the incident occurred while the policy was in force. A claims made will usually provide nursing malpractice insurance coverage during the period within which the policy is maintained. It is, therefore, advisable that a claims made plan should be kept constantly updated. If any reason the plan was to lapse, this would unfortunately mean that a nurse would receive no malpractice coverage.
Prior to purchasing nursing malpractice insurance it is vitally important that you understand exactly what personal injury means. Many people believe that personal injury directly refers to bodily harm, whereas it actually means injury that will result from certain actions which may include wrongful eviction, false arrest, prosecution, libel or slander. You will find that nursing malpractice insurance will cover any form of personal injury while the nurse is still in the profession. Personal liability will generally mean specific damages that are allegedly caused by a nurse to another person or property. However, it is extremely important to realize that damages related to a nurse’s job are not covered. This specific type of coverage should already have been provided to a nurse.
The main benefit of nursing malpractice insurance is to provide coverage to a nurse who is not already covered by a previous source of insurance. It is also important to realize that improper documentation can be a very grave concern to a nurse. Therefore, by effectively documenting all incidents a nurse is able to safeguard themselves, and their actions are not likely to be misinterpreted. The charting and documentation of a nurse's working day is specifically covered in certain risk management courses. These courses will typically explain the most preferred charting formats, and will promote documentation clarity. They will also explain the dangerous mistakes that are most often made, and additionally how nursing documentation is viewed by the legal profession.
Due to the various policy options that are available with nursing malpractice insurance, you should ascertain whether or not the plan covers you when your shift is over. This is also an important consideration prior to transferring a case to another hospital. You will also need to ensure that your coverage transfers along with you. It is also a great idea to see what sort of coverage is available when you are no longer in your place of employment. Many nurses may also wish to have this type of coverage for any incidents that occur inside the home.
Prior to purchasing nursing malpractice insurance you should also look into the insurance company’s reputation and financial status. This is especially true during times of economic crisis, and you will want to study the insurance company's history in addition to their current activity. It is recommended that you also double check what cover you have in place if your employer tells you that you already have some form of insurance. A nurse has a personal obligation to determine what they should do in the case of a lawsuit, who will pay for the cost of legal representation, whether their nursing malpractice insurance coverage will still be provided if your employer goes out of business, and what amount of medical payments you are entitled to.
Nursing malpractice insurance offers certain discounts which are typically available to student nurses and new graduates. There are also discounts available to nurses who have specifically documented their study of risk management. You may even find that retired nurses are eligible for discounts as long as their license is still current. There are various insurance companies who are able to offer nursing malpractice insurance, although the easiest way to quickly obtain information and a quote would be via a relevant online website. It is important to realize that nursing malpractice insurance is an essential investment that is able to guard a nurse against the pitfalls that are typically associated with liability claims.
Another important consideration is that if your employer tells you that you do not need a policy as you are covered by them, this may still not provide a favorable outcome. You will typically find that all malpractice insurance policies will have certain limits of liability. This will generally mean that your colleagues are likely to share the liability limits under your company's policy. You should also realize that if a liability claim is registered against you that you will be represented by your employer's attorney. This is usually done as your employer will not want any outside representation, and they realize that their attorney will act in their best interests. However, should you have your own form of liability insurance you will able to choose a personal attorney to specifically represent you.