Benefits of Malpractice Insurance for Nurses

Kundan Pandey Jan 5, 2019
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Purchasing malpractice insurance is essential for nurses, because it ensures that they don't end up in a situation where they have to bear the brunt of a hefty financial penalty. Read ahead to know more...
Although, medical profession is one of the most rewarding fields when it comes to job satisfaction and monetary benefits, the repercussions of even a small mistake can end up a medical professional embroiled in lawsuits.
Malpractice is nothing but an act that damages or injures a person as a result of negligent and careless attitude of the medical professional while performing his/her duty, or due to intentional wrongdoing. Malpractice insurances help medical professionals manage the cost of any financial lawsuit that has been filed against them.

Why Do Nurses Do It?

Majorly, health care sector is the main market for malpractice insurances, but is common in many other professions also. Medical sector is crucial because, the staff in this field cannot afford to commit a mistake. But after all, they are also humans, and are bound to make some unintentional mistakes.
If such a situation occurs due to poor diagnosis or testing, and the patient shows adverse effects of the treatment, the patient's family would immediately think of suing the staff. Once a lawsuit is filed, no matter you did any unintentional mistake, you're forced to go through a long and frustrating process of paying a hefty financial penalty.

Benefits of Malpractice Insurance

Landing up in any medical malpractice case means lots of stressful times and worries. Many nurses think that their employer's policy covers them and they're safe of any lawsuit. But the truth is that the employer's policy for your insurance is always made keeping in mind their own specific needs, profits and demands.
Hence, purchasing your personal malpractice insurance is always better. Sometimes, many health care units may even tell that there is no need for purchasing a malpractice insurance. Do not be misguided.
Malpractice insurance is one of the most expensive insurance schemes, and hence you must be ready to pay a good amount of money as premium. The plans of the premiums and the limitations are decided depending on the type of medicine the nurse is practicing, the type and amount of coverage needed, and if the insurance is required for a group or an individual.
Other factors on which the malpractice insurance for nurses depends are, the location where the health care unit is placed and laws prevalent in that area.
The most tangible benefit of carrying a malpractice insurance is that you may get a license protection. The amount of liability insurance can vary depending on every nurse.
Normally, US$1000,000 or US$6000,000 coverage are available, and they work wherever you travel or work. The premiums you may have to pay have gone down over the years, and hence you can benefit from various plans.
By conducting a proper research on the Internet and contacting reputed health insurance companies, you can inquire about several options available for you to seek malpractice insurance.
Remember, statistics show that medical malpractice is a major cause of deaths in the US (at present, it's the 3rd leading cause of deaths), hence such insurance schemes can be of great help for you in times of any unfortunate incident, or if you land up in a lawsuit.