As a Nurse Practitioner do I need Malpractice Insurance?
Though the discipline of nurse practitioner (NP) has been around for some 50 years, the role of the NP has taken on increased prominence in the past decade, with skilled practitioners serving as physicians’ collaborators and primary healthcare providers.
According to the American Association of Nurse Practitioners:
- 93 percent of NPs hold advanced degrees;
- 96.5 percent prescribe medications; and
- 60 percent see three to four patients per workday hour
With the Affordable Care Act giving previously uninsured people new access to healthcare, and the rapidly aging Baby Boomer population requiring increased care, the nurse practitioner will continue to play a vital role in the modern health system. In fact, a 2012 American Medical Association article predicts a doubling of the NP population by 2025 as “the medical system is looking for more efficient ways to use physicians, who can be in short supply.”
New exposure, new risk
But as the exposure and responsibility of the nurse practitioner increases, so does the risk of malpractice suits. Professional liability insurance for nurses should be a vital part of your risk-management portfolio.
What enters into the decision to invest in malpractice insurance for nurses?
- Liability. A medical malpractice suit filed against a physician may also include the nurse practitioner, especially if the suit details diagnostic errors or prescribing medication. In most cases, a physician’s individual med-mal policy does not cover the NP.
- Payout. “Data from the insurance industry places the average payout for serious injuries as now exceeding $1.5 million,” noted MedScape Today.
- Court costs. Even if the malpractice suit is judged in your favor, the defense and court costs may not be covered under the physicians policy. Such costs can bankrupt you personally and professionally.
- Career opportunity. As a nurse practitioner, having comprehensive malpractice coverage can make you a more attractive candidate for future positions.
The next step
Even if you are already covered by a private practice or a hospital’s liability policy, having your own professional liability protection delivers peace of mind.
Finding malpractice insurance for nurse practitioners need not be a matter of lengthy agency reviews and time-consuming paperwork. Insurance Innovations connects you with leading insurance carriers to quickly determine the best policy for each individual budget and circumstance.
Insurance Innovations can provide you with an estimate of premium and application that fits your individual needs.