There are many things that nurses need to understand about the healthcare industry and the business as a whole when they begin, and malpractice insurance is no exception. If you’re unfamiliar, check out our guide on the major things nurses need to know about malpractice insurance, such as what it does and doesn’t cover, below.
One of the most important things anyone needs to know about malpractice insurance is the difference between claims-made and occurrence coverage. Claims-made policies cover any claim during the policy period while they’re still active and typically include a retroactive date.
As long as the policy is still active and the incident occurred when the policy was active, the policy will cover the claim. Occurrence coverage is different because it provides coverage of any claims from incidents while the policy was active for life, even if the policy expires. While occurrence coverage is more comprehensive, it’s also more expensive. Claims-made coverage is more common.
Another thing nurses need to know about malpractice insurance is whether they’ll buy into a group malpractice policy or purchase an individual policy. Most nurses will join a group insurance policy as many medical facility employers with large staffs will require all members to be on the same group plan when working there.
While both liability insurance policies provide protection, individual policies are typically more comprehensive but more expensive.
Obviously, a nurse should be familiar with what their liability insurance policy covers and doesn’t cover. If someone files a medical malpractice suit against a nurse with malpractice insurance, the policy may cover costs such as:
Most plans have a standard coverage limit of up to $1 million, which means the policy will cover $1 million in costs before the insured becomes responsible for the rest.
While malpractice policies will cover most liability incidents related to mistakes, errors, or neglect by the insured, they don’t cover everything. Malpractice insurance does not cover certain serious charges, so if a nurse is sued by a patient or coworker regarding sexual misconduct or harassment, the policy won’t provide coverage. Malpractice insurance is for medical mistakes due to negligence, misjudgments, and errors.
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