Nurse practitioners have a great deal of responsibility when it comes to patient care. Many nurse practitioners assume that because they work under a doctor and their employer provides some level of malpractice insurance, they’re covered. It may be worth it to purchase your own policy, however. Employer malpractice insurance is to protect the employer, not you. And nurses and nurse practitioners are being sued in increasing numbers. There are lots of companies offering malpractice insurance—how much do you need, and what companies are best?
- The 5 Best Malpractice Insurance Companies for Nurse Practitioners
- Who Else Needs Malpractice Insurance?
- Who Else Needs Malpractice Insurance?
- How Much does Malpractice Insurance for Nurse Practitioners Cost?
- The Differences Between Claims-Made vs. Occurrence
The 5 Best Malpractice Insurance Companies for Nurse Practitioners
We crunched the numbers, and these are the top 4 providers of malpractice insurance for nurse practitioners. In every circumstance, we said we were nurse practitioners from Maryland and that our specialty was family practice.
- Proliability – Best Liability Coverage for Malpractice Insurance for Nurse Practitioners
- Berxi – Best for Including Lawyer Service in Malpractice Insurance for Nurse Practitioners
- CM&F – The Cheapest Quote for Malpractice Insurance for Nurse Practitioners
- NSO (Nursing Service Organization) – The Most Comprehensive Malpractice Insurance for Nurse Practitioners
- CNA – Best for Malpractice Insurance Policy Customization for Nurse Practitioners
Proliability – Best Liability Coverage for Malpractice Insurance for Nurse Practitioners
Proliability is sponsored by the AANP (American Association of Nurse Practitioners) and this membership may earn you a discount. You can choose either claims-based or occurrence-based coverage. The standard policy is $1million per occurrence, but up to $5 million is available.
Proliability provides liability insurance for a number of industries. They have 4.5 stars on Trustpilot, based on over 10,000 reviews. It’s easy to get a quote and you can apply online.
Berxi – Best for Including Lawyer Service in Malpractice Insurance for Nurse Practitioners
Berxi is part of Berkshire Hathaway, and therefore has all the financial backing of that company. If the worst should occur and you are sued for malpractice, Berxi will provide you with a lawyer to help you defend your case.
They claim they can save you 20% over other malpractice insurance companies, but it might depend on a number of factors. Shop around.
CM&F – The Cheapest Quote for Malpractice Insurance for Nurse Practitioners
CM&F makes it easy to get a quote. And it would seem their rates are very reasonable. Actually, their rates seem so low that we actually went through the process twice because we thought we had made a mistake. The offer 24/7 portable coverage, so you’re protected no matter where you go, such as if you volunteer at a clinic or take a part-time job. They have good customer service reviews as well.
NSO (Nursing Service Organization) – The Most Comprehensive Malpractice Insurance for Nurse Practitioners
NSO serves all types of nurses, including nurse practitioners. They have comprehensive liability insurance and reasonable premiums. Students are eligible for 60% a policy. They understand nurses and what makes them tick, and they’ve been in business for 40 years.
CNA – Best for Malpractice Insurance Policy Customization for Nurse Practitioners
CNA is a leader in malpractice insurance for health care professionals. They’ve been named the best Medical Malpractice provider by the National Underwriter’s Property Casualty 360. They tailor their policies for you. They don’t have online quoting, because they sell policies through agents. But they have an excellent reputation and are worth a look.
What is Malpractice Insurance for Nurse Practitioners?
Responsibilities for nurse practitioners may differ dramatically, depending on the state in which they practice. It can also depend on their specialty. There are three different levels of responsibility:
- Full practice
- Reduced practice
- Restricted practice
In full practice states, NP’s can assess patients, diagnose patients, order diagnostic tests, and provide treatments. Reduced practice states require the NP work in collaboration with a doctor, and restricted states require that NP’s be supervised by a doctor. NP’s are allowed to practice independently in 28 states, which is great. However, this opens them up to malpractice claims to almost the same degree that doctors have.
According to Contemporary Pediatrics, the four most common reasons to be sued are:
- Failure to diagnose
- Improper care and treatment
- Failure to refer to emergency department
- Improper prescribing
No one intentionally harms a patient, but mistakes can be made. Symptoms can be overlooked or misinterpreted. And it should be noted that patients sometimes sue because they are desperate and unhappy, and nothing is going their way. It’s not necessarily any medical professional’s fault.
Who Else Needs Malpractice Insurance?
Malpractice insurance is also called medical professional liability insurance and is basically a type of errors and omissions insurance. Many patients are increasingly litigious, and any medical professional would do well to look into malpractice insurance, including:
- Physical therapists
- Medical students
Almost anyone who is responsible for some kind of patient care should get malpractice insurance.
How Much does Malpractice Insurance for Nurse Practitioners Cost?
How much you pay for malpractice insurance is dependent on a number of things, including:
- State where you practice
- Your specialty
- Your claims history
- Policy liability limits
- Whether you go with claims-made or occurrence insurance
In some states, nurse practitioners are allowed to do more without working under a doctor, so you’ll pay more for insurance in those states. On the other hand, some states have caps on how much a patient can sue for, and liability insurance is lower in those states.
For a nurse practitioner with the specialty in family practice in Maryland, annual premiums are in the range of $416 – $1,934 depending on the insurance companies. In this case, CM&F offers the cheapest premiums while NSO’s premiums are the most expensive. However, it might vary by state and by case, so be sure to shop around with 2-3 companies to find the best price.
The Differences Between Claims-Made vs. Occurrence
Claims made coverage covers any claim brought against the insured during the policy period. Once your policy expires, you are no longer covered. Claims-made coverage is generally a little less expensive, since many patients file suit months or even years after the saw the NP.
You could get tail coverage, if your leaving one job and starting another and want to make sure you’re covered if a patient files suit during the interim.
Occurrence based coverage covers any claim made during the policy period, even if the claim was filed long after the policy expired. Most malpractice insurance is claims-made coverage.
So, for example, Brian works at Medical International for a year, from June of 2019 to July of 2020. A patient named Margaret sues Brian due to a misdiagnosis. Margaret saw Brian in July, and she files suit in September. If Brian had claims based coverage, his policy would have expired when he left his job in July, so he would not be covered for Margaret’s claim. If he had occurrence based insurance, there would be no problem because he was insured when Margaret saw him.
If you are a nurse practitioner, you have a great deal of responsibility for patients and their care. Protect yourself by getting malpractice insurance for yourself, even if your employer carries it as well. You’ll need peace of mind for yourself as well as your patients.