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 Posted: Mon Sep 06, 2010 11:13 am Post subject: Malpractice (liability) insurance for nurses |
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I'm a nursing student and I have a small query. I do come across a lot of nurses who're covered under their individual liability insurance carrier. Is it necessary that all nurses should carry Malpractice liability insurance?
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ridgegallore
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| Posted: Wed Sep 08, 2010 7:22 am Post subject: |
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| Quote: | | I do come across a lot of nurses who're covered under their individual liability insurance carrier. |
It's true that the nurses are covered under their employer's policies, but it's only upto a certain extent. One mustn't forget that the policy that our employers have is for their own interest primarily. Even when your name gets associated with a lawsuit, it might add more stress to your life. |
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roddick
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| Posted: Thu Sep 09, 2010 9:55 am Post subject: |
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See, it's better you make sure that you carry your own policy. That way, you'll be able to hire your own attorney if you need. Your attorney will always protect your interests over your employer's interests. So, whenever your HR stresses upon the fact that you don't need your own policy, don't get carried away!
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Juanita
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| Posted: Fri Sep 10, 2010 8:47 am Post subject: |
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| Quote: | | Your attorney will always protect your interests over your employer's interests. |
True. Their attorney will protect their interests. That's the reason why they'd prefer their attorneys to represent you in the court. I do agree with Juanita in this regard. |
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steven
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| Posted: Sat Sep 11, 2010 8:52 am Post subject: |
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There's a liability limit for all malpractice insurance policies. Don't you think the defendants who're employees of the same entity will end up claiming a share of your liability limits within that policy?
The legal fees (inclusive of the settlement) will probably go beyond the liability limits shared by your employer in the event you and the others get involved in lawsuits.
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sil
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| Posted: Tue Sep 14, 2010 7:14 pm Post subject: |
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You cannot make a mistake by purchasing your own professional liability (malpractice) insurance. What if you're at church or the neighborhood park, and a kid gets hurt? Are you going to use your nursing skills or not?
Well, suppose the kid gets an infection, and some attorney thinks it's your fault. Your employer's liability insurance has no application to your situation because your loss exposure did not occur in the performance of your paid duties.
But your personal professional liability policy will provide you with a defense and, if you lose the case, will pay the damage award up to your policy limit.
My wife is an ER nurse. Her $1,000,000 professional liability policy costs just $86 per year. My agent's group E&O policy costs me $450 per year for the same $1,000,000 coverage. And my individual caterer's liability policy is another $450 for $1,000,000 coverage.
Come to think of it, my wife's 2-year nursing license renewal is only $85, while my 2-year insurance license renewal is $272. What's going on here? Maybe I should become a nurse.
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MaxHerr
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