Nurses are vital members of the healthcare team and, as such, need to be protected from potential liability. That’s where professional indemnity insurance comes in.
What is professional indemnity insurance for nurses? This type of insurance provides coverage for nurses in the event that they are sued for malpractice. It can help protect them from financial damages that could come as a result of a lawsuit.
So, if you’re a nurse practitioner, it’s important to have professional indemnity insurance in place.
What is professional indemnity insurance for nurses?
Professional indemnity insurance for registered nurses is a form of insurance that protects against claims arising from professional errors or omissions.
This type of insurance is generally acquired by healthcare professionals such as nurses to mitigate the risks associated with their practice and professional duty and ensure that they are able to deliver high-quality care to their patients without fear of financial repercussions.
Some nurse insurance policies are offered through brokers, who can help nurse practitioners find the right coverage to meet their particular needs. In contrast, others may be purchased directly from an insurance provider.
Regardless of how this type of nurse insurance is acquired, it is essential for all healthcare professionals in order to safeguard their careers and provide peace of mind when it comes to providing quality care for their patients.
What Does Professional Indemnity Insurance Cover?
Healthcare professionals who work in a healthcare setting are at high risk for liability. Professional indemnity insurance helps cover claims involving the following, among others:
Negligence
Professional negligence is a serious issue that can have lifelong consequences. It occurs when you act on behalf of your client without proper instructions, careless or inappropriate treatment, or inaccurate information, which may result in injury to others and yourself.
Misrepresentation or false information
Misrepresentation happens when a health practitioner makes false claims to influence the other party’s decision. Providing inaccurate information with the intent to mislead or take advantage of the other person can be both a civil and criminal crime.
Confidentiality breach
Professionals are expected to protect the patient’s data – from personal information to pertinent medical history and other healthcare records. All confidential information must not be shared with anyone outside the medical team working with the patient.
Benefits of Professional Indemnity for Nurses
You can’t afford to take chances when it comes down to legal issues, which is why this type of insurance will help cover your costs if you’re sued for professional services.
Most insurance providers will cover claims for:
- Defence fees
- Legal fees
- Settlements
- Lost income from having to go through a trial
Professional Indemnity Insurance Cost
In Australia, indemnity insurance costs can range from $100 to $1,000 per year, some even higher. This cost can vary greatly depending on a number of factors.
Generally speaking, insurance premiums are typically higher in areas where nursing is a more highly skilled or specialised profession. In addition, insurance providers may take into account things like an individual nurse’s previous experience and the level of risk associated with the particular healthcare facility where they are employed.
Factors such as these help insurance providers assess the overall risk involved in insuring nurses and determine what rates will be necessary in order to stay financially stable.
What Are The Requirements When Applying For A Professional Indemnity Insurance?
One of the main reasons nurses need to have professional indemnity insurance in place is that it’s a professional obligation. Across Australia, nurses and midwives can’t practice unless there’s appropriate indemnity insurance in place.
It’s your responsibility as a professional to ensure that you’re complying with your industry standards and obligations when it comes to professional indemnity insurance, and you may be required to provide evidence of your cover.
For registered nurses who work for an employer, you’ll generally be covered, so you may not need to worry about getting your own separate policy. However, this isn’t always the case, so always check that you have the right level of indemnity cover in place. Remember that some claims seek compensation from the employer and the individual healthcare provider, so you must have cover for both scenarios.
For self employed nurses or midwives who are sub-contractors or do private practice, you’ll need to have your own indemnity insurance in place.
If you’re not sure what level of cover you need to cover your risk exposures, speak with an insurance broker who has experience providing cover to nurses and midwives. They’ll be able to advise you on the best policy for your specific situation.
Professional Indemnity Insurance Experts
Nurses are professionals who deserve to be protected from the risks of their job. Professional indemnity insurance is one way that nurses can protect themselves and their livelihood. If you’re a nurse, it’s important to understand what professional indemnity insurance is and why you need it.
At GSK Insurance Brokers, we offer indemnity insurance for nurse practitioners to give you peace of mind. Our experienced brokers can help with a tailored nurse insurance package to protect you financially.
From the initial stages of taking out your insurance to stepping in at claim time, our team are with you every step of the way.
If you want to know more about professional indemnity insurance for registered nurses, speak with GSK Insurance Brokers today and find an insurance broker in Perth. Call (08) 9478 1933.
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