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ViewsPersonal Malpractice Insurance – Is It Worth It?
By TodaysNurse
Whenever we think of medical lawsuits and malpractice insurance, we normally imagine surgeons and anesthesiologists paying a tiny percentage of their massive salaries to protect themselves against a possible negative outcome. Many within the medical community overlook the possibility of nursing malpractice insurance. Like any other type of optional insurance, nursing malpractice insurance can be very appropriate for some people, and a total waste of money for others. To any nurses who have never considered insuring themselves or remain undecided, it is important to gauge how vulnerable or safe you feel without insurance, how safe you would feel with malpractice insurance, and if the cost is worth it for your individual financial situation.
Pros to Having Nursing Malpractice Insurance:
Firstly, it is important to understand what malpractice insurance offers that the health care system’s lawyers do not. Many nurses never consider buying individual insurance because they have been assured that the health care system they are employed by will come to their aid. There are two general holes in that theory: one caveat to the health care system’s lawyers is that they are lawyers on behalf of the hospital, not the nurses. If it is deemed that you as a nurse made a mistake that didn’t follow the exact correct procedure, the hospital can distance itself from representing you and the case in general, protect their funds and reputations, and leave you defenseless against a massive lawsuit. The second limitation to trusting the health care system to protect you is that they often have maximums. Like any other type of insurance, health care systems have certain deductibles through which they protect their staff. If you are getting sued as a nurse for $800,000, and the hospital covers 90% of the cost and you get to keep your nursing license (best case scenario), you still would owe $80,000 out of pocket. Even though they’re covering the burden of the cost, you still have to muster up a huge amount of money.
Nursing malpractice insurance overcomes both of these barriers, and for a very low cost. Most nurses are able to get $1,000,000 of coverage for the price of about $100 per year. That is an extremely large amount of coverage for such a little sum of money. In addition, having malpractice insurance ensures that the lawyers on the case are representing you, and not the health care system that employs you.
Drawbacks to Nursing Malpractice Insurance:
As was previously stated, most nursing malpractice insurance policies offer about $1,000,000 for about $100 per year. Insurance companies are a business, and businesses function to make money. If $100 can get you 10,000 times more coverage, and the insurance company is still profiting, it means that at the absolute maximum, 1 in 10,000 insured nurses benefits from their insurance. Many nurses choose not to carry malpractice insurance because they believe that it’s paying $100 per year for no real benefit.
In addition, many nurses believe that they follow the proper procedures and always act in accordance with the ANA code of ethics. In a brief summary, the ANA code of ethics basically states that as long as nurses are acting with beneficence and non-malfeasance to promote the health of wellness of their patients, then they are not personally responsible for any unpredictable negative outcomes; though of course it’s not as black and white as that. Many nurses feel that with the ANA code of ethics, their training, their experience, and finally the hospital’s lawyers as a last resort, that they are plenty safe. If you are confident in your actions, abilities, and training, then it may be foolish to purchase this insurance
Making Your Personal Decision:
Word of mouth plays a major role in how people make different purchasing decisions throughout their lives. Nursing malpractice insurance is not something that is frequently talked about in hospitals, and it is likely that you don’t know which of your colleagues are and aren’t insured. Because it’s not talked about, many incoming new nurses assume that none of their peers have personal insurance, and never consider it for themselves. While it’s true that nursing malpractice insurance isn’t for everyone, it is foolish to dismiss it without genuine consideration.
When deciding if nursing malpractice insurance is worth investing in for yourself, it is important to weigh all the pros and cons out with your personal financial situation. Is money tight or do you have a little bit of a cushion? Are you a new nurse who maybe doesn’t have tons of experience yet, but does cherish your nursing license? Maybe it would be a good idea to consider $100 to invest into yourself as a new nurse. Conversely, are you a nurse with years of experience within your current unity? Nursing insurance would most likely be a waste of money for you, because you should already know all of the protocols like the back of your hand. Then again, are you a very organized person, or are you the type of person that whirlwinds around the floor in a chaotic fashion? It is important to consider your personality, financial situation, experience as a nurse, experience within the specific type of unit, etc. If you take all of these factors into consideration during your decision-making process, then you will make the best decision you possibly can for you!
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Personal Malpractice Insurance – Is It Worth It?
By Nurse Advisor Magazine (Official)
Many within the medical community overlook the possibility of nursing malpractice insurance. Like any other type of optional insurance, nursing malpractice insurance can be very appropriate for some people.
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