Over the years, several court rulings and decisions have pointed out that nurses are individually liable for their insurance. The employer is not in charge of any lawsuits that are directed toward employees.
Complaints on the Board of Nurses are at an all-time high, causing deep concern among nurses and travel nurses. Travel nursing jobs offer freedom, flexibility, and variety that staff nurses usually don’t get to experience. However, with these perks comes the potential risk of complaints and lawsuits.
This is where the NSO Insurance policy jumps in! NSO is a nurse insurance policy that aims at safeguarding nurses against any complaints or malpractice suits. With so much conflicting information about the right insurance for travel nurses, it’s easy to be confused about whether you need your policy.
Whether you’re a nurse seeking personal protection or a physician aiming to provide malpractice coverage for your team, understanding nursing liability insurance through NSO is crucial. Here’s what doctors and nurses need to know about the benefits and importance of NSO Insurance.
What is NSO?
NSO is your go-to provider for malpractice insurance, specializing in coverage for nurses across the entire US.
The Nurses Service Organization (NSO) has been protecting nurses with nurse insurance since 1976. As one of the top providers of malpractice and professional liability insurance in the country, NSO offers peace of mind to nurses nationwide.
With an advisory board dedicated to developing unique services and insurance policies, NSO ensures you get the coverage you need.
Why Do You Need Professional Liability Insurance?
Also known as malpractice insurance, NSO Insurance (professional liability insurance for nurses) covers your legal fees if you’re taken to court for malpractice. Without NSO Insurance, you’d be responsible for all your legal costs if you get sued, which can run into hundreds of thousands of dollars or more, depending on the situation.
NSO Insurance may cover the following:
- Legal and defense costs
- Licensing costs
- Loss of earnings
- Settlement costs
Policies offer varying levels of coverage and work in different ways. For example, with NSO Insurance, you’ll typically have a “limit of liability,” which is the maximum amount the policy will cover in a lawsuit. The insurer might split this limit into “aggregate” and “per claim” limits. For instance, your NSO policy’s limit of liability could be $450,000 per claim with a $4,000,000 aggregate.
There are also restrictions on when you receive coverage for a claim. Your NSO insurance policy may be “occurrence” or “claims-made” based, which means:
- Occurrence: You must have had an active insurance policy when you did the work that’s being complained about in the lawsuit.
- Claims-made: You must have had active coverage both when the incident occurred and when the claim was made. Sometimes, a claim can be filed months or even years after the incident.
Things to Keep In Mind Before Buying a Nurse Insurance
There may be several factors that affect your NSO insurance premium. Namely, these things impact the premium of your insurance policy:
- Location: The location where you practice impacts your malpractice insurance premium. Urban areas often have higher premiums due to increased claim volumes compared to rural settings.
- Policy Type: Whether you choose an Occurrence or Claims-made policy affects your premium rate.
- Limits: The amount of coverage you select directly influences your premium. Higher limits mean higher premiums, balancing your risk tolerance with financial protection.
- Effective Date: The start date of your coverage can affect pricing, as rates may fluctuate annually.
What Should an Ideal Nurse Insurance Have?
A good NSO (Nurses Service Organization) insurance plan should ideally include the following 5 key features to ensure comprehensive coverage and peace of mind for nurses:
- Professional Liability Coverage: This is essential for protecting nurses against claims of malpractice or negligence arising from their professional duties.
- Legal Defense Coverage: Coverage for legal fees and expenses incurred in defending against claims or lawsuits related to professional liability. This also includes claims arising regarding sexual misconduct.
- Coverage for License Protection: Your insurance plan must provide coverage for defense expenses related to disciplinary proceedings against the nurse’s professional license.
- Portability: Most importantly, for travel nurses, the ability for the insurance coverage to remain in effect even if the nurse changes employers or transitions to different practice settings is vital.
- Risk Management Resources: Access to resources such as risk management advice, continuing education on legal issues affecting nursing practice, and support in navigating regulatory requirements is also important.
These elements ensure that a good NSO insurance plan not only provides financial protection but also supports nurses in maintaining their professional standards and addressing legal challenges effectively.
Safeguarding Healthcare Professionals
A comprehensive NSO insurance policy is essential for travel healthcare professionals, providing vital protection against malpractice claims and covering legal expenses. Whether you’re working across different states or facilities, NSO insurance safeguards your career by addressing the risks inherent in healthcare practice.
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