Finally got malpractice insurance. - page 5

I have hemmed and hawed for years, and with each passing year in practice, gotten more and more anxious about NOT having malpractice insurance. I had always been told "nurses who carry personal... Read More

  1. by   SC_RNDude
    Quote from RiskManager
    And I should point out that RiskManager is a he. I have just checked, and the shuttle is indeed in the hangar.
    Sorry about that! It happens to me frequently here, too. I don't know why I did that.
  2. by   carolinapooh
    Quote from SC_RNDude
    I'm not trying to change your mind. As I alluded to above, I'm trying to get a compelling argument from someone to change mine. It's cheaper than Starbucks doesn't do it for me, as at least when I give Starbucks money I get something back.
    I'm thinking that no one will change your mind because you don't want it changed. And that's perfectly fine. I feel better with it. I'm not spending scads and scads of money on it. I have a husband who's a financial planner who agrees with my purchase and a friend who's a hellaciously good attorney who also agrees. I worry less and I spend less than the cost of a movie on it a month. I'm not trying to give you compelling reasons to buy it because your having it or not has zero effect on me. You obviously don't want it. So don't buy it.

    Posting in a forum asking for compelling arguments to make a purchase you obviously don't want to make is a bit troll-like, now that I think about it.
  3. by   RiskManager
    Quote from SC_RNDude
    Sorry about that! It happens to me frequently here, too. I don't know why I did that.
    Most risk managers in the USA/Canada are middle-aged white females, and pretty much everyone assumes I am in that demographic.
  4. by   smartnurse1982
    Quote from carolinapooh
    Because there's inherently more risk in getting in an accident. No need to fish - we know the answer. By the same token you have a greater risk of getting in a car wreck than you do a plane crash, which is why travel insurance that pays out in the event you die at 38K feet is super cheap as well. That's neither rocket science nor a secret.

    And as for not needing car insurance, try financing a car carrying only the limits of liability. You can't. You have to have full coverage until the car is paid for because you have a bank assuming a risk of loss - which is precisely why I said "only if it's paid for". Same with homeowner's. If you own your home outright - there's no mortgage - you don't need full coverage. You have to have it with a mortgage so the bank has protection against loss.

    Your employer's insurance only covers you if they back you. If they wash their hands of you, you assume all the risk. For the cost of a couple of cups of coffee a month, I'll do what I can to avoid that.

    And if a million dollars in auto liability is costing you $300 a month, you're living in the wrong state. I don't pay that for full coverage on three cars.


    That is what i pay for my 2014 Honda insurance coverage-and that is after the Nso discount I get if i use Liberty Mutual.
  5. by   carolinapooh
    Quote from smartnurse1982
    [/B]
    That is what i pay for my 2014 Honda insurance coverage-and that is after the Nso discount I get if i use Liberty Mutual.
    Good God. We have a 2007 Porsche, a 2010 Maxima, and a 2003 Explorer. I pay $935 every six months for full coverage with double the minimum limits of liability, (3/3/6 instead of 1/1/3), rental, and towing, with a $250 deductible on collision and $100 on comprehensive, zero on windshield damage. Thank God for the state of NC and USAA.
  6. by   RiskManager
    You may be able to get your auto insurance for cheaper if you drop the liability limits and get a personal umbrella policy to provide the higher limits. For example, my $2 million personal umbrella requires only $ 350,000 in liability limits for the underlying auto, motorcycle and homeowner's policies. So any liability over $ 350,000 and up to $ 2 million is covered by the personal umbrella.

    This is much cheaper than buying $ 2 million in liability limits on the auto, motorcycle and homeowner's policies. Your insurance agent or broker can run the numbers for you, but it is essential to ensure that the primary policy limits are set at the level required by the umbrella. I have run into people with $ 200,000 in primary liability limits but their umbrella required $ 500,000. In the event of a claim, they would have been personally responsible for paying anything between the $200,000 and $ 500,00 limits; i.e. up to $ 300,000.
  7. by   KCMnurse
    I like you carried my own insurance for years. Then I let it slide for two years.....lo and behold I get a complaint lodged against my license (search my article on this experience). My insurance would have completely covered my attorney fees to defend my license. So while I have read the carefully crafted responses of everyone here, I am with OP. Peace of mind is priceless. I agree that liability insurance does not cover everything and every possible scenario, the coverage it does provide is worth it to me. Each person has to weigh up their own situation and their stomach for risk.
  8. by   SC_RNDude
    Quote from carolinapooh
    Good God. We have a 2007 Porsche, a 2010 Maxima, and a 2003 Explorer. I pay $935 every six months for full coverage with double the minimum limits of liability, (3/3/6 instead of 1/1/3), rental, and towing, with a $250 deductible on collision and $100 on comprehensive, zero on windshield damage. Thank God for the state of NC and USAA.
    I never said I was paying $300 a month for auto liability.
  9. by   SC_RNDude
    Quote from KCMnurse
    I like you carried my own insurance for years. Then I let it slide for two years.....lo and behold I get a complaint lodged against my license (search my article on this experience). My insurance would have completely covered my attorney fees to defend my license. So while I have read the carefully crafted responses of everyone here, I am with OP. Peace of mind is priceless. I agree that liability insurance does not cover everything and every possible scenario, the coverage it does provide is worth it to me. Each person has to weigh up their own situation and their stomach for risk.

    Thanks. I read your story, and that sucks!

    I acknowledge that not having the insurance is a bit of a gamble. Here is how I see it:

    I'll save roughly $2500 by not purchasing the policy over the next 20 years or so.

    The likelihood I'll be involved in a lawsuit or BON action is small. The likelihood I'll be in one in which my liability policy kicks in is even smaller.

    If something happens, it's not that I'm SOL. I can still hire an attorney, and one at my choosing. And, that my or my not take up my $2500.

    To me, the odds are greatly in my favor that I'll ever have to spend a significantly amount over what my policy would cost. Obviously, not everyone feels that way.
  10. by   SC_RNDude
    Quote from RiskManager
    Most risk managers in the USA/Canada are middle-aged white females, and pretty much everyone assumes I am in that demographic.
    I can relate to that!

    If ever you are so inclined to start a thread on another topic, I would love to know your thoughts on charting by nurses.

    I often feel like some of my co-workers chart too many details. So much, that when its very busy they can't be consistent.

    But then, sometimes the thought creeps in that maybe I'm not charting enough.
  11. by   carolinapooh
    Quote from RiskManager
    You may be able to get your auto insurance for cheaper if you drop the liability limits and get a personal umbrella policy to provide the higher limits. For example, my $2 million personal umbrella requires only $ 350,000 in liability limits for the underlying auto, motorcycle and homeowner's policies. So any liability over $ 350,000 and up to $ 2 million is covered by the personal umbrella.

    This is much cheaper than buying $ 2 million in liability limits on the auto, motorcycle and homeowner's policies. Your insurance agent or broker can run the numbers for you, but it is essential to ensure that the primary policy limits are set at the level required by the umbrella. I have run into people with $ 200,000 in primary liability limits but their umbrella required $ 500,000. In the event of a claim, they would have been personally responsible for paying anything between the $200,000 and $ 500,00 limits; i.e. up to $ 300,000.
    Pardon the sidebar....Even less than the $160 I'm paying a month for all those cars - including my husband's (insane) toy? Legit question. (Your statement might not be directed at me.)

    We have a million dollar umbrella on the house/property policy.
  12. by   carolinapooh
    Quote from SC_RNDude
    I never said I was paying $300 a month for auto liability.
    No, what you said was you were paying $300 a month for car insurance. That's insane. Nothing you can do about it, but still insane. (I'm in your corner on that one, BTW - I've never paid that much for car insurance. And you're in SC? I just left there - I thought their rates were supposed to be cheaper. I left everything tagged in NC because our rates ARE cheap, but I had no clue SC was so expensive.)
  13. by   RiskManager
    Quote from carolinapooh
    Pardon the sidebar....Even less than the $160 I'm paying a month for all those cars - including my husband's (insane) toy? Legit question. (Your statement might not be directed at me.)

    We have a million dollar umbrella on the house/property policy.
    For your situation, probably not given the relatively low liability limits on your auto policy. But were I in your shoes, I would look into how much it would cost to add the underlying auto coverage to your umbrella policy, noting that you have an umbrella on the homeowner's insurance.

    For most of us, a car accident that we cause is our biggest potential personal liability. Say for a moment that your husband loses control of his vehicle and plows into a car full of Boeing engineers in Charleston on their way to lunch. All four engineers are killed outright. Each engineer makes $ 150,000 per year, and between the four of them, they had an estimated 60 years left in the workforce. $ 150,000 times 60 equals a lot of future wage loss. Interestingly enough, plaintiff personal injury attorneys always calculate future wage loss first to figure out if damages are potentially high enough to warrant taking a case, be it medmal, a car crash or a slip and fall. Even more than medical bills or pain and suffering, wage loss is the primary driver of damages. It is easily quantified for the jury.

    Adding the cars to your umbrella policy would likely be the cheapest way to raise your liability limits as opposed to having higher liability limits on the auto policy. Your insurance agent or broker can run the numbers for you.

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