I have been working as an RN for a few years now, and in that time I have always held nursing insurance, discounted through my membership with my state nursing association. However, most of my coworkers are uninsured and question why I even have it. They say that I would be covered under my facility's nursing insurance and lawyer in the event of a malpractice suit involving me and that having insurance puts me at greater risk of getting sued, should be uncovered that I am insured. Funnily enough, my spouse (also a nurse) also feels the same way -- that I am spending money needlessly and putting us both at risk.
I have kept the insurance because I was always under the impression that should I ever be involved in a case, my employer would protect me but its lawyers would always be primarily concerned with protecting the facility (not me) and that my license would be at risk (with the board of nursing), should my license be called into question. While I feel I am a safe and thoughtful nurse, I have held the insurance to afford me some peace of mind. I don't see $100 a year as a needless expense and I am inclined to think that the notion of me being 'more' at risk of getting sued for personal assets is more of a myth.
Any thoughts and opinions (informed by experience) would be greatly appreciated. Thanks.
Still . . . . it is only about $100/year. That isn't much. We spent that much the other day taking 5 people out to lunch. For food that leaves us in the next day or so.
Specializes in Cardiology, Cardiothoracic Surgical.
I carry my own malpractice insurance now that I have hard assets (a home, a truck, livestock, retirement account, etc.). I consider it a small price to pay to help protect everything I busted my chops for in nursing school.
I can't say I'm inclined to trust my current facility, even though they are decent to their nurses. That's just my cynical nature.
Your coworkers are completely foolish, wrong and incredibly naive. You need to have your own insurance immediately and you need to keep it in force even when you're not working due to lawsuits being filed years after the fact. You cannot count on your facilities insurance for anything because it is *their* insurance not yours and insurance reps, lawyers or their agents will have your employer as their client, not you. They quite literally care nothing about you, your innocence (only as if affects them) or your wellbeing. They will throw you under the bus in a split heartbeat if it is to the benefit of your employer. Your own policy will give you your own legal representation that has your interest at heart, yours, not your employer's. I get mine through NSO and it's around $100.00 measly dollars a year or the equivalent of (maybe) 15 minutes of an attorneys time specializing in nursing malpractice cases. It is an investment you absolutely must make in yourself, your home and your future. Do what's in your best interests and let your coworkers worry about themselves.
much like auto insurance, however the facility you work for is far more likely to throw you under the bus than cover you for infractions. Here's the other thing - if you don't have insurance and you DO get sued and the party wins, even if you don't have assets at the time (young people or people that don't own much) be prepared to own NOTHING for the rest of your life. They can garnish wages, place liens that make property buying impossible as well as make life a living hell. I'd rather pay $100 per year than risk having my home taken away and only ever making half my paycheck.
oh and I am a licensed insurance agent as well as a licensed nurse. I know how cost benefit analysis works.
Im not saying it isn't worth it.
But the chances of a nurse getting sued are obscenely low
Theres aproximately 4 million nurses in the usa. Around 600~ paid out malpractice payments last year.
Which is around which is a 0.015 % chance or or 1 in 6666 chance
Basically youd have to work for 67 years as an RN to have a 1% chance of getting successfully sued.
Do I think its worth 100$ a year to have absofreakinglutely
But you cant deny that a con about malpractice insurance is youre almost certain to never have to need it.
I dont know the statistics on car-crashes, but im sure theyre massively higher
My concern also is that the hospital could easily throw me under the bus--or fire me, making me a non-employee. Or something could happen my last day on a job, and by the time a suit is filed I'd be gone from the hospital's staff.
This happened to me.
I couldn't even remember the person naming me in a suit. When I contacted my ex-employer, all I ever got was a 'cold shoulder' and that was when they so 'graciously' deigned to return my phone calls.
A lawyer from NSO calmed my panic. Gave me advice and we waited everything out. Case settled without me.
So worth the few monthly $$ (which by today's standards, probably costs less than 2 fancy- schmancy coffees.
Specializes in peds, allergy-asthma, ob/gyn office.
I bought a policy throught NSO the moment I went to work in an OB office. Also, and RN acquaintance of mine had been accused of being impaired, got fired, and needed a lawyer. She was the primary breadwinner for a household that includes a brain injured husband and an autistic daughter. Without a policy, she had no way to pay for license defense. I do not know her that well, but have heard from others and believe myself that the accusations are false. I am soon to leave my job at the OB office, and plan to keep that policy in effect.
Specializes in Complex pedi to LTC/SA & now a manager.
arack05 said:
Im not saying it isn't worth it.
But the chances of a nurse getting sued are obscenely low
Theres aproximately 4 million nurses in the usa. Around 600~ paid out malpractice payments last year.
Which is around which is a 0.015 % chance or or 1 in 6666 chance
Basically youd have to work for 67 years as an RN to have a 1% chance of getting successfully sued.
Do I think its worth 100$ a year to have absofreakinglutely
But you cant deny that a con about malpractice insurance is youre almost certain to never have to need it.
I dont know the statistics on car-crashes, but im sure theyre massively higher
However it also covers license defense if called before the BON, coverage should you be named in a HIPAA violation claim, guidance if you are called to give a deposition relating to a claim (not necessarily named as a defendant but requested to give deposition or testimony) and other areas. The professional liability policy is not just in case you are named as a defendant in a law suit. Even RiskManager admits there are other benefits to these policies. Both major policy writers offer a detailed list of coverage when you inquire about a quote so you can determine the benefit for your practice. The reason general LPNs and RNs coverage is around $100/year the risk of being named in a lawsuit and having a judgement issued against you is very low. A nurse working as an independent contractor has a higher premium ($700-$1000/year) as a non-employee as the risk is greater. Certain APN specialties have higher premiums just like certain medical specialties, such as CNM as again the risk is even higher especially since claims for birth errors can be filed sometimes up until the child turns 18.
Spidey's mom, ADN, BSN, RN
11,305 Posts
Still . . . . it is only about $100/year. That isn't much. We spent that much the other day taking 5 people out to lunch. For food that leaves us in the next day or so.
To me, it is worth it.