When looking for malpractice insurance, nursing professionals should choose NSO. The company is financially stable, has positive customer reviews, and offers discounts to college students and recent graduates.
They are also known for being easy to deal with, whether purchasing coverage or filing a claim. It is an adequate alternative when malpractice insurance is required.
What NSO insurance offers
Just for nurses, the Nurse Service Organization offers malpractice insurance. It has been in business for more than 40 years and serves more than 500,000 nurses as the nation’s leading provider of nursing malpractice insurance.
We believe that the Nurse Service Organization is the best choice for nurses in general because of its focus on nursing and its ability to control costs while addressing the real hazards of the job.
For each professional liability claim resulting from a covered medical incident, policies will pay up to $1 million on your behalf. You have protected up to $6 million annually for all insured claims during the policy period.
In addition, the policy provides up to $10,000 for the first party and up to $25,000 in license protection. There are policy quotes online, but you should consider that your location and line of work will affect the cost of your insurance.
If you are a nurse, nurse practitioner, clinical nurse specialist, registered nurse anesthetist, or nursing student, rates may vary depending on your specialty. You may be eligible for discounts of up to 50% off your coverage if you are a recent graduate.
The Nursing Service Organization offers additional insurance plans, including term life, disability, health, and dental.
So it’s a good option?
It’s an excellent option for nurses who must protect themselves against any situation. They have the benefit that the policies are designed especially for them and will act at the right time.
Likewise, it has comprehensive professional liability coverages, insurance offerings, low premiums, and other benefits you will see over time. It is all-risk professional liability insurance.
While NSO recognizes that rising premiums can be difficult to manage, especially in the current economic climate, there are ways to spend less. To reduce the cost of your premium, consider the following discounts:
- New: When renewing your membership, call the NSO to ask about the 5% discount NPA members are entitled to (1-800-521- 7013)
- NPA conference discount: The NSO offers a 10% discount on risk management to members who attend the annual NPA conference and earn six hours of CE credits
- Discount: A 25% discount for recent graduates (apply within 12 months of graduation to determine eligibility)
- Retiree discount: this is premium funding for nurse practitioners. You can contact NSO through the website to find out if you qualify
Why is malpractice insurance necessary?
The nursing profession is essential to the healthcare industry. Professionals put in a lot of overtime and often put their lives on the line, saving others, so they need malpractice insurance. In addition, it is essential for both nursing students and nurses.
In fact, throughout their clinical practice, 28% of nursing students commit malpractice. Nurses and nursing students are protected from liability claims from patients or their families through malpractice insurance.
It is a constant necessity as they go through their internships. They should consider this insurance for many reasons since they are just a short time away from graduating. Some common reasons are:
So they cover their legal fees
To fight a malpractice lawsuit, nurses may need to hire legal representation. The price of this legal counsel can be very significant in some circumstances, especially if you don’t have private health insurance or another form of coverage to pay these costs.
It helps you protect your license
The state board of nursing licenses nurses. If you have been sued, your license may be suspended or revoked while the matter is litigated. Legal costs can be high. You cannot practice nursing if your license is suspended.
Finding a job in the same industry after losing your job due to a lawsuit could take years. The NSO will protect your license.
You protect your assets
Any damages awarded to the plaintiff if you are found guilty of medical malpractice and lose the case can be deducted from your assets.
They can garnish money from your bank accounts or home equity loans if you don’t have enough to cover the difference between what you were awarded and what you are owed. You can successfully avoid this with the proper protection offered by NSO’s professional liability insurance.