The dynamic world of independent nursing and staffing registries offers unparalleled flexibility but also requires a keen understanding of professional risks. Having your own malpractice insurance policy and being listed as the named insured is more than a precaution; it’s a strategic necessity. Especially for those working as independent contractors or with various staffing companies, personal liability insurance provides control and peace of mind. Here’s a comprehensive breakdown of the key benefits:
- Avoiding shared limits: Employer-provided policies may have shared limits among multiple practitioners. Having a personal policy ensures that the nurse has dedicated coverage limits that are not affected by claims against other professionals.
- Personalized coverage: A personal policy allows the nurse to tailor coverage to their specific needs, practice areas, and risk factors. It ensures that the policy is aligned with their unique professional situation.
- Continuous protection: Being the named insured ensures continuous coverage, regardless of changes in employment, gaps between assignments, or variations in employer-provided coverage. It offers protection that is not tied to a specific employer or facility.
- Control over defense: With a personal policy, the nurse often has more control over legal defense decisions, including the choice of attorney and the ability to reject settlement offers. This can be crucial in protecting professional reputation and licensure.
- Supplemental coverage: A personal policy can provide supplemental coverage that fills gaps or extends beyond the limits of employer-provided insurance. It can cover scenarios that might be excluded or limited under a group policy.
- Portability: Being the named insured on a personal policy means that the coverage is portable and follows the nurse from one job to another. It provides consistent protection across different facilities, states, or practice settings.
Personal malpractice insurance isn’t just a safety net; it’s an essential tool for nurses seeking to excel in their profession. From controlling your legal defense to avoiding shared limits, a personal policy puts you in the driver’s seat. Why settle for less when you can have coverage that moves with you, adapts to your needs, and protects your hard-earned reputation? Discover the coverage that’s right for you and empower yourself with the confidence that comes from knowing you’re protected. Invest in your future today.
To learn more on malpractice insurance, contact a Marsh McLennan Agency (MMA) advisor today.