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Why do registered nurses (RNs) need business insurance?
Long hours and a heavy workload mean that even the best nurses can make mistakes. Business insurance covers costly malpractice lawsuits if a patient sues over a medication error or a fall while being lifted. It also covers work injuries, accidental damage to a patient's belongings, and stolen equipment.
Find the right coverage
Insureon helps registered nurses find insurance that matches their unique risks.
Get free expert advice and peace of mind knowing you have the right coverage for your work.
What types of insurance do RNs need?
These insurance products cover common risks faced by registered nurses.
Professional liability / medical malpractice
This type of nurse liability insurance covers attorney's fees and other expenses related to professional negligence, such as failure to monitor a patient. It’s also called professional liability coverage.
BEST FOR
- Documentation errors
- Mistakes in medications
- Failure to follow standard of care
Workers’ compensation insurance
Most states require workers' comp for businesses that have employees. It also protects RNs who work independently from work-related medical bills that health insurance might deny.
BEST FOR
- Employee medical expenses
- Disability benefits
- Legal fees from employee injuries
Business owner’s policy
A business owner's policy, or BOP, is a cost-effective way for registered nurses to buy commercial property insurance and general liability coverage together.
BEST FOR
- Bodily injuries from accidents
- Damaged patient property
- Stolen or damaged business property
General liability insurance
A general liability policy covers legal defense costs from third-party accidents, such as an elderly patient who slips and suffers an injury. It's often required for a commercial lease.
BEST FOR
- Slip-and-fall injuries
- Accidental damage to patient property
- Libel and other personal injuries
Cyber insurance
This policy helps practicing nurses pay costs associated with data breaches and cyberattacks. It can often be added to a business owner's policy or general liability policy for savings.
BEST FOR
- Customer notification costs
- Data breach investigations
- HIPAA data breach fines
Commercial auto insurance
Most states require commercial auto insurance for vehicles owned by an RN's business. It helps cover the cost of accidents involving your business vehicle.
BEST FOR
- Damage caused by your vehicle
- Medical bills from an auto accident
- Vehicle theft and vandalism
Looking for different coverage? See more policies.
How much does business insurance cost for medical professionals?
A registered nurse who works independently will pay less for insurance than a larger practice.
Factors that affect premiums include:
- Scope of practice and healthcare services, such as telemedicine
- Medical equipment and property
- Years of experience
- Types of insurance purchased
- Per-occurrence and aggregate policy limits
- Deductibles
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How do I get registered nurse insurance?
It's easy to get RN malpractice insurance and other policies if you have your business information on hand. Our application will ask for basic facts about your practice, such as revenue and number of employees. You can buy a policy online and get a certificate of insurance with Insureon in three easy steps:
- Complete a free online application
- Compare insurance quotes and choose policies
- Pay for your policy and download a certificate
Insureon's licensed insurance agents work with top-rated U.S. providers to find the right insurance plan for nurses, caregivers, and other healthcare providers, whether you work independently or hire employees.
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FAQs about registered nurse business insurance
Why do RNs need malpractice insurance?
Malpractice claims can cost a fortune, which is why this coverage is such an important part of risk management for RNs. There are several reasons why you might need malpractice insurance:
- Your state may require it. For example, all advanced practice registered nurses (APRNs) in Florida must carry malpractice insurance, but it's not required in Texas.
- Your employer may require it. The healthcare facility you work for may require you to carry malpractice coverage, even if it's not required by state law.
- Your employer's coverage may be limited. Your employer might provide coverage that is effective only in certain situations or for smaller claims, or you might prefer to have your own legal representation.
- Independent contractors are not covered. If you work as an independent contractor, your employer's policy will not provide coverage and you will need to secure your own malpractice insurance policy.
Fortunately, it's possible to save money on malpractice insurance costs. Insureon's easy online application lets you compare quotes to find the best possible rate. Whether you are an RN or RNFA, you can customize coverage options to match your specific needs and your budget.
What is the most common malpractice insurance coverage for registered nurses?
Medical malpractice insurance is usually a claims-made policy instead of an occurrence-based policy. That means your policy must be active at the time of a claim in order to benefit from coverage.
It's important to maintain continuous coverage with this type of RN insurance, as a gap could leave you paying for a lawsuit out of pocket. You may want to set a retroactive date for coverage, which provides protection for work done in the past up to a specific date.
In general, lapses in insurance coverage can lead to an increase in your premium, as insurers may charge more for stopping and restarting coverage.
Keep in mind that you may also see this coverage called professional liability insurance or errors and omissions insurance (E&O).
What does registered nurse malpractice insurance cover?
Medical malpractice insurance can cover a wide range of risks, including:
- Telemedicine / telehealth coverage
- HIPAA defense coverage
- Nursing license protection
- Sexual misconduct defense coverage
- Portable coverage for volunteer or per diem work
Consult a licensed insurance agent to find out about any exclusions or to add other types of coverage to your policy.