Professional Insurance Plan Protects Nurse Practitioners Amid Rising Malpractice Claims and Costs
Industry: Financial Services
The average cost of a nurse malpractice claim in the United States is more than $200,000 per incident, which is 4% more than a decade ago.
Lexington, KY (PRUnderground) January 10th, 2023
Professional Insurance Plans provides essential commercial insurance policies for medical practitioners across the United States. One of the most under-represented groups with this protection is the nursing profession, but CRNA malpractice insurance provides an affordable solution for these professionals.
Registered nurses and nurse practitioners, including APRNs, are not the only people who accept this potential risk every time they work a shift in this healthcare field. Anyone who is a certified RNA, CNA, or LPN could be exposed to litigation opportunities if a care-related mistake occurs. Even QMAP administrators without other nursing credentials could face high costs with a claim filed against them.
CRNA liability insurance is essential for the 50% of hospitals in the United States that only use these staff for obstetric services. Claims can be filed for several reasons, including improper interventions, poor or perceived-poor anesthesia implementation, and medication errors.
The Food and Drug Administration receives more than 100,000 reports of medication errors each year in the United States. Because of this issue, approximately 400,000 drug-related injuries happen in hospitals, with hundreds of thousands more incidents occurring in assisted living facilities, skilled care homes, and patient residences. Each report provides a potential litigation opportunity to the affected individual.
All nurses of any designation should consider the following facts when considering their current and future malpractice insurance needs.
- Allegations related to the care and treatment of patients are the most frequent allegation made in malpractice suits in the United States.
- About 50% of all closed claims in the US represent pressure injuries or death.
- The average cost of defending malpractice allegations in license protection reached over $5,500 in 2020, representing a 58.9% increase over this expense from 2011.
- About 55% of license board matters involving nurses lead to some type of action being taken against the license.
Of the closed claims in 2020, 12.8% involved LPNs or LVNs. A small percentage, under 1%, targeted student nurses. There is a greater risk today of professional liability claims being settled for higher than an anticipated amount relative to its historical average. That’s why CRNA liability insurance and malpractice coverage are essential for all professionals in this field.
Policies from Professional Insurance Plans can be tailored to meet liability insurance needs for nurse practitioners and other providers in this field. More information about these choices is available at https://professionalplans.com.
About Professional Plans
Founded in 1991 by Greg Bellamy, Professional Plans has offered competitive insurance policies for various industries and individuals for the best part of three decades. However, working with the Professional Plans team is different from any other insurance provider; we are consultants, we work with you directly, and most importantly, we treat each client like a person and a customer, not any old number.
With these ethos and the best attitude in the business, the team now offers various popular products including life insurance, disability insurance, insurance for healthcare professionals, and more. In fact, the team even post to their blog up to four times a month with further insurance advice, all for free. That’s the difference between any “other” insurance provider and the team with you in mind from the very first call. So, for any insurance needs, packages, or queries, be sure to contact the Professional Plans team.