Business Insurance For Nurses

There are several types of business insurance you should consider as a nurse. However, it’s always worth comparing a range of quotes to make sure you’re getting the best deal, whether or not you choose to be insured through your union or independently. The main types of cover to consider are: 

Professional indemnity insurance 

Professional indemnity insurance covers you against claims that the nursing service you provided was either incorrect or negligent. This type of insurance (sometimes also called nurse malpractice insurance) can offer you protection against many types of claims, including: 

1. Allegations the care you provided was incorrect, ineffective or unsuitable  
2. Claims the care you provided caused personal injury 
3. Claims the advice you offered was incorrect, negligent, misleading or contrary to professional standards  
4. Allegations of misconduct (either clinical or administrative) 
5. Administering an incorrect medication or dose to a patient 
6. Failure to accurately carry out instructions for the care of a patient 

Professional indemnity insurance is compulsory for all nurses and other health professionals in Australia and can sometimes be provided as part of your union membership. The Nursing and Midwifery Board of Australia has minimum requirements for professional indemnity insurance for all enrolled and registered nurses and midwives. 

Cover starts at $250,000 and can go up to $10 million or more. On top of any union or board requirements, the amount of cover you require may depend on the setting in which you are employed, such as whether you are a contract nurse or employed by a hospital or clinic, so check with your employer as to what level of insurance you need. 

What it covers 

1. Payment of compensation if there’s a successful claim against you 
2. Payment of court-awarded damages to the litigant 
3. Cover for your legal defence costs 
4. Cover for the cost of disciplinary proceedings or investigations 

Public liability insurance 

Public liability insurance is also essential for anyone who has regular contact with members of the public. It’ll cover you against claims that your actions caused injury to a member of the public or damaged their property. This insurance can offer between $5 million and $20 million worth of coverage. 

What it covers:  

1. Third-party personal injury claims 
2. Damage to a third party’s property 
3. Legal fees to defend yourself 

Cyber liability insurance 

Unfortunately, cybercrime is just as frequent in Australia as it is around the world. If you’re a nurse (or work in another allied health field such as occupational therapy) who is required to store confidential patient information, you may wish to consider protecting yourself in case there’s an illegal attempt to gain access to confidential medical information. This could result from having your laptop containing confidential information stolen or hacked, for example. Cyber liability insurance can offer protection from a wide variety of cybercrime. 

What it covers 

1. Data breaches including theft of client information stored on a computer or laptop 
2. The cost of a forensic investigation into the cause of the breach 
3. Data recovery costs 
4. Cyber extortion and denial of service threats 
5. Crisis management costs 
6. Advertising and communicating with customers 
7. Legal costs including any fines and penalties imposed