Does A Nurse Need Professional Indemnity Insurance?
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Nurses are a significant part of the Australian healthcare system. With over 450,000 registered nurses and midwives, this group accounts for the largest proportion of the clinical workforce. Millions of people each year rely on these medical professionals to provide them with the care they need.
Nurses have responsibilities that can carry significant consequences if they are not executed properly. Even with the greatest care, mistakes can happen to result in legal action or personal lawsuits. It’s important that nurses take the time to understand the various insurance policy options that exist to protect them.
What is professional indemnity insurance?
Professional Indemnity Insurance is a type of insurance that protects medical professionals from financial consequences in the event they make a mistake that results in a claim or lawsuit. These lawsuits can be made against both a medical business and the individual who made the error. In many cases, these types of claims come from complications from incorrect medical advice, perceived negligent care, or a healthcare decision that causes the patient physical, emotional, or financial harm.
Without indemnity insurance, nurses can face serious financial burdens. In Australia, the average pay out for negligence is about $650,000. Professional Indemnity Insurance can help partially or fully cover the costs of the pay out, legal fees, and other court costs. In addition to financial support, insurance companies can appoint specialist lawyers who can help provide the guidance nurses need in the event a claim is made against them.
At upcover, our insurance partner ProRisk has an award winning claims team that can assist in handling any claim should the unexpected happen and any claim can be lodged in minutes via our online platform.
Why professional indemnity insurance is important for nurses
Nursing jobs come with a high level of responsibility as they oversee and assist doctors with identifying symptoms or medical issues, measuring and recording vital signs, and administering prescription medication. Unfortunately, mistakes can happen on occasion. For this reason, the Health Practitioner Regulation National Law Act 2009 - via the Australian Health Practitioner Regulation Agency (AHPRA) - requires nurses and midwives, along with other health professionals, to hold professional indemnity insurance. This requirement is intended to protect both medical professionals and patients across the country.
Professional Indemnity Insurance is required for nurses that practice medical care independently or with a hospital (or another medical facility). A well-crafted policy should provide protection from:
- Mistakes or Errors - Nurses often need to make decisions on how to administer care or medications. For example, giving the wrong dosage of medication could result in a complication or other medical issue.
- Giving Bad Advice - Patients will lean on nurses to help them understand how to care for their injuries or ailments when they return home. If you accidentally give incorrect advice, you could potentially face a lawsuit.
- Failure to Complete Your Duties - At hospitals, there are a lot of things going on at once. Forgetting to check in on a patient or another failure to complete duties could cause your patient unnecessary pain or discomfort.
- Unsatisfactory Service - Some patients may simply be unhappy with the level of care that they received from you. Professional Indemnity Insurance can protect from these types of claims as well.
Nurses can count on upcover's insurance offerings
Are you a nurse and not sure where to get started with securing Professional Indemnity Insurance? upcover makes it easy to get market leading insurance that nurses need to feel protected as they care for their patients every day. Find out for yourself by getting an instant quote in seconds today!