Do you carry your own professional liability insurance? If not, it might be time to change that. Medical and dental malpractice insurance are two types of professional liability insurance that you might want to explore. If you operate in any industry that works with clients or patients, it can be essential. That isn’t to say you’ll need it, but you’ll be glad you have it in the event you need to call on it.
It’s not uncommon for professionals to skip their own coverage because they’re covered by their employer. For example, a nurse may have certain coverages by being an employee at a clinic or hospital, but their coverage might not have everything they need to protect themselves from serious financial losses or career setbacks. Here’s why having your own nursing malpractice insurance can be a good career move.
Insurance That “Goes with You”
You may have coverage through or under an employer, but it stays with that employer as you navigate your career. A dentists malpractice insurance policy may cover the dentist(s) and the practice, but the exact extent and terms of that coverage can vary. If you’re a hygienist, for instance, you may have certain coverage working at that practice, but there may be gaps.
Beyond gaps in coverage, if you lack your own coverage and you leave, that coverage may no longer apply. There may be completely different terms of coverage at your next employer. You can fill those gaps and get consistent coverage that follows you from employer to employer with your own dedicated malpractice insurance. That kind of consistency can equal peace of mind.
Insurance Terms You Control
When you don’t have your own liability or malpractice policy, you can have less control. If you’re relying on an employer’s coverage, you may have zero control. The coverage you get is the coverage you get—and again, that can mean gaps, like no coverage for lost wages when you’re attending legal proceedings. This lack of control can be frustrating—even more so when you need to navigate that coverage.
Having your own malpractice insurance can put you in the driver’s seat. You can customize your coverage to fit your needs. If you’re a nursing student, you can tailor your coverage to match your needs. Later on, you can dial in your malpractice insurance for RN, LPN, or even APRN needs.
A Lower Cost to Fill the “Gaps”
Through an employer, such as a hospital or private practice, you may have certain coverage, but you might not have all the coverage you’d prefer. There may be gaps in coverage. This can include specific terms related to malpractice insurance. The practice might have coverage for the practice itself, but how far it extends to you may be limited.
When you get your own malpractice coverage, you can fill the gaps and fine-tune your malpractice insurance to meet your needs. As part of that, you can better manage your insurance costs. While you may pay more over the coverage you’d get through the practice, there are many high-quality, lower-cost options on the market today.
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