Anyone Can Be Sued, Essay Example

Introduction

Malpractice insurance is offered to physicians and nurse practitioners with the intent to protect these professionals from lawsuits in the event that patients are harmed while under their care. This option enables nurses at the advanced practice level to obtain coverage to ensure that he or she is fully protected from unnecessary levels of risk, particularly since medical practice organizations may not cover nurses under their own policies in this regard (Nursing Law Manual, 2008). In the event of a lawsuit and a nurse does not have an independent form of malpractice insurance, there is likely to be serious monetary consequences for the nurse and perhaps for his or her employer (Nursing Law Manual, 2008). As a result, it is necessary to carry some form of malpractice insurance as a means of protection against the risk of a lawsuit that could be financially and professionally devastating for nurses if they do not have any coverage to be protected from lawsuits.

Body

There are several types of malpractice insurance plans that are available for nurses that will provide different levels of coverage, depending on the needs of the individual. For example, claims-made coverage is available to cover incidents while the policy is in place, or else this coverage will not protect against claims that are made (Laws.com, 2015). The healthcare professional must keep the policy on a continuous basis in order to have an opportunity to obtain coverage as necessary when a claim is made (Laws.com, 2015). If the policy is terminated for any reason, any claims that are made after the date of termination are not covered by the policy and the nurse is responsible for the costs associated with the claim (NCMIC, 2015).

Prior acts and tail coverage is designed to renew a policy that has previously lapsed and serves as a form of renewal of the old policy (Laws.com, 2015). This is commonly used when claims-made coverage has been purchased and has lapsed, thereby requiring an additional policy to provide extended coverage (NCMIC, 2015). This type of insurance is also known as extended reporting period coverage and is purchased in order to protect nurses from assuming responsibility for claims that may be made against them under a variety of circumstances (American Academy of Actuaries, 2008). It is important to have this coverage in the event that a prior policy has lapsed in order to ensure that the policy holder is protected from any additional risk or any claims that might be incurred.

Finally, occurrence coverage is designed to provide insurance coverage that is similar to the coverage related to home insurance, thereby covering claims while the policy is in force (Laws.com, 2015). In general, this type of insurance coverage is broad in nature, is of the highest risk for those who provide insurance, and is often cost prohibitive for healthcare professionals to retain (American Academy of Actuaries, 2008). This type of coverage is required in order to address the challenges of reporting claims, some of which may occur years after the policy’s true expiration date (American Academy of Actuaries, 2008). This is a complex policy to maintain because its level of coverage is the most limiting; therefore, it must be evaluated closely before any decisions are made regarding its impact and value for nurses.

Malpractice insurance for healthcare providers such as nurse practitioners is an important necessity as part of their strategy in protecting themselves from potential risks and lawsuits that may occur if patients are harmed in any way. It is also important to note that these forms of insurance are often available to protect nurses when there are potential complaints regarding their performance or other matters that could jeopardize their licenses, and also covers hearings and other costs related to these needs (Nursing Law Manual, 2008). These tools provide nurses with additional levels of protection in the event that they face lawsuits in the workplace environment that could impact their professional careers in a negative manner. There must be a greater emphasis on protecting one’s licensure and professional career by retaining malpractice insurance, as this will facilitate a degree of protection against claims or other negative events that will have a direct influence on their careers. It is the responsibility of employers to provide some degree of malpractice coverage since employees are working for them and are treating their patients under a variety of conditions. At the same time, it is unrealistic to expect that organizations will be able to or willing to provide a maximum level of coverage, particularly when there are many employees that would require coverage that is likely to be cost prohibitive. Therefore, supplemental coverage, if desired, should be purchased by the employee in order to protect him or herself from unnecessary risk or harm that could impact the professional career in different ways. It is not unreasonable to anticipate that some employers would require mandatory purchases of supplemental coverage for nurses, due in large part to the risks that are taken within the profession as a whole.

Conclusion

From a professional perspective, carrying malpractice insurance is a critical factor in supporting the work that nurses and other healthcare providers perform. There are significant risks associated with these professions; therefore, they must be protected from lawsuits or claims that could otherwise potentially ruin their careers. By having insurance, it is possible to protect professionals from having to be responsible for claims that may be made against them, including coverage for administrative and legal fees in some cases.  Therefore, malpractice insurance is necessary as a means of protecting healthcare professionals form additional risk that they could incur as a result of their careers. As a result, selecting the appropriate type of insurance is necessary to ensure optimal coverage.

References

American Academy of Actuaries (2008). Types of medical malpractice insurance policies. Retrieved from http://www.actuary.org/pdf/casualty/medmal_fact_march08.pdf

Laws.com (2015). 3 types of malpractice insurance you must know. Retrieved from http://malpractice.laws.com/malpractice-insurance

NCMIC (2015). Types of policies. Retrieved from https://www.ncmic.com/prc/insurance/malpractice-insurance/types-of-policies.aspx

Nursing Law Manual (2008). Chapter 7: nursing liability insurance. Retrieved from http://www.thehealthlawfirm.com/uploads/Ch-7%20Nursing%20Liability%20Insurance-revised.pdf