Nursing Insurance Essentials: Why Nurses Need to Consider Professional Indemnity InsuranceMay 10, 2019
As a nurse, you provide an essential service – without you, our healthcare system wouldn’t be able to function! Being a nurse on the frontline can be very rewarding but it also means that you’re exposed to a number of risks each day, which leaves you open to claims for compensation. It’s for this reason that nurses must ensure that they have professional indemnity insurance in place so you’re protected in the event a claim. Let’s take a closer look at why professional indemnity insurance is so important for nurses.
What is professional indemnity insurance?
Professional indemnity insurance is designed to protect professionals who provide advice or services against legal costs associated with a claim for damages. This could be due to an act, error, omission or breach of duty which results in third-party loss. Indemnity insurance is essential cover for a number of professions – not only does it offer financial peace of mind, it’s also often a mandatory requirement.
What are my indemnity insurance requirements?
One of the main reasons why nurses need to have professional indemnity insurance in place is that it’s a professional obligation – across Australia, nurses and midwives can’t practice unless there’s appropriate indemnity insurance in place. It’s your responsibility to ensure that you’re complying with your industry standards and obligations when it comes to professional indemnity insurance and you may be required to provide evidence of your cover.
For nurses who work for an employer, you’ll generally be covered so you may not need to worry about getting your own separate policy. However, this isn’t always to case so always check that you have the right level of indemnity cover in place. Remember that some claims seek compensation from the employer as well as the individual healthcare provider so you must have cover for both scenarios. For nurses or midwives who are sub-contractors or self-employed, you’ll need to have your own indemnity insurance in place.
If you’re not sure what level of cover you need to cover your risk exposures, speak with an insurance broker who has experience in providing cover to nurses and midwives. They’ll be able to advise you on the best policy for your specific situation.
The professional indemnity insurance experts
At GSK Insurance Brokers, we offer indemnity insurance for nurses to give you peace of mind. Our experienced broker can help with a tailored nurse insurance package so you’re protected financially. From the initial stages of taking out your insurance to stepping in at claim time, our team are with you every step of the way.
If you want to know more about professional indemnity insurance for nurses, speak with GSK Insurance Brokers today on (08) 9478 1933.
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