Nursing Insurance Essentials: What You Need to Know About Professional Indemnity Insurance

June 14, 2019

It’s essential that as a nurse you have the right insurance in place to cover your unique risk exposures. Specifically, nurses need to ensure they have professional indemnity insurance. So, what exactly is professional indemnity insurance and how does it apply to you? As the experts in nursing insurance, we’re here to share what you need to know about professional indemnity insurance.

What is professional indemnity insurance?

Professional indemnity insurance is designed to cover professionals who give advice or provide a service. It will protect you financially if a third party suffers loss, whether it’s financial loss, property damage or personal injury, which has occurred as a result of an act, error, omission while carrying out your professional duties. Not only can indemnity insurance cover the cost of a successful claim for damages, but it can also protect you financially against legal or public relations costs. At times, a simple error in judgement or unintentional breach of confidentiality can lead to an indemnity claim which is why the right insurance cover is so important.

Why is indemnity insurance important for nurses?

While numerous professions face certain risks which require indemnity insurance cover, health professionals, in particular, are exposed to a number of risks in their day to day work. As a nurse, you carry out your duties to the highest of standards but due to the nature of your work, there may be times when something goes wrong. Professional indemnity insurance gives you peace of mind that you’ll be protected if you find yourself on the receiving end of a claim.

How do you ensure you have the right indemnity cover?

If you’re currently working for an employer, such as a hospital, it’s likely that they’ll provide indemnity insurance for you. However, always check that this cover is in place and ask to take a closer look at the policy so you can be confident that you’re getting the right level of cover. If you’re not sure, you can ask your insurance broker to take a look. If you work as a private nurse or midwife, you’ll need to arrange your own professional indemnity insurance. For nurses and midwives, you have a professional obligation to have indemnity insurance in place – without it, you’re unable to practice.

Here at GSK Insurance Brokers, we specialise in providing indemnity insurance for nurses along with any other form of coverage that you may need. We understand that every situation is unique and we have relationships with some of Australia’s leading insurers to ensure you get the cover you need. We’re there to support you from the initial stages of taking out your insurance to liaising with the insurer on your behalf at claim time. If you’re looking for professional indemnity insurance for nurses, contact GSK Insurance Brokers today on (08) 9478 1933.