Is NSO Malpractice Insurance Good for Nurses?

If you work as a nurse, you’ve probably come across NSO malpractice insurance. During the process, you might have checked it out and thought it wasn’t for you. However, you might still be wondering if you should get it or not.

I like the fact that you are thinking about malpractice insurance; it shows that you are ready to protect yourself from risks. 

However, I agree that finding a good malpractice insurance plan can be quite challenging. What about malpractice insurance for nurses? It gets even more complicated.

NSO nursing insurance is indeed a top choice for both nurses who are already working and nursing students. Let’s see the key features of NSO malpractice insurance to determine if you should buy the policy or ignore it totally.

NSO Malpractice Insurance: What is NSO?

NSO is the acronym for Nurses Service Organization, and it focuses on offering specialized services and insurance policies tailored specifically for nurses.

While it’s number one focus is on the healthcare sector, NSO nursing insurance also provides policies, including disability income insurance, life insurance, and health insurance.

The Nurses Service Organization was established in 1976, and in that short period, it has been transformed into a multi-million dollar organization that is now popular for providing healthcare coverage to nurses and other health workers in the USA.

This insurance coverage extends to student nurses, registered nurses (RNs), and nurse practitioners (NPs) alike.

So what makes NSO nursing insurance unique? Well, NSO is unique because it provides distinguished services, including insurance policies specifically designed for nurses, all underwritten by CNA Financial Corporation.

When we say underwritten by CNA Financial Corporation, we mean that CNA Financial Corporation assumes the financial risk associated with the insurance policies offered by NSO. In other words, CNA Financial Corporation guarantees to pay out claims covered by the insurance policies sold by NSO.

NSO Malpractice Insurance: CNA Ratings 

Based on ratings, CNA Financial Corporation has received positive ratings from major credit rating agencies, including AM Best and Moody’s.

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AM Best affirms an excellent Financial Strength Rating (FSR) of A for CNA’s property/casualty subsidiaries and a Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” for them as well. 

Moody’s affirms CNA’s senior unsecured debt rating at Baa2, maintaining an investment-grade rating with a stable outlook.

What Does NSO Nursing Insurance Offer?

The NSO provides professional liability insurance for nurses. This insurance covers for legal fees, settlements, and judgments related to malpractice claims or allegations of professional negligence in the process of practicing nursing.

1. Malpractice Insurance Coverage

So, imagine you’re a nurse doing your job, and suddenly someone accuses you of making a mistake that harmed them during treatment. This policy covers you if you get sued for malpractice, i.e., someone alleges that you did something wrong that caused them harm. It helps pay for legal fees if that happens, so you’re not left dealing with it all on your own.

2. Life insurance

This insurance covers and pays off your mortgage if something unexpected happens to you and you pass away. So, if you have a house and you’re worried about what would happen to your mortgage if you weren’t around anymore, this insurance will provide coverage for you.

It ensures your family won’t have the financial burden of paying for a mortgage and will have a debt-free home. I must confess that the NSO life insurance is a big relief for most families, especially since funerals can be way more expensive than many people think.

3. Disability income insurance

Let’s imagine something happens to you and you can’t work for a while, maybe due to illness or injury. Disability income insurance will cover your bills while you are recovering.

For nurses, it’s crucial to have this kind of coverage as part of their overall plan because it protects them from financial hardship if they can’t work due to health issues.

Is NSO Malpractice Insurance Good for Nurses?
Is NSO Malpractice Insurance Good for Nurses?

Why do Nurses need NSO Malpractice Insurance?

Nurses are really important in healthcare. They work really long hours and sometimes even risk their own safety to help people. That’s why it’s a good idea for them to have malpractice insurance. Malpractice insurance will cover nurses in case something goes wrong while they’re busy saving lives.

I will not only recommend malpractice insurance for nurses alone, but nursing students can also buy the policy.

Research shows that 28% of nursing students face malpractice during their clinical practice. With statistics like this, it’s now obvious that nurses need to protect themselves. NSO malpractice insurance sounds like a smart move to make sure they’re covered if anything goes wrong while they’re caring for patients.

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Here are the top reasons why nurses need malpractice insurance:

1. To Protect your Nursing License

Nurses must have a license from the state’s board of nursing. If you ever get sued, your license could be at risk of suspension or revocation, meaning you might not be able to work as a registered nurse until the case is resolved.

Legal expenses can accumulate quickly, and finding another nursing job could be challenging and time-consuming if you lose your current position due to a lawsuit.

That’s where NSO steps in—they’ll cover you, protect your license, and pay for your legal fees so you can keep doing what you love: nursing.

2. To Protect your Finances

Getting sued for medical malpractice is scary enough, but it gets even scarier when you realize that if you lose, the money awarded to the plaintiff could come out of your own pocket.

They could go after your bank accounts or even your home if you don’t have enough to cover what’s owed. But with NSO professional liability insurance, you’re protected.

They’ll handle the financial aspect, so you can focus on your job without worrying about losing everything you’ve worked hard for.

3. To Cover Legal Charges

Facing a malpractice lawsuit can be tough for nurses, especially when you need to hire an insurance lawyer to defend yourself. Legal fees can add up fast, and if you don’t have private health insurance or other coverage, it can be super expensive.

That’s where you need malpractice insurance. It takes care of those hefty attorney fees so nurses can stay focused on their work instead of stressing about how to pay for legal defense if a lawsuit comes their way.

What Policies does NSO Offer?

NSO offers professional liability insurance for nurses and other healthcare professionals, such as students, LPNs, RNs, ARNPs, and CRNAs.

This coverage typically includes protection against malpractice claims, legal defense costs, and coverage for damages awarded in lawsuits related to professional negligence.

Additionally, NSO may offer other types of insurance, such as cyber liability insurance, personal liability insurance, and employment practices liability insurance.

Is NSO Malpractice Insurance Good for Nurses?
Is NSO Malpractice Insurance Good for Nurses?

Top Benefits of NSO

Nurses who are members of NSO will enjoy the following benefits:

1. Professional Liability Coverage

It’s reassuring to know that if you’re working with a national service organization and something happens, like a volunteer or client gets injured, you’re covered.

NSO steps in to protect you from liability and even provides legal representation if needed. Furthermore, with around $6 million in professional liability coverage, you can feel confident that you’re well protected while doing your job.

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2. License Protection

Working with a national service organization offers more than just protection for your license. If someone files legal charges against you, your license could be on the line, and that’s a big deal after all those years of studying.

But with NSO, your license is in good hands. They’ll handle the process of protecting it, so you can keep focusing on making a difference without worrying about losing your hard-earned credentials.

3. Privacy Protection

Keeping patient information private is important, especially under HIPAA laws. If, unfortunately, there’s a breach and you’re fined for it, NSO will protect you. They’ll cover the costs, typically up to $25,000 per year, so you can focus on your patients’ well-being without stressing about the financial consequences of privacy breaches.

4. Assault Coverage

It’s reassuring to know that NSO offers support in difficult situations like violent assaults. With $25,000 available for the victim, they can use it to cover medical expenses or property damage resulting from the assault.

You see, this financial support can make a big difference in helping the victim recover and move forward after such a traumatic event.

5. Portable Coverage

With NSO, you don’t have to worry about starting a new application process from scratch or enduring long approval waits when transitioning to your next job or position. As long as your new employer is NSO-approved, your coverage remains unchanged.

Even if you switch from full-time to part-time within a year of quitting your previous job, your coverage remains portable. Such flexibility in insurance coverage is invaluable.

6. Cost of Defending Sexual Misconduct

Most insurance policies don’t cover sexual misconduct, but NSO provides coverage for such situations.

If you are involved in sexual misconduct while you’re on or off duty and it’s related to your work, NSO insurance will step in to provide adequate coverage. They’ll cover up to $25,000 for hiring a legal team to defend you.

How much does NSO Malpractice Insurance Cost?

The cost of NSO insurance varies based on your status, coverage choices, and age at enrollment. As a student nurse, you can expect to pay approximately $35 per year for NSO insurance, while professional nurses may pay between $106 and $225 annually.

Conclusion: Is NSO Malpractice Insurance Good for Nurses?

While NSO malpractice insurance offers comprehensive coverage and valuable benefits for nurses, whether it’s the best option depends on individual needs and preferences.

NSO malpractice insurance is a smart move for professionals in any field where lawsuits are a risk, and nursing is no different. Having NSO nursing coverage provides peace of mind and financial protection in case of any legal challenges or malpractice claims.

The truth is that nursing is truly an exhausting profession, and nurses often work long hours to save lives. Therefore, they should be prepared for the possibility of facing lawsuits from patients or their family members.

It’s a reality that comes with the territory, but with the right support, like NSO nursing insurance, nurses can go through these challenges with confidence, knowing they have protection in place.

If you’re a practicing nurse without NSO malpractice insurance, don’t wait any longer—get it today.

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