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Understanding Nurses Insurance
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As demand for your skills grows, the need to ensure your nursing business remains protected. One way to do this is to invest in nurses business insurance.
Nurses business insurance refers to professional indemnity insurance and public and products liability insurance for nurses to protect their occupation and nursing business.
This article will delve into the following topics related to nursing specific professional indemnity insurance and public and products liability insurance in Australia:
- Benefits of nurses insuranceÂ
- What does upcover’s nurses insurance cover?
- What could go wrong: Nursing Business VulnerabilitiesÂ
Benefits of nurses insurance
Boost your employment prospects: A quick look at some nursing job requirements on LinkedIn and Seek will show you that having professional indemnity insurance for nurses is a must-have for many employers. Public and product liability insurance for nurses may also be needed when applying for a job.
Critical for freelancers, contractors: Nurses working as freelancers, part time nurses and contractors may not be covered by their employer for professional errors or mistakes that might lead to client injuries or loss. For contracted nurses, investing in professional indemnity and products and public liability insurance becomes even more critical.Â
Proof of insurance: It may be required to show proof of insurance that confirms you’ve got the required professional indemnity and public and products liability ready at fingertips. If you have this, it’ll be more easy to find places to work, and clients may find it reassuring to work with you.
Legal costs: Your professional indemnity insurance may cover the legal costs of a lawsuit or if a formal complaint is made. Professional indemnity could also cover settlement costs, and investigation costs.
Out of court settlements: Your nurses professional indemnity policy may cover out of court settlements.
A safety net: Wouldn’t you be best knowing you’ve got your back covered with insurance in case a mishap were to occur? Nobody plans on making mistakes but it shouldn’t mean your professional life or financial wellbeing should suffer.
Focus more on your business activities: Knowing you’ve taken steps to improve your financial safety also allows you to put all your efforts in taking your business to greater heights as opposed to second guessing every decision you take.
What insurance does upcover offer for nurses?
Both professional indemnity and public and products liability insurance are covered when you buy your nursing insurance through upcover.Â
What is professional indemnity?
Professional indemnity insurance protects you for claims made against your nursing business in the course of providing your professional services in Australia.
What this means is - professional indemnity comes into picture if your client sues you over something you allegedly did in the course of offering your nursing services that has resulted in some harm or financial loss to your client.Â
Professional indemnity also covers you if a client sues you over something you were supposed to do but allegedly did not do. For example, not providing adequate assistance may lead to further damage in your client, and medical treatment and expenses that they may want you to pay for.Â
What is public and product liability?
Public liability insurance protects you against any liability if someone is injured on your premises or while you are providing your services. Someone slipping and falling over a puddle of water and sustaining injuries may blame you for not maintaining safety on your premises.
Products liability insurance protects you for claims made against any products you sell or supply to a third party in Australia. This might be a claim arising from a faulty product that injured someone.Â
Specifically, the nurses professional indemnity and public and products liability insurance covers the following events:Â
- Third party physical Injury
- Trips, Slips and FallsÂ
- NegligenceÂ
- Error of JudgmentÂ
- Bad Professional Advice
- Third Party Property DamageÂ
Check out upcover’s instant quote generator. Get an instant quote in seconds and get covered with professional indemnity and public and product liability insurance in minutes!
What could you be sued for?
The list isn’t exhaustive but should give you a general idea:
• Covering medical costs (current and future) for a client that is injured
• Loss of income when the client is off work
• Loss of a client's earning capacity when the client is off work
• Additional compensation if the damage to the client is permanent/long-lasting
• Mental trauma, pain and suffering of the client from the injury.
Get your instant quote today! Check out upcover’s instant quote generator, all you have to enter is your occupation and expected revenue for us to give you an estimate on your nursing insurance policy!
‍Information provided is general advice only and has been prepared without taking into account any person's particular objectives, financial situation or needs. Read the relevant Product Disclosure Statement or Policy Document available at www.upcover.com and consider whether it's appropriate before making any decisions about whether to buy a product.
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