Nurse Practitioners Insurance – What Kind and at What Cost

Whenever you budget the expenses of your business, Nurse Practitioners insurance must be included in the list because you can’t always know exactly what could happen in the future.

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With the protection provided by general insurance and all the other sorts of insurance we will tell you about, you can protect your business and yourself in case something unwanted happens.

Like any business owner, for your Nurse Practitioners enterprise, you must consider how much financial danger you are taking on.

Business Insurance for Nurse Practitioners

If your Nurse Practitioners business runs without proper insurance, you are taking a giant chance not just of losing some money but of a total wipe-out.

This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the upshots of their actions. 

In this article, we are giving very general guidelines for small businesses to explain what the main kinds of insurance that you need are, and where available, a rough guide to how much you can expect to pay.

The question is, can you afford to NOT have insurance for your Nurse Practitioners business?

What this means, for any Nurse Practitioners business owner, is that if some customer claims that your business caused them some physical or economic damage, a court can award damages far beyond the total size of your business.

Your Nurse Practitioners business is not sheltered by laws in the same way as states are, where edicts can place a “cap” on the maximum level of liability.

In some states, like Montana, there are specific monetary levels that limit the amount a court can award in any case against the state.

In a court case, it’s purely the privilege of the jury to award whatever amount they deem appropriate, even sometimes giving a person more than they have sued for.

When you are running your Nurse Practitioners operations, you can’t deny responsibility for the outcomes of your actions.

Even more importantly, unless you have spent up-front the money necessary to have your business running as a corporation, all of that liability belongs to you alone.

What does Nurse Practitioners insurance protect you from?

For your Nurse Practitioners business, the most important kinds of insurance are intended to cover the risks to your business from accidents, from unexpected events, and from mistakes.

Also there are some mandatory kinds of insurance that various states require.

In the next few paragraphs, we will explain the most important points any Nurse Practitioners business owner should remember when negotiating the insurance needed.

The main categories of insurance for your Nurse Practitioners businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Nurse Practitioners business is dealing directly with other people, and that means you always have the danger that some accident can happen to them themselves or else something of theirs can be damaged.

In such a case, they can require compensation.

General liability insurance policy for your Nurse Practitioners business covers you against claims coming from injury to clients or damage to their property.

It protects your Nurse Practitioners business from the claims themselves and also to any resulting court costs and legal fees of the lawsuits.

In many cases, it will even help you to qualify for extra business from city and state organizations, where contracts require proper liability insurance.

The average level of general liability insurance for your Nurse Practitioners business would be with a cap of $1 million for a single submission and a total of $2 million for the whole year.

See the table in the costing section below for average prices of general liability insurance for your Nurse Practitioners insurance operations.

Professional liability insurance for your Nurse Practitioners business

In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Nurse Practitioners business for them, you can quickly be involved in a monetary claim.

Even if the matter against you is judged in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.

Almost all small Nurse Practitioners business should have enough professional liability insurance to cover a once-off claim of $25,000, with annual cover of $50,000.

See the table in the cost of Nurse Practitioners insurance section below for average prices of professional liability insurance for your Nurse Practitioners operations.

Product liability insurance

Whatever goods you sell or advice you give about the goods, you are running a risk that clients may claim that what you delivered didn’t meet your description of function, or that your guidance was basically incorrect.

You need to be aware of the specific laws of product liability in your own state.

For example, in California, all businesses in the supply chain can be held liable for injuries caused by products claimed to be defective.

To cover yourself against any possible lawsuit, you need Product liability insurance for Nurse Practitioners

Only you can know exactly how much insurance you need.

Best advice is to talk to experienced insurance agents, brokers or company representatives for guidance.

Commercial insurance

Commercial vehicle insurance for your Nurse Practitioners business

Beware! – almost all policies for private vehicle insurance do not cover any occurrence like theft or accidental damage when the vehicle is being used for business purposes.

The proper way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a proper commercial vehicle insurance package.

Commercial car policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.

Also, in case of any accident, the car itself, the content and any legal bills, medical expenses, and property damage is covered if your car is involved in an accident.

Most states, other than Virginia and New Hampshire, require this type of insurance.

The necessary value of the insurance depends on the depreciated value of the vehicle, and your intended level of cover of contents. 

Tools and Equipment insurance

Since your Nurse Practitioners business needs specialized and dedicated equipment, you can appreciate how much it can cost to replace it in case of any damage, loss, or theft.

The gear may be subject to malicious damage, deliberate fire, theft, other such unpredicted acts.

Also, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can wipe-out your whole business in one stroke.

Unless you can afford to immediately replace such specialized gear quickly out of your own pocket, you should have full-level equipment insurance so that you can immediately buy any equipment needed to keep your Nurse Practitioners business running.

It is difficult to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your Nurse Practitioners business’ equipment.

Commercial Property insurance

Any Nurse Practitioners business that owns or rents space in a building must have a commercial property insurance policy.

If you own the property, you certainly have a substantial capital investment, as well as a big liability if there’s a mortgage.

Any physical building location must carry insurance coverage for the value of the premises and contents against unexpected occurrences like fire and storms, and against deliberate damages like theft and vandalism.

If your Nurse Practitioners business works in areas of high risk, like Florida or North Carolina, extra coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Illinois, where extreme cold snaps can cause damage to outer coverings of Nurse Practitioners business premises, there is a need for more additional cover than in warmer climes.

Because the level of cover depends mainly on the value of the property, it’s not possible to say what cover your need, but we have been able in the table in the cost of Nurse Practitioners insurance section below to give some indication of the average prices per million dollars of property insurance for your Nurse Practitioners business.

Temporary insurance by month, week or day for your Nurse Practitioners business

Is your Nurse Practitioners business working part-time or casually, or is the level of business seasonal?

Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for Nurse Practitioners – are special policies where you can cover a nominated period when you want to be covered.

By only paying for that period of cover, you will save by having reduced premiums but still having identical risk cover.

The essential feature of short-term insurance is that you pay for the cover for a defined period – a designated date, or a week or month starting on a specific date, for example for 30 days beginning on the specified date.

When you are expecting periods of higher business activity, get the existing cover raised.

Talk to your insurance agent, broker or the company’s representatives to see what options you have.

Business Owners Policy BOP for your Nurse Practitioners business

You have the chance to combine several of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.

A BOP merges commercial property and public liability insurance by packaging these coverages into one insurance policy, which can save you money.

BOP insurance will shield you if any claims of injury or property damage are made.

It is often the right choice for small and medium-sized Nurse Practitioners businesses, such as yours.

There are a few limits that will determine whether BOP is suitable for your own business.

BOPs will not cover your professional liability or commercial vehicle policies.

Also, the size of your business will rule whether you are allowed to take out BOP cover.

The usual business that is eligible for a BOP policy must have fewer than one hundred employees, and maximum five million dollars in annual revenue.

Plus, you must separately take out the mandated worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your Nurse Practitioners business employees

In many states, it is mandatory to have workers compensation insurance when your Nurse Practitioners business has one or more employees.

Workers compensation insurance covers the business against any costs that arise if an employee experiences an injury or becomes sick as a result of work.

The benefits provide for medical expenses, death benefits, lost wages, and vocational rehabilitation.

Failure to meet a state’s regulations in this regard can leave you as the employer obliged to pay penalties levied by the states.

Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only allow coverage from the government-run monopoly state funds.

In these states, you may not obtain your workers compensation obligations from private insurance providers.

Workers compensation premiums are calculated based on the employee’s pay, and usually come out at around $1.00 per $100 per month.

However, you must consult the relevant authorities in your state.

Average costs of these types of insurance

Although every Nurse Practitioners insurance need is unique, there are enough examples of usual quotes from insurance companies for us to give appropriate guidelines, including what are the cheapest rates offered.

Of course, you should always check with an agent what’s relevant for your business.

The list below is of annual premiums we have gathered for the main types of insurance your Nurse Practitioners businesses needs.

Types of insurance Price range
Commercial insurance $875 – $2195
Commercial vehicle insurance $1750 – $2905
General liability insurance $670 – $945
Product liability insurance $225 – $755
Public liability insurance $325 – $715
Equipment insurance $310 – $1155

Cost of insurance for your Nurse Practitioners operations depends on many different factors.

We have estimated these figures for small independent Nurse Practitioners businesses.

In larger states like Texas, premiums are generally about 20%-30% higher than national averages, while in smaller states like New Mexico, they can be about 20%-30% lower.

The location and size and type of your Nurse Practitioners business can have a big effect on the cost of different policies.

You should discuss with professional insurance agents and brokers, or insurance company representatives.

As well you can let the internet do the work for you by enquiring about insurance companies near where your business is located.

Another useful source of information is the local Better Business Bureau in your town.

FAQ

What is small business insurance for Nurse Practitioners operations?

This is a wide term used to describe basic insurance policies designed to protect Nurse Practitioners business owners from risks like bodily injury, property damage, claims of negligence.

Does my Nurse Practitioners business have to have insurance?

Some of the types of insurance are not mandatory for you to run your business, but they can protect you from risks in your business operations.

Several other forms are required by state law, such as workers compensation and vehicle insurance.

What does a small Nurse Practitioners business insurance policy cover?

Liability insurance provides coverage against lawsuits or claims filed by a customer for bodily injury, property damage, or negligence.

The specific cover will vary based on your own operations.

See the table in the costing section above for average prices of the most common policies for Nurse Practitioners insurance.

How much will Nurse Practitioners business insurance cost?

As well as the size of the business, several other factors, such as location and claims history, are used to determine your policy’s cost.

You should talk to professional insurance agents and brokers, or insurance company representatives.

You can search for more information insurance for Nurse Practitioners, in the search box below, and follow the relevant links.

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