Supervising Nurse Insurance – Cost and Coverage

Whenever you budget the expenses of your business, supervising nurse 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 insurance against accidents and all the other types of insurance we will tell you about, you can protect your business and yourself in case something unforeseen happens.

Like any business owner, for your supervising nurse enterprise, you must consider how much financial liability you are taking on.

Business Insurance for supervising nurse

If your supervising nurse business runs without proper insurance, you are taking a giant chance not just of losing some money but of a complete 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 growing businesses to highlight 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 supervising nurse business?

What this means, for any supervising nurse 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 supervising nurse 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 New Jersey, there are specific monetary levels that limit the amount an adjudicator can award in any case against the state.

In a court case, it’s purely the right of the jury to award whatever amount they deem appropriate, even sometimes giving a plaintiff more than they have claimed.

When you are running your supervising nurse operations, you can’t avoid responsibility for the outcomes of your actions.

Even more importantly, unless you have spent beforehand the money necessary to have your business running as a limited liability company, all of that liability belongs to you as a person.

What does supervising nurse insurance protect you from?

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

In addition there are some official kinds of insurance that various states require.

In the next few paragraphs, we will outline the most important points any supervising nurse business owner should know when negotiating the insurance needed.

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

Liability insurance

General liability insurance

Any supervising nurse business is dealing directly with customers, and that means you generally have the danger that some accident can happen to them bodily or else something of theirs can be spoiled.

In such a case, they can require compensation.

General liability insurance policy for your supervising nurse business protects you against claims coming from injury to clients or damage to their property.

It protects your supervising nurse business from the claims themselves and in addition to any associated 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 supervising nurse business would be with a cap of $1 million for a single event 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 supervising nurse insurance operations.

Professional liability insurance for your supervising nurse business

In the event where a client alleges some negligence, errors, or omissions in how you conducted your supervising nurse business for them, you can quickly have to fight a court case.

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

Almost all small supervising nurse business should have enough professional liability insurance to cover a single claim of $25,000, with annual cover of $50,000.

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

Product liability insurance

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

You need to know the explicit laws of product liability in your own state.

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

To cover yourself against any likely lawsuit, you need Product liability insurance for supervising nurse

Only you can estimate exactly how much insurance you need.

Best advice is to consult with experienced insurance agents, brokers or company representatives for help.

Commercial insurance

Commercial vehicle insurance for your supervising nurse business

Beware! – practically all policies for private vehicle insurance do not cover any happening like theft or accidental damage when the car 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 insured if your truck is involved in an accident.

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

The wanted 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 supervising nurse business needs specific and costly equipment, you can appreciate how much it can cost to replace it in case of any damage, loss, or theft.

The equipment may be subject to malicious damage, deliberate fire, theft, other such unforeseen acts.

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

Unless you can afford to immediately replace such unique gear quickly out of your own pocket, you must have full-level equipment insurance so that you can immediately buy any equipment needed to keep your supervising nurse 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 supervising nurse business’ equipment.

Commercial Property insurance

Any supervising nurse 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, along with a big liability if there’s a mortgage.

Your physical building location should carry insurance coverage for the value of the premises and contents against unexpected occurrences like fire and storms, and against man-made damages like theft and vandalism.

If your supervising nurse business works in areas of high risk, like California or Georgia, additional coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Washington, where intense cold snaps can cause damage to outer coverings of supervising nurse business premises, there is a need for more additional cover than in warmer climes.

Whereas the level of cover depends entirely 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 supervising nurse insurance section below to give some idea of the average prices per million dollars of property insurance for your supervising nurse business.

Temporary insurance by month, week or day for your supervising nurse business

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

Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for supervising nurse – are special policies where you can cover a specific 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 the same risk cover.

The key feature of short-term insurance is that you purchase the cover for a defined period – a nominated 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 larger business activity, get the existing cover increased.

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

Business Owners Policy BOP for your supervising nurse business

You have the choice 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 integrates commercial property and public liability insurance by packaging these coverages into one insurance policy, which can save you money.

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

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

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

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

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

The typical business that can take out a BOP policy must have no more than one hundred employees, and maximum five million dollars in annual sales.

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

Workers Compensation insurance for your supervising nurse business employees

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

Workers compensation insurance covers the business against any costs that arise if any hired hand 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 required to pay penalties levied by the states.

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

In these states, you cannot take out 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 supervising nurse insurance level is unique, there are enough examples of average 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 insurance representative what’s relevant for your business.

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

Types of insurance Price range
Public liability insurance $275 – $785
General liability insurance $680 – $1015
Product liability insurance $270 – $550
Equipment insurance $380 – $1100
Commercial insurance $905 – $2925
Commercial vehicle insurance $1830 – $2800

Cost of insurance for your supervising nurse operations depends on many different factors.

We have reckoned these figures for small independent supervising nurse businesses.

In larger states like Texas, premiums are generally about 20%-30% higher than national averages, but in smaller states like Oregon, they will be about 20%-30% lower.

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

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

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

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

FAQ

What is small business insurance for supervising nurse operations?

This is a general term used to describe common insurance policies designed to protect supervising nurse business owners from risks like bodily injury, property damage, claims of negligence.

Does my supervising nurse business have to have insurance?

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

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

What does a small supervising nurse business insurance policy cover?

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

The exact cover will vary based on your own operations.

See the table in the costing section above for average prices of the recommended policies for supervising nurse insurance.

How much will supervising nurse 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 discuss with professional insurance agents and brokers, or insurance company representatives.

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

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