Nurse Practitioner Malpractice Insurance - Terms to Know
Nurse practitioner malpractice insurance policy details can be confusing, overwhelming, or may even seem unnecessary.
Below is a list of liability insurance coverage terms that you should familiarize yourself with as you research NP malpractice insurance options.
Glossary of Common Terms You’ll Find in Nurse Practitioner Liability Insurance Policies
Assault Upon You – covers expenses which nurse practitioners can incur from a bodily injury or damage to their personal property resulting from an assault while traveling to and from their place of employment
Assets – a resource with economic value, whether that be completely monetary, or a material resource
Biomedical Defense – coverage that protects against claims alleging bodily injury or damage arising from biomedical waste
Damages Incurred – charges or punishment that a nurse practitioner is obligated to pay as a result of a malpractice dispute before malpractice insurance benefits are paid out
Deductibles – the amount of money a nurse practitioner must pay before the insurance company will finance a claim
Deposition fee coverage – financial assistance for fees that result from a deposition that the insured NP is required to attend
Employment Practices Liability – a type of liability insurance that covers wrongful acts arising from the employment process, including wrongful termination, discrimination, sexual harassment, and retaliation
Extended Reporting Period – also known as tail coverage, extends coverage for incidents that happened during the time you had your policy, but a claim was not filed until after the policy was expired or canceled
A – E
F – M
First Aid coverage – financial help to insured NPs in the event of an emergency that requires immediate attention. Expenses can cover things such as the cost of an ambulance or emergency medical procedures
Good Samaritan coverage – protects an insured off duty nurse practitioner who offer help in an emergency situation. They are protected from liability claims if an injury or accident occurs.
HIPPA Defense – covers expenses that result from HIPPA infractions
Incident – an event or occurrence that spurred a liability or medical malpractice claim
Insurance Claim – a request for benefit compensation as a result of a covered incident
Liable – legal responsibility for an action
License Defense coverage – assists insured NPs with expenses incurred from protecting their professional license due to an investigation or proceeding originating from a malpractice claim
Loss of Earnings coverage – provides assistance for lost wages, costs, and expenses due to an insured NPs required attendance at a trial, hearing, or arbitration proceeding as a defendant
Medical Payment coverage – reimburses third parties for medical expenses incurred to treat injuries sustained arising from business activities
Negligence – the failure to exercise care that is reasonably expected of a nurse practitioner
NP Insurance Policy – a contract between an insurer and a nurse practitioner who purchased insurance that details what the insurer is legally obligated to pay if an incident were to arise.
Nurse Practitioner Professional Liability Insurance – also known as malpractice insurance, provides nurse practitioners with financial and legal protection from injuries and damages to patients and or property
Nurse Practitioner Malpractice Insurance – used interchangeably with nurse practitioner liability insurance, malpractice insurance for nurse practitioners is designed to protect professionals from claims of negligence or improper treatment
Premium – monthly or annual payment amount nurse practitioners pay for malpractice insurance (compare nurse practitioner malpractice insurance cost against CM&F competitors)
Risk Management – the process of mitigating the chances of something going wrong
Sexual Misconduct coverage – provides indemnity to insured nurse practitioners for improper sexual misconduct claims including assault, harassment, defamation, or improper handling of misconduct allegations
Workplace/Premises Liability – protects landowners and tenants when someone gets hurt on their property due to dangerous conditions
N – Z
The CM&F Advantage
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CM&F was founded over a century ago. Through up and down markets, CM&F’s dedication to nurse practitioners has never wavered. CM&F remains committed to making it easy and cost effective to secure vital professional coverage with:
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