Why do travel nurses need business insurance?
Travel nurses take temporary positions, which means they might not always know the nuances of a workplace. Business insurance is crucial, as it can cover costs if you make a documentation error in an unfamiliar system, or face an accusation of substandard care.
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What types of business insurance do travel nurses need?
These insurance policies cover common risks faced by travel nurses.
Professional liability / medical malpractice
This travel nurse liability insurance covers attorney's fees and other expenses related to professional negligence, such as failure to monitor a patient.
- Documentation errors
- Mistakes in medications
- Failure to follow standard of care
Workers’ compensation insurance
Most states require workers' comp for businesses that have employees. It also protects nurses who work independently from work-related medical bills that health insurance might deny.
- Employee medical expenses
- Disability benefits
- Legal fees from employee injuries
Business owner’s policy
A business owner's policy, or BOP, is a cost-effective way for travel nurses to buy commercial property insurance and general liability coverage together.
- Bodily injuries from accidents
- Damaged patient property
- Stolen or damaged business property
General liability insurance
A general liability policy covers legal defense costs from third-party accidents, such as an elderly patient who slips and suffers an injury. It's often required for a commercial lease.
- Slip-and-fall injuries
- Accidental damage to patient property
- Libel and other personal injuries
Cyber insurance
This policy helps travel nurses pay costs associated with data breaches and cyberattacks. It can often be added to a business owner's policy or general liability policy for savings.
- Customer notification costs
- Data breach investigations
- HIPAA data breach fines
Commercial auto insurance
Most states require commercial auto insurance for vehicles owned by a travel nurse's business. It helps cover the cost of accidents involving your business vehicle.
- Damage caused by your vehicle
- Medical bills from an auto accident
- Vehicle theft and vandalism
How much does business insurance cost for nursing professionals?
A travel nurse who works independently will pay less for insurance than a larger practice.
Factors that affect premiums include:
- Scope of practice and healthcare services
- Medical equipment and property
- Where your organization operates
- Years of experience
- Types of insurance purchased
- Per-occurrence and aggregate limits of liability
- Deductibles
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How do I get travel nurse insurance?
It's easy to get travel nurse malpractice insurance and other policies if you have your business information on hand. Our application will ask for basic facts about your business, such as revenue and scope of practice. You can buy a policy online and get a certificate of insurance with Insureon in three easy steps:
- Complete a free online application
- Compare insurance quotes and choose policies
- Pay for your policy and download a certificate
Insureon's licensed insurance agents work with top-rated U.S. providers to find the right insurance plan for travel nurses and other nursing professionals, such as nurse anesthetists, nurse practitioners, and caregivers, whether you work part-time, full-time, or have employees.
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FAQs about business insurance for travel nurses
Are travel nurses required to carry malpractice insurance?
Travel nurses rely on malpractice insurance, sometimes referred to as a professional liability insurance policy, to pay for costly lawsuits related to professional negligence. While similar in nature, you might need both malpractice and professional liability coverage depending on your risks. There are several reasons why you might need this coverage:
- State laws might mandate it. For example, all advanced practice registered nurses (APRNs) in Florida must carry malpractice insurance, but it's not required in Texas.
- Your employer may require it. The healthcare facility you work for may require you to carry malpractice coverage, even if it's not required by state law.
- Independent contractors are not covered. If you work as an independent contractor, your employer's policy will not provide coverage and you will need to secure your own malpractice insurance policy.
Fortunately, it's possible to save money on malpractice insurance costs. Insureon's easy online application lets you compare quotes to find the best possible rate. You can customize your coverage options to match your specific needs and your budget.
Do travel nurses get insurance benefits from their employer?
Yes, travel nurse staffing agencies often provide insurance coverage to defend against malpractice suits. However, it likely only covers you while you're actively under contract. Your employer's coverage may also be limited to certain situations.
To ensure you're fully protected, it's worth investing in your own policy. This gives you the advantage of choosing your own legal representation in court, too.
It's important to maintain coverage, as malpractice insurance is usually sold as a claims-made policy instead of an occurrence-based policy. That means the policy must be active when the claim is filed for you to collect on a claim.
What other liability insurance do travel nurses need?
Travel nurses may need additional protection depending on the type of work they do and their risks. Fortunately, it's possible to modify your malpractice insurance to cover a wide range of claims, including:
- Telemedicine / telehealth coverage
- HIPAA defense coverage
- Nursing license protection
- Sexual misconduct defense coverage
- Portable coverage for volunteer or per diem work
Consult a licensed insurance agent to find out about any exclusions or to add other types of coverage to your policy.