please follow the instructions. Attachment below. 2-3 references peer review articles.Db1: 200 without reference page included: 2-references APA format peer review articles within 5
years of publication only in USA.
What is the difference between liability and malpractice insurance?
Malpractice insurance is a type of professional liability insurance. Liability insurance is essential as an
advanced practice registered nurse (APRN) due to the increased level of autonomy. Individual
professional liability insurance covers for the care APRNs provide as well as offers protection in the face
of licensure action by their state board of nursing (Joel, 2018). Some facilities/employer’s insurance may
not protect against cases report to the board of nursing. Malpractice insurance would protect against
licensure claims as well as protect them from financial ruin in the case the nurse decides to settle or go
to court – which is a financially burdening process.
Review and investigate insurance for psych NP’s – tell me how the rates compare to rates for FNP’s.
Insurance rates do vary based on specialty. For instance, nurse midwives and anesthesia nurse
practitioners often face higher rate for insurance coverage as they are often the most litigated specialty
(Joel, 2018). Without getting a direct quote from an insurance company it is hard to determine whether
pysch or FNP face higher rates. However, FNP and Adult NP had highest numbers of malpractice claims
made in a 2012 study – as many at 75.5% of the sample size (Joel, 2018). It can reasonably be assumed
from that set of data that FNP have higher rates due to a higher likelihood of litigation than does an
PMHNP.
Interestingly, there is not significant changes in cost of insurance for APRN in full practice authority
states versus those who practice in states who have not achieved full practice authority (Joel, 2018)
What if you are double boarded in psych and FNP? Are you required to carry double the insurance?
A nurse practitioner should carry insurance that covers the scope of her work. If he/she is double board
certified they should in family and psychiatric care they should ensure their insurance covers
malpractice for both specialties. The APRN can elect to carry two separate policies, one for each
specialty, or find a policy that covers the scope of their work.
References
Joel, L. A. (2018). Advanced practice nursing: essentials for role development (4th ed.). Philadelphia, PA:
Davis.
Db2: 200 without reference page included: 2-references APA format peer review articles within 5
years of publication only in USA.
What is the difference between liability and malpractice insurance?
Liability insurance and malpractice insurance are the same thing. Both types of insurance give you
protection against a third party if they try and bring legal action against you for alleged negligence in
professional care or failure to administer professional care. Most employers will have malpractice
insurance for you as part of your employment package, but it is also common for providers to purchase
their own liability or malpractice insurance in addition to their employers in case there is a case brought
against them and more protection is needed (American Nurses Association, 2007).
Review and investigate insurance for psych NP’s – tell me how the rates compare to rates for FNP’s.
I found it difficult to find exact quotes for insurances. On CM&F group insurance website I found a deal.
That states a new graduate deal for insurance for the first 5 years of practice. For PMHNP’s it lists $175
for year one and progressing to $850 the fifth year and for FNP’s it lists $325 for year one progressing to
$1,200 the fifth year. It is known that the rates of NP insurance vary based on the specialty that you are
in and the risk that accompanies that specialty (Porche, 2018).
What if you are double boarded in psych and FNP? Are you required to carry double the insurance?
You are not required to carry double insurance to be double certified. You can get insurance policies
that cover you for both and you will still be covered under your employer’s insurance policies. It is
advised that a NP should purchase as much insurance as they can afford in order to make sure they are
covered if they are sued (Porche, 2018).
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