How much is nursing insurance?

Nurses pay an average of $41 per month, or $486 per year, for general liability insurance.

General liability insurance covers the most common risks of working with patients and their families, including third-party property damage and bodily injuries. For example, if a patient slips on a recently mopped floor and breaks their hip, this policy would pay for the resulting medical bills or legal fees.

A general liability policy can also pay for lawsuits related to advertising injuries, including copyright infringement and defamation. This makes it essential for nurses who promote their services on social media or a website.

You might need general liability coverage to get a business license, sign a lease for an office or clinic, or partner with a specific healthcare network or agency. A certificate of insurance (COI) shows you're protected against financial losses in the event of an accident, which makes it less risky to work with you.

Below is the average general liability policy for nurses who buy from TechInsurance:

Premium: $41 per month
Policy limits: $1 million per occurrence; $2 million aggregate
Deductible: $500

The cost of general liability insurance is based on numerous factors, including the type of nursing you do, the policy limits and deductible you choose, the size and location of your business, the number of employees you have, and any exclusions or endorsements on your policy, such as an additional insured.

Nursing professionals pay an average of $57 per month, or $685 per year, for a business owner's policy (BOP).

A business owner's policy bundles general liability coverage with commercial property insurance at a discount. It provides insurance for your clinic in the event of theft or property damage, and also protects against common third-party claims.

For example, a BOP would cover costs if a fire damages your clinic, or if a patient slips on a wet floor and breaks their arm. It would also pay for lost or damaged patient property.

You can include other types of coverage with a BOP. Business interruption insurance, also called business income coverage, covers lost profits and operating expenses if your clinic is forced to close temporarily.

In addition, equipment breakdown coverage insures MRI machines and other medical equipment you depend on, in the event they suffer a mechanical or electrical failure.

This is the average business owner's policy for nurses who buy from TechInsurance:

Premium: $57 per month
Policy limits: $1 million per occurrence; $2 million aggregate
Deductible: $1,000

Healthcare businesses that qualify for a BOP usually are small in size (fewer than 100 employees) and low risk. Learn more about business owner's policy eligibility.

The cost of a business owner's policy depends on factors such as the value of your business property, the policy limits you choose, your location, and the amount of foot traffic in your clinic.

Nurses pay an average of $45 per month, or $542 per year, for medical malpractice insurance.

Nursing malpractice insurance covers lawsuits related to professional negligence that harms a patient. For instance, a nurse might administer the wrong medication, make an error in a patient's medical chart, or fail to turn a patient enough to prevent bedsores.

Healthcare networks, hospitals, and other healthcare facilities usually require nurses to carry this coverage, as it'll pay for malpractice lawsuits that might otherwise impact them. State boards sometimes include this coverage as part of their nursing license requirements.

This is the average malpractice insurance policy for nurses who buy from TechInsurance:

Premium: $45 per month
Policy limits: $1 million per occurrence; $3 million aggregate

In other industries, you may see this coverage called a professional liability insurance policy or errors and omissions insurance (E&O). This type of insurance is a claims-made policy, which means you must keep it active in order to file a claim.

You can customize malpractice insurance with endorsements, such as tail coverage, license defense coverage, first aid reimbursement, and sexual misconduct coverage.

Insurers consider several factors when determining malpractice insurance costs for nurses, including the coverage limits and deductible you choose, the size of your practice, the type of nursing you do, and your claims history.

Nursing professionals spend an average of $43 per month, or $514 annually, on workers' compensation insurance.

Workers' comp covers medical expenses and disability benefits when you or an employee suffers a work-related injury or occupational illness. Most policies include employer's liability insurance, which pays for legal costs if an employee sues their employer over an injury.

For instance, if a nurse sprains their back from lifting and turning patients, this policy would pay for their doctor's appointment, prescriptions, and physical therapy. It would also reimburse the nurse for part of the wages they would otherwise lose while recovering and unable to work.

Each state has its own workers' compensation laws, but typically you need this coverage if you have full-time or part-time employees.

In California, you need workers' comp as soon as you hire one employee, while in Florida it's only required when you have four or more employees. In Texas, coverage is optional.

Even though workers' comp may not be required for sole proprietors, it's still recommended, especially in a risky field like healthcare. Most health insurance plans can deny claims for injuries that happen on the job, which is why you should consider supplemental coverage.

The cost of workers' compensation mostly depends on the number of employees you have and the type of work they do. Other factors, such as the cost of healthcare in your state, can also affect your premium.

The average cost of cyber insurance for nurses is about $50 per month, or $594 annually.

This policy helps nursing professionals and healthcare facilities recover after a data breach or cyberattack. It can pay for data breach investigations, customer notifications that may be required by state laws, and PR campaigns to help fix your business's reputation.

Cyber insurance can also help with fines and penalties that result from HIPAA violations. For instance, a skilled nursing facility might be fined for losing an unencrypted device that had patient data on it.

You might also see this policy called cyber liability insurance or cybersecurity insurance. It's strongly recommended for any business that handles personal information, such as protected health information (PHI), email addresses, or Social Security numbers.

The cost of cyber insurance depends on the amount of sensitive information handled by your business, the numbers of employees who can access it, and the strength of your cybersecurity.

Healthcare professionals, including nurses, pay an average of $212 per month, or $2,544 per year, for commercial auto insurance.

This policy covers financial losses if your company vehicle is involved in an accident. It can pay for any harm caused by your vehicle, such as bodily injuries or property damage, along with legal defense costs if you're sued.

Depending on the type of auto insurance you buy, you can also get insured for vehicle theft and damage to your vehicle from vandalism, fires, collisions, or objects like tree limbs.

Most states require commercial auto insurance for vehicles owned by a business. Each state has its own requirements for the amount of insurance you need.

Personal auto insurance won't cover business driving, which is why you might need supplemental coverage. If you drive a personal, rented, or leased vehicle for work, then you can protect against lawsuits with hired and non-owned auto insurance (HNOA) instead.

The cost of commercial auto insurance varies depending on how often you drive, the value of your vehicles, the driving records of your employees, the coverage options you choose, and other factors.