Pros
There are several advantages to having personal and professional liability insurance that ought not to be disregarded. For instance, it can keep the practitioner focused solely on their work by eliminating potential interruptions. Patients nowadays are more aware of their rights and what they mean. As such, they are more inclined to file a legal complaint against a doctor if they believe they were not given proper treatment.
Having personal liability insurance is beneficial, as facilities may restrict coverage in the event of a lawsuit and may be held liable for the remaining amount. The insurance will then begin to reimburse at that point (NurseJournal Staff, 2021). Nevertheless, having an insurance policy in place reduces worry about the future by lessening the possibility of unfavorable financial outcomes. Suppose the matter is presented before a court, the liability insurance coverage will pay all associated legal expenses.
In addition, if someone is involved in a legal battle, they might need to take a vacation to focus entirely on the issue at hand. If an illness or accident prevents a person from working, their health insurance company must reimburse them for lost income. It is conceivable that pursuing reimbursement of punitive damages does not require the surrender of individual assets.
The professional liability insurance covers a portion of these expenses. This directly protects the professional from financial collapse during the expense settlement process. If something goes wrong and someone fails to secure liability insurance, the consequences could be disastrous for their finances (Guido, 2020). As a result, many nursing forums suggest that nurses get personal liability insurance.
Cons
Although it has advantages, personal liability insurance might not be the ideal option for everyone. One major drawback is the notable increase in the premiums needed for medical malpractice insurance. Professionals are frequently asked to pay exorbitant insurance premiums, even though only a few can afford them (NurseJournal Staff, 2021).
Unfortunately, some people considering a career in medicine may be deterred from pursuing it under such circumstances. Thus, it is an undesirable reality that discourages people from fulfilling their dreams. In this way, ground rules must be established to ensure that every participant is on an even playing field. As a result, there will be more opportunities for people to secure employment in the healthcare sector.
Professional liability insurance jargon can be confusing, particularly when a policy has several names and industry-specific terminology. Therefore, it is a complicated language with complex, diverse policies that only a few can comprehend (NurseJournal Staff, 2021). Equally, how the media have covered the insurance issue has made the situation more challenging.
The media frequently reports on accusations of careless medical treatment (Guido, 2020). Therefore, it has created a brand-new, profitable field of law practice, given the exorbitant amount spent on settlements in these cases. Unfortunately, the emphasis shifted from patient care due to the political climate surrounding professional liability insurance. Sadly, medical practitioners rarely receive appreciation or recognition for their positive impact on patients’ well-being. Thus, this has a detrimental effect on healthcare workers’ morale, which may lead some to quit the field entirely. Patients suffer when many highly qualified specialists leave the sector or pursue other specializations.
References
Guido, G. W. (2020). Legal and ethical issues in nursing (7th ed.). Prentice Hall.
NurseJournal Staff. (2021). Ask a nurse: What is personal liability insurance, and should I get it? NurseJournal.