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Business Insurance For Nurses

 Compare business insurance quotes with Savvy to find the best policy for nurses. 

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, updated on July 26th, 2023       

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We’ve partnered with BizCover to bring you a range of business insurance policies to help you compare them side by side.

Nurses can sometimes be so busy looking after other people that they forget to take care of their own needs. However, having comprehensive insurance coverage is vital for all nurses and allied health professionals, offering protection to medical professionals just in case something goes wrong.  

You can compare quotes for many types of business insurance here with Savvy, which will only take a few minutes out of your day. Just answer a few simple questions about your employment and you’ll have multiple quotes from a range of respected insurers to consider instantly. Use our quick and easy comparison service to make sure you get the best value insurance as a nurse today. 

What types of insurance should I buy as a nurse?

There are several types of business insurance you should consider as a nurse. However, it’s always worth comparing a range of quotes to make sure you’re getting the best deal, whether or not you choose to be insured through your union or independently. The main types of cover to consider are: 

Professional indemnity insurance 

Professional indemnity insurance covers you against claims that the nursing service you provided was either incorrect or negligent. This type of insurance (sometimes also called nurse malpractice insurance) can offer you protection against many types of claims, including: 

  1. Allegations the care you provided was incorrect, ineffective or unsuitable  
  2. Claims the care you provided caused personal injury 
  3. Claims the advice you offered was incorrect, negligent, misleading or contrary to professional standards  
  4. Allegations of misconduct (either clinical or administrative) 
  5. Administering an incorrect medication or dose to a patient 
  6. Failure to accurately carry out instructions for the care of a patient 

Professional indemnity insurance is compulsory for all nurses and other health professionals in Australia and can sometimes be provided as part of your union membership. The Nursing and Midwifery Board of Australia has minimum requirements for professional indemnity insurance for all enrolled and registered nurses and midwives. 

Cover starts at $250,000 and can go up to $10 million or more. On top of any union or board requirements, the amount of cover you require may depend on the setting in which you are employed, such as whether you are a contract nurse or employed by a hospital or clinic, so check with your employer as to what level of insurance you need. 

What it covers 

  1. Payment of compensation if there’s a successful claim against you 
  2. Payment of court-awarded damages to the litigant 
  3. Cover for your legal defence costs 
  4. Cover for the cost of disciplinary proceedings or investigations 

Public liability insurance 

Public liability insurance is also essential for anyone who has regular contact with members of the public. It’ll cover you against claims that your actions caused injury to a member of the public or damaged their property. This insurance can offer between $5 million and $20 million worth of coverage. 

What it covers:  

  1. Third-party personal injury claims 
  2. Damage to a third party’s property 
  3. Legal fees to defend yourself 

Cyber liability insurance 

Unfortunately, cybercrime is just as frequent in Australia as it is around the world. If you’re a nurse (or work in another allied health field such as occupational therapy) who is required to store confidential patient information, you may wish to consider protecting yourself in case there’s an illegal attempt to gain access to confidential medical information. This could result from having your laptop containing confidential information stolen or hacked, for example. Cyber liability insurance can offer protection from a wide variety of cybercrime. 

What it covers 

  1. Data breaches including theft of client information stored on a computer or laptop 
  2. The cost of a forensic investigation into the cause of the breach 
  3. Data recovery costs 
  4. Cyber extortion and denial of service threats 
  5. Crisis management costs 
  6. Advertising and communicating with customers 
  7. Legal costs including any fines and penalties imposed

What isn’t covered under business insurance for nurses?  

The most common exclusions for the above types of insurance include:  

  1. Injury to yourself or your employees 
  2. Unlawful activity or criminal negligence 
  3. Reckless behaviour or intentional damage 
  4. Anything to do with asbestos 
  5. Any effects of pollution caused by your business activity 
  6. Damage to computer hardware 
  7. Upgrading of a system not related to cybercrime 
  8. Power outages or failure of satellite or telecommunication services 
  9. Prior known circumstances or risks 

How much will my liability and malpractice insurance policy cost as a nurse? 

There is no set cost for an insurance policy, as each applicant is different and faces unique risks. Many factors influence the cost of business liability insurance, including the following:   

  • The state you live in  
  • Whether you work in a rural or urban area 
  • Whether you’re an employee, contractor or run a business 
  • Your business size and turnover  
  • If you have any employees 
  • Your insurance history 
  • Whether you’ve made an insurance claim in the past five years 

The main factor which will affect the cost of your insurance is the occupation you’re in. All businesses in Australia are classified according to the risk their industry poses, and are allocated a risk ratio. These ratios are used by insurers to calculate the comparative risk of any one business or individual compared to another. 

However, the cost of insurance also varies depending on where you live. For example, a nurse buying public liability insurance in Western Australia may not receive the same policy cost as one in Victoria. 

There are many more variables that will affect the cost of your public liability insurance, so the best way to find out how much your insurance will cost is to get a free, no-obligation quote through Savvy so you can have exact numbers to compare. Whether you’re employed in a hospital or private practice or run your own business, you’ll be able to consider a range of policies from top insurers with us. 

Why do I need liability insurance as a nurse?

You worked hard to get qualified, and you may have spent a lot of time setting up your own business too, so it makes sense to want protection in case things go wrong. Because we’re all human, mistakes can happen, so you want to know you’re protected just in case you are the subject of a legal claim. 

Business liability insurance offers protection in case certain unforeseen events which are included in your policy do happen. It can give you peace of mind knowing you can be protected from a wide range of incidents and occurrences. If you have adequate insurance, you’ll stand a much better chance of defending yourself and getting back on your feet quickly if an issue does arise.

Types of business insurance

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Frequently asked questions about business insurance for nurses

Do nurses and other allied health professionals who run their own private business need management liability insurance?

Yes – many contract nurses and other allied health professionals who operate as sole traders or run small businesses opt to take out management liability insurance as an additional precaution. This is particularly important if your business employs several other people as well. This type of insurance can help protect you from claims of corporate mismanagement, such as unfair dismissal.  

What is run-off cover and do nurses need it?

Run-off cover is a type of professional indemnity insurance that protects nurses against claims made after they have ended their career. It offers insurance coverage for several years following retirement just in case a claim is made years after the original professional service was provided. Nurses are required to have this type of coverage for at least six years following retirement or leaving the industry. 

What information will I need if I have to make a claim?

The information you should have to hand when you contact your insurance company to make a claim will include: 

  • The name of the policyholder 
  • Your policy number and start date (which can be found on your Certificate of Currency) 
  • A detailed description of the incident (what happened to cause the damage or loss) 
  • Specific dates and times when the incident happened 
  • Contact details of any other parties involved (or witnesses to the event) 
  • Details of your police report number (if a crime took place) 
  • Details of the property lost or damaged (including its age and value) 
  • Your bank details for settling the claim
Do I need to buy additional insurance even if professional indemnity cover is provided through my union?

This will depend on your role and the risks you face. The professional indemnity (PI) insurance provided by some unions may just be basic insurance, so if you are working in a high-risk environment, you may wish to supplement this basic insurance with additional cover. It’s always important to check with your union and consult the policy’s terms and conditions to determine how much additional cover (if any) you may need. 

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