Nursing School Insurance
According to the Bureau of Labor Statistics, the nursing field is expected to grow by 19% by 2022, which is great because the need for nurses is definitely increasing. With so many new nurses flocking to this field, enrollment numbers in nursing schools will just continue to grow. That’s why it’s more important than ever to ensure that the right nursing school insurance policy is in place. This type of business insurance covers every nursing student in order to protect both the school and its aspiring nurses from lawsuits. The typical nursing school insurance features a few types of coverage.
General Liability for Nursing Schools
In the medical field, general liability is a particularly important coverage. Of course, when students are entered into the equation, it is even more crucial to ensure they are protected as they learn the necessary nursing skills. Lawsuits are fairly common in the medical field, but when students have coverage for such events, they can breathe a little easier and feel more comfortable learning on the job. Any student who provides hands-on medical services to people as part of his or her nursing training should be covered by nursing school insurance. This way, both the school and the students are protected when it comes to legal threats.
Business Owners Policy (BOP)
Any nursing school can benefit from getting a business owner’s policy. This type of business insurance can make sure the school’s documents, business personal property, and equipment are all covered in the event of a worst case scenario. For example, if the school is robbed or the property and its contents are destroyed by a fire, the BOP will apply. This means any necessary repairs or replacements will be made. Other coverages provided by the BOP include sewer or drain backup, electronic data processing, and forgery and alteration.
Workers Comp Insurance For Nursing Schools
One especially important type of business insurance is workers comp. In the context of nursing school, workers comp covers teachers and any other staff. If employees of any kind are injured while at work, their medical care will be paid for by this coverage. So whether employees slip on any liquid substances used in the nursing field or injure themselves using medical equipment, they will not have to worry about personally paying for the treatment they need, even if it includes long-term rehabilitation. They will also be compensated for any lost wages as they heal.
Without workers comp, the injured employee would have to either pay for treatment out of pocket or bring a lawsuit against the employer. Considering that the latter is usually what happens after work injuries, the workers comp portion of nursing school insurance protects the school as well as its employees.
Most businesses can benefit from excess liability, but this goes for those in the medical field in particular. Medical lawsuits can get very expensive, so it’s not uncommon for the general liability limits to be exceeded. At that point, the party at fault is usually responsible for paying the excess costs. For this reason, your nursing school insurance should include excess liability, which can take care of the unexpected costs of an expensive lawsuit.