Doctors used to be respected in earlier times. Even now also, the necessity of doctors can never be ignored. However, even doctors are human, and they can also make mistakes. With the development of law, such error and negligence in treatment can be costly.
As an experienced and trustworthy doctor, it is not your aim to hurt any of your patients financially or physically. But some situations occur where an important decision has to be taken immediately and may lead to losses for the patient. As a doctor, this makes you responsible for the loss faced by the patient.
Again, as a professional, your duty should not be affected by one or two unsuccessful decisions. Therefore, professional indemnity insurance for doctors
is there to cover your profession from such unexpected financial setbacks.
Why do you need professional indemnity insurance?
According to a recent study, legal proceedings blaming doctors for negligence have seen a rise of 400% in the Supreme Court. Here, professional indemnity insurance plays an important role. This insurance would take care of all such expenses, without breaking your bank. Also, know that the insurance company will not cover the costs if the insured doctor is found guilty.
Keeps your practice running
Without a good insurance plan, your business might have to pay for the losses that occurred from the legal suits. The professional indemnity insurance plan prevents this, and, makes sure that the functioning of your business and job security of your employees runs smoothly.
Uncertain Penalty Amounts
There is no way to analyze an appropriate penalty in case a patient loses an organ or a limb. Thus the cost doctors can be charged for, can be very high at times. That’s why they need medical indemnity insurance for doctors so they can protect themselves financially from such legal costs and penalties when they are charged by dissatisfied patients.
Keeps Your Assets Safe
You may have to mortgage or sell your personal as well as professional assets to pay the penalty. An indemnity insurance policy acts as a financial backup to manage these risky situations.
Other Medical Professionals
Many insurance providers deliver protection schemes to doctors for protecting them from any uncertain situations. For a health care establishment, an indemnity insurance plan for technical staff and nurses is also essential. Insurance for other professionals is also available. A hospital can insure itself as well as its staff, practitioners, nurses, and so on under one policy.
Prepares You For Uncertain Risks
It is little tough to set up a fund with an accurate amount to pay for future penalties. The amount of the legal case can be large as well as small and is complicated to predict. An indemnity insurance cover assists you to stay prepared for an unexpected situation.
Boosts your confidence
The fear of mistakes should not come in the path of your duties. Professional indemnity insurance assists you approach your professional commitments with full confidence and take big risks. Without such a cover, you may be afraid of the consequences at every step thereby reducing your professional output.
With this, you might have understood why doctors need insurance.