Indemnity insurance, also known as professional liability insurance, protects business professionals when they find themselves liable for an error, oversight or misjudgement. Indemnity insurance is a form of liability insurance that covers far more than general liability insurance, since it is designed to protect you from claims against your property when sued. Medical indemnity insurance, in particular, provides a wide range of health professionals significant protection against claims and the attendant bills. Here are three ways indemnity insurance can give you peace of mind.
Medical indemnity insurance gives you peace of mind because it gives you financial security. You don’t have to worry about losing everything if you do not win a case. Indemnity insurance can help you fight suits, too, by paying for the litigation costs. Medical indemnity insurance can pay out when you make mistakes providing medical treatment, whether it is delays in referrals to a specialist, misdiagnosis, and injuries to the patient both physical and mental due to your attempted treatment.
Indemnity insurance can include retrospective cover so that you’re protected from suits for past work. This coverage ensures that you can handle a lawsuit filed when you’re between jobs or after you’ve retired. You don’t want to worry about the run-off period where someone has three years after they realise the malpractice to file the claim and three more years to close it, meaning you could be hit with a legal filing several years after you saw your last patient.
Indemnity insurance can help businesses protect their reputation. For example, when you know you have help fighting a lawsuit or false allegations, you won’t make the mistake of apologising or rushing to settle. While rushing to settle may be an economic decision, it can be seen as an admission of guilt, too. Conversely, fighting accusations of negligence or malpractice allows you to be seen as defending your innocence.
It also allows you to take action outside of work without being afraid of losing your business. For example, you don’t want to worry about being sued and losing your business and professional reputation because you made a mistake while rendering first aid in a public space. Some policies like those by Incision Indemnity offer cover when you’re working as a trainer or appraiser.
A side benefit of Incision Indemnity coverage is that they provide support in cases of libel, slander, loss of documents and breach of professional confidentiality. Their contractual insurance policy exceeds the insurance requirements of private hospital groups.
When you have good indemnity insurance, you know that you’ll have expert legal advisors by your side as soon as you notify them of the issue. You don’t have to worry about what to do. They’ll tell you what you should and shouldn’t do. You won’t worry about making mistakes, because they can advise you on how to respond to threatening letters, angry patients or negative press. You won’t have to go to court alone or wonder how to deal with the paperwork. The legal team at the insurance company will handle nearly everything and guide you through your part of the process.
The medical indemnity insurance cover may provide assistance when you’re facing disciplinary hearings with professional bodies, National Health Service tribunals, and fatal accident inquiries. This gives you support and peace of mind during difficult situations.
Whether you’re a dentist, a surgeon or an osteopath, you must have medical indemnity insurance. The best medical indemnity insurance provides broad peace of mind no matter what you’re dealing with.