Doctors help diagnose and treat injuries and illnesses. They examine patients, assess individual medical histories and prescribe necessary medications. On top of this, they also order and interpret results of diagnostic tests, subsequently helping patients to manage and/or recover from their ailments. As a result, a doctor’s practice helps ensure a community and the families within it are healthier by offering people the very tools they need to stay in charge of their health.
Running a medical practice however, comes with risk. Whether that’s risk of damage to property or lawsuits from patients, as a medical professional, malpractice lawsuits can and will occur at some point during your career. As a doctor however, you’re no doubt well aware of the devastating effects that malpractice suits can have on a practice when misdiagnosis occur, causing conditions to be worsened.
What you may not be aware of however, is that should you not have the funds to cover you during a settlement or judgement, courts can and will collect via your personal assets if you’re found guilty; whether that’s your car, property or multiple properties. The question is then, how do doctors get insured?
Doctors insurance, or medical indemnity insurance as it’s professionally known is the cover that protects both personal and commercial assets. With the help of the correct policy, any doctor can offer the treatment they’re trained to give with the peace of mind that should any malpractice lawsuits occur, they have the ‘deep pockets’ needed to cover the claim without jeopardising their practice and their career.
The question is, what is indemnity insurance? Professional indemnity insurance is a cover that’s been designed to cover the costs, including legal fees and compensation, of any claims made against an individual or company as a whole. Medical indemnity insurance however, is a little more specialist.
Medical indemnity insurance is a specific area of insurance and it relates mostly to malpractice within the medical profession. From accidents to mistakes or any other related incident when negligence may be proven and compensation sought. Mistakes happen in every profession, whether it’s through basic human error or not. Even with the very best training and experience, mistakes are made but that’s where medical indemnity insurance comes in.
People are now becoming more and more inclined to file lawsuits against medical professionals as the ability to do so has become more accessible. With a ‘where there’s a blame, there’s a claim’ mind set, it’s becoming more and more important to protect against the possibility of legal action. Even in a case where such action is deemed null and void, legal costs to defend yourself are still incurred and can still be crippling, especially for an individual.
What sets medical indemnity insurance apart from the rest however, is the fact that it’s a little unusual when compared to other forms of insurance. Within the medical sector, claims are often only brought to light a while after the incident itself.
This can be down to symptoms only developing after a period of time, or certain conditions needing time to develop. It may even be the case that an incident has exacerbated particular symptoms after treatment has occurred. As a result, investigative work needs to take place and a cause established. Only once the cause has been established will a lawsuit usually arise.
Medical indemnity insurance is therefore made with these particular time constraints in mind, ensuring you’re covered as long as the insurance was in place at the time of the incident, not necessarily at the time of the claim. This allows you to administer first aid, treat in-patients and more without the worry or risk of litigation against you.
Servca a broker at Lloyd’s of London offer medical indemnity insurance for an array of medical professionals and have been doing so since 2011. This London based, owner-managed, independent Lloyd’s of London broker specialise in arranging bespoke cover for professional organisations and individuals alike.
