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21.01.2020, 20:05

Healthcare: Why Medical Indemnity Insurance is Important

Finance, Insurance & Law, Americas

Cathy Spears explains why professional indemnity insurance makes sense in the medical industry.

 

More and more professionals are seeing the importance of medical indemnity insurance when issues arise with patients.


What Is Medical Indemnity Insurance?

If you are not familiar with medical indemnity insurance then you should know that it is a kind of insurance policy that is suited to those who are working closely with patients in the medical industry. This kind of insurance policy is available for purchase from companies like Incision Indemnity who offer protection for those who need it most.

 

Medical indemnity insurance will cover the medical professional should anything go wrong by accident and there is a risk that they could lose their license or have to pay a large fine. This is very important for many reasons.


Mistakes Happen

One of the most important reasons why medical indemnity insurance can be so vital for any kind of role is that mistakes happen. As a professional, you’ll always aim to work as best as possible but if you are rushed then you could find that you make a mistake. Sometimes, these mistakes can cost someone their life or even cause them serious injury. With crowded emergency rooms and a lack of funding, many professionals are under a lot of pressure and will be next year.

 

With medical indemnity insurance, professionals are protected even when they make mistakes. This is why this insurance is so important.


Job Security

When you have trained as a medical professional for many years, it can be very scary to hear that your job is at risk. This is why many people aim to find ways that will add more security to their job and make sure that they are protected should anything go wrong. With medical indemnity insurance, you can add a bit more job security to your role and protect yourself for longer. While there is not necessarily a shortage of jobs in the medical industry, you’ll find that it is always better to guarantee that you keep your job.


It Is Still Required

Finally, you will find that medical indemnity insurance is something that is still required by law for medical professionals to have. Of course, not every policy is going to be the same and so when choosing your policy, you need to make sure that you are finding a suitable one. This is why many people are spending more time on the hunt for the right policy in order to get the cover that they need. If this is the case for you, make sure to consider the reputation of the company offering the policy and the level of cover offered. It might also be useful to check out the excess.


Conclusion

Medical indemnity insurance has always been important for those in this industry but recently, there has been more concern for those in this profession and claims made against them. If you find that your policy isn’t quite what you are hoping for then you should consider investing in a new policy. Make sure to consider all of the different aspects of the policy and read the terms and conditions carefully before agreeing to anything.

 

 

 

 

 

 

 

 

 

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