Most professionals should have some sort of professional indemnity insurance policy. This is especially true if your business provides any type of advice or a service. Professional indemnity insurance will protect the professional if a claim is made against them. Doctors are one profession that should most definitely have some sort of professional indemnity insurance coverage.
Doctors strive to provide their patients with the best care they can. Even with this aim, the unthinkable can sometimes occur. Having professional indemnity insurance can provide some insurance to help a doctor get through a difficult time. Many times when a patient experiences a problem due to the advice or treatment they received, they will often file a lawsuit. Through the lawsuit, they are asking for monetary compensation to right the wrong they believe was done to them at the hands of the doctor. This is when it is crucial to have professional indemnity insurance coverage – for more information about professional indemnity insurance, visit Markel UK Insurance.
Lawsuits can be extremely costly for doctors, even more so if a hefty damage award is ordered. Legal expenses can often be quite a financial burden. This is where professional indemnity insurance comes in handy. Not only can a professional indemnity insurance policy help reimburse all or part of a monetary reward a doctor is ordered to make, but it can also seriously help reduce legal costs. Many times the expenses associated with these claims as well as the reward are of a significant amount. So significant, that if a doctor was forced to pay them out of pocket; they could possibly bankrupt their practice. Some situations are not covered by professional indemnity insurance. For example, if the suit filed against a doctor is criminal one, then the professional indemnity insurance company will not pay out. Also, claims that arise from plastic surgery, blood bank issues, weight reduction surgery and similar situations are not covered by professional indemnity insurance. It is very important to understand the full terms and conditions of your professional liability insurance before signing your contract.