Medical indemnity is a type of insurance for healthcare professionals. It protects them from legal claims regarding medical malpractice if a patient is dissatisfied with their treatment. All healthcare professionals should obtain this insurance, including doctors (both public and private), nurses, midwives, pharmacists, surgeons, paramedics, opticians and osteopaths. But why exactly do we need medical indemnity? Is it that important? Yes, it really is. If you need further convincing, you should read on because we’re going to be discussing the different reasons why healthcare professionals need this specific type of coverage. Alternatively, you could read more about medical indemnity here.
First and foremost, medical indemnity insurance is about protecting yourself. As a healthcare professional, you’re probably well aware that sometimes mistakes happen – no matter how hard you or how good a doctor you are. In fact, this is practically inevitable, especially if you have been in the same position for a long time. Still, if you were to make a mistake, you would be held fully accountable and need to pay an amount of compensation to the patient. This will be costly and depend on the severity of the medical malpractice. Fortunately, medical indemnity will contribute to the costs of the compensation, saving you from bankruptcy.
Medical indemnity isn’t just about protecting yourself. It’s also about protecting others. As a healthcare professional, this should always be your priority. Like we mentioned, accidents do happen – especially in the medical profession. This could subject your patients to different types of harm, like physical or psychological injury, long-term complications, or death in the worst circumstances. These injuries can be incredibly expensive for the patient (and their family) because it could impact their ability to work or result in them needing treatments for the rest of their life. They will never be able to cover these costs themselves. That’s where medical indemnity comes in. This insurance will help them as much as it does you. It can also help to make amends after the harm you’ve inadvertently subjected them to.
Our society has become increasingly trigger-happy when it comes to making legal claims. Sometimes, patients will try to make a case, no matter how careful and responsible you have been regarding their treatment. What’s more, even if you are found not guilty, you will still have to pay legal fees for solicitors and so forth. Thankfully, medical indemnity provides coverage for these types of cost, too. Simply having this insurance will also win favour with the court because it demonstrates that you’re a responsible healthcare professional.
Most healthcare organisations must provide their employees with some form of medical indemnity. However, this insurance often does not cover all bases. For example, there might be holes in what it constitutes as medical malpractice. If you want to feel secure that you’re protected against all and any legal allegations, then it’s definitely worth investing in extra medical indemnity insurance. Not only is the coverage adequate but it’s also appropriate.
Like we have mentioned, being a healthcare professional is difficult. You are completely responsible for the lives and wellbeing of your patients. Sometimes, certain things can slip through our fingers, resulting in harm being done. You will be held liable for these incidents. In such a trying profession, it would be foolish not to ensure you had coverage to cushion the blows you will inevitably take.
These are the main reasons why you need medical indemnity as a healthcare professional. It’s all about being a responsible doctor and fulfilling your duty of care to your patients.