If you are a healthcare professional then you should know about the benefits of medical professional indemnity insurance. It is necessary insurance for all doctors, surgeons, nurses, and healthcare professionals.
Healthcare professionals save lives by providing treatment for all health-related problems. But they also face the risk of financial liability while discharging their duties which includes saving lives. They can be sued for negligence like wrong diagnosis and treatment. But they keep doing a good job without any worries after buying medical professional indemnity insurance.
Do healthcare workers make mistakes?
Doctors, surgeons, registered nurses, and paramedics are also human, and like others, they can also make mistakes. Sometimes it is due to human error or negligence by a junior assistant, or due to work pressure. But they can face legal action for those mistakes and pay dearly in terms of money and profession on losing the legal battles.
What if a doctor faces legal action for a mistake committed by his staff? The doctor will have to put his case in court. He will need an efficient lawyer to deal with the case and negotiate compensation with the aggrieved party. Also, the doctor will have to bear the compensation out of his pocket. Losing a legal battle could devastate his life and reputation forever. That is why health care professionals buy medical professional indemnity insurance.
If you are a medical professional and working without insurance cover, you are risking your career. Healthcare service is teamwork involving nurses, paramedics, and junior staff all assisting senior medical professionals. An unsatisfied patient could drag you to court to pay for negligence alleged by the patient. If you aren’t ready to face this situation then you will ruin your career forever.
Search doctors medical indemnity insurance to find more information on this subject. Also, find leading insurers and their policies to know more about the risks covered and premiums. It will cost you a price but the benefits of buying a professional indemnity (PI) cover outweigh the investment.
Here are the advantages of buying PI insurance.
1. Financial Protection
The first and the biggest benefit of buying PI insurance is financial safety. It can be a lifesaver for your finances as claims can be extremely expensive. Negligence in healthcare services could be fatal for patients, and the compensation claimed by patients could be expensive. But there is little to worry about if you have PI insurance coverage. Your insurer will reimburse your expenses on legal fees, defence costs, and compensation. Paying a small amount for insurance can help you avoid paying huge reimbursement.
2. Credibility
A reason for buying the best medical indemnity insurance Australia is to build a strong and more trustworthy brand image. It proves that you are a credible healthcare professional and that you are ready for any eventuality. Also, buying PI insurance is a sign that you are ready to compensate if your patients are unsatisfied with your services. Another advantage of PI insurance is it boosts confidence. Ensuring your services will allow you to work freely. You won’t have to be over-cautious while providing healthcare services after buying PI insurance.
3. Saves Time
With PI insurance, you can save time lost in preparing legal files, discussing facts, and negotiating compensation. A case can bring your services to a halt. You won’t be able to continue working until you are free from the case. And court cases take a long time the settling. But you can prevent it from happening to your healthcare business by investing in PI insurance coverage. If you are dragging into a legal battle, you can continue doing the best job by leaving the case to your insurer. The time saved can be utilized to expand your services and build your finances.
4. Protect Professional Reputation
Reputation is everything in business. If you lose your reputation as a healthcare professional, you will lose everything. Your healthcare business will get ruined as no one will come to you for treatment. And you will agree that a single claim filed by an unsatisfied patient is sufficient to spoil your name and fame. If you don’t want this to happen to your business, then you should invest in the best indemnity insurance for doctors. If someone tries to tarnish your name it will be a small fee to strengthen your reputation.
5. Peace Of Mind
Ensuring your services will give you peace of mind. You won’t make any mistakes, but you also know that mistakes could happen due to human error or due to negligence under work pressure. Buying PI insurance is a way to cover those mistakes that could spoil your reputation and tank your business. You won’t have to worry about anything while providing healthcare services as your insurer will take care of the legal troubles that you could face due to unsatisfied patients. And paying a premium for PI insurance is a small amount for the peace of mind that you will miss in the absence of insurance.
Final Thoughts
Buying the best indemnity insurance for doctors is the first step toward establishing a healthcare business. Just like you need recognition and certification by concerned authorities to become eligible to provide specific healthcare services, you should also be ready to face the risk of legal cases by unsatisfied patients. While you will try your best to provide satisfactory services, you shouldn’t dismiss the possibility of human errors.
In case of a claim by an unsatisfied patient, you will get real help in terms of hiring experienced lawyers to defend your case, saving your reputation, and negotiating the best compensation with patients. You won’t have to worry about anything related to legal cases by patients after buying PI insurance.
Check and compare PI insurance products of various insurers to choose medical professional indemnity insurance in Australia and buy PI insurance before starting your business.