Busting 5 Myths Regarding Professional Indemnity!

Doctors are known to provide accurate diagnosis and treatment to patients. However, there can be situations where you might make mistakes that may cause bodily injury or other damage to patients. In such cases, the patient or their family members might file lawsuits against you on grounds of medical malpractice. 

Fighting legal cases can be financially draining, depending on the charges. So, to safeguard yourself from financial losses, you can obtain Professional Indemnity from CoverYou. It is a type of insurance that offers both financial and legal aid in managing legal disputes arising out of patients’ malpractice claims. 

As a doctor, you may not have complete knowledge about Professional Indemnity insurance, and we do not expect you to devote your time to learning about it. The content of Professional Indemnity may be a little complex. In this blog, we will help you debunk the various myths associated with it. 

Myth 1: All Professional Indemnity Policies Are Alike

Some medical practitioners assume that all Professional Indemnity Insurance policies are generalized and offer the same coverage. Thus, they believe that no matter what Professional Indemnity insurance policy they pick, it will make no difference at all. 

The truth is that the insurance plans for Professional Indemnity differ in terms of inclusion, limits, exclusions, and optional features. Doctors must select a policy relevant to their medical practices, individual requirements, and potential risks. 

CoverYou’s Professional Indemnity ticks all these checkboxes. We understand that every physician specializes in different areas. Hence, we offer Professional Indemnity plans for doctors that are tailored to their requirements, risks, and specialization areas. With our customized insurance plans, you will get the required assistance against legal claims from your patients and their family members. 

Myth 2: Professional Indemnity is Not a Requirement

Some doctors think that Professional Indemnity is not necessary as they dedicatedly perform their duties. However, even after having a comprehensive approach toward patient care, many healthcare practitioners face lawsuits for their mistakes or unintentional malpractices. 

In other words, even though a cautious physician with a thorough approach to patient treatment is admirable, no one can tell when this physician faces an unforeseen circumstance and claims of negligence and malpractice. With Professional Indemnity from CoverYou, you will get an add-on degree of protection. We have a dedicated team of medico-legal experts under whose supervision we create insurance plans that offer coverage for legal expenses, including settlement fees and even judgments in the event of lawsuit claims. 

Myth 3: Retired Medical Practitioners Don’t Require Professional Indemnity Insurance

There is a misconception that retired medical practitioners have no requirement of Professional Indemnity insurance as they are not in practice anymore. Thus, they think they will not require any Professional Indemnity when they enjoy their retirement. 

Unfortunately, that is not the reality. Even though a doctor is retired, patients can still file a lawsuit against healthcare practitioners for the earlier mistakes they allegedly committed during their active practice years. If you have Professional Indemnity, you will not have to worry about claims relating to your previous practice. At CoverYou, we cover legal claims that patients might bring upon doctors during their practice years before retirement. With our comprehensive Professional Indemnity plans, you are assured of financial security and peace of mind. 

Myth 4: The Damage Limitations of a State Protects Doctors from Lawsuits

Some doctors assume that the damage limitations of a state might shield doctors from major financial responsibilities resulting from negligence cases. Thus, they don’t feel the need for extra insurance coverage like Professional Indemnity insurance. 

Though the state restricts the amount of damages a doctor can receive in a malpractice case, doctors may not be protected from legal lawsuits if the claims involve severe harm or when the legal expenses surpass the threshold. Having Professional Indemnity insurance can help you cover such legal costs and claim settlements that exceed state-directed caps. 

Myth 5: Employer’s Insurance Plans Cover Everything 

Doctors think that employer insurance policies, such as organizational insurance coverage, are enough to protect them from legal lawsuits that may arise due to medical negligence or mistakes. Thus, they assume that Professional Indemnity is not a necessity. 

However, institutional insurance plans offer protections with reasonable restrictions. Since the medical organization is offering such insurance plans, they could primarily cover the organization’s best interests. So, if you think that such organizational insurance plans would cover your demands entirely, then you are wrong. In such cases, Professional Indemnity is the only lifesaver. 

Conclusion

Medical practitioners have many misconceptions related to Professional Indemnity insurance. With this discussion, we have attempted to bust the myths and clarify how significant Professional Indemnity insurance is in the life of a doctor even if they are retired. Hence, if you are a doctor, you can buy Professional Indemnity from CoverYou. Some of the noteworthy advantages of buying CoverYou’s Professional Indemnity are: 

• 24/7 claim support from our claim experts.
• Complete legal protection against medical malpractice lawsuits with assistance from 10000+ medico lawyers.
• Relevant guidance from 500+ senior doctors’ panel.
• Financial assistance to meet legal costs, settlements, and compensation. 
• Best in the industry premium deals.
• Policy issuance in no time.
• Out-of-the-court settlement support.

Besides the aforementioned benefits, you can savor several other benefits. To learn more about our Professional Indemnity insurance, contact us any time.