Doctors Liability insurance
Professional indemnity insurance is a type of insurance that should be taken out by any professional that provides a service or dispenses advice. This insurance provides protection in the event a claim is made against that service or advice. One professional that usually takes out professional indemnity insurance is doctors or personal trainer liability insurance.
All doctors do their best to give patients the best possible care. However, sometimes mistakes happen. It’s these situations that necessitate having professional indemnity insurance. Patients who sustain losses due to the doctor’s advice or treatment will often sue the doctor in order to be compensated for their losses. In light of this risk, professional indemnity insurance can protect the doctor in these situations.
When a mistake occurs it can be a costly legal affair as more than likely the doctor will need to defend them. Professional indemnity insurance takes care of these legal expenses that must be paid. Also, the professional indemnity insurance will also pay any monetary damages that may be awarded to the patient. Without professional indemnity insurance, some doctors could go bankrupt with just one claim given the propensity these days for high award amounts.
There are two specific areas that are covered by a professional indemnity insurance policy. First, all of the expenses need to compensate the patient in situations of death or physical damage. The death of physical damage must have been proven to be the fault of the doctor. Secondly, professional indemnity insurance covers any legal expenses needed. There are some areas that are not covered by professional indemnity insurance that doctors should be aware of. Many times they just assume these are covered but this is not the case. Criminal suits are not covered by professional indemnity insurance. Also, any mistakes that occur in plastic surgery are not covered. Any situation arising from a blood bank problem is not covered. Additionally, weight reduction and radioactive damage are not issues covered by professional indemnity insurance.