The Need For Professional Indemnity Insurance For Physicians

It is a fact that to err is human; However, in terms of medical errors, blunders are not so very easily forgiven. According to a study published by the U.S. Institute of Medicine, errors made by hospitals and their staff rank as one of the leading causes of death, responsible for more deaths than breast cancer, car accidents or AIDS. professional indemnity insurance for medical professionals provides essential protection towards lawsuits that may result from such errors.

Severe medication errors appear in about 5-10% of patients admitted to hospitals. Regrettably, human error will never be fully eliminated, and so doctors will always run the risk of claims from unsatisfied patients.

With statistics like these, it's important for physicians to get a professional indemnity insurance policy. It is a type of accountability protection that helps safeguard experts such as doctors from the devastating costs of a legal defence, if a negligence claim is filed by a patient.

Professional indemnity insurance regarding doctors is also known as malpractice insurance, and is also globally considered as a must-have for conscientious medical professionals. Often, and for good purpose, it is required by legislation for physicians along with other professionals to hold professional indemnity insurance. Such insurance will provide protection for both patient and doctor, helping to safeguard the high standards and also the ethics in the industry.

The price of liability insurance may vary between professions, but what doesn’t differ is the importance of having this type of policy. Doctors will usually have high-stakes insurance due to the inherent nature of their profession and the likelihood as well as the probability of making an error that could one day result in a lawsuit. Because of these inherent risks, the cost of professional indemnity insurance regarding medical professionals can be pricey. However, such costs will be immediately found worthwhile should a lawsuit ever be initiated.


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