7 Reasons For Buying Medical Professional Indemnity Insurance

Medical professional indemnity insurance (PI) is nothing new, but it has been introduced in a new way. Or it will be better to say that healthcare professionals have become aware of the risk to their profession. A shocking claim by an unsatisfied client is sufficient to tank your service if you aren’t covered by PI insurance.

Let’s see how PI insurance helps

First, you buy a fixed amount of PI insurance from a leading insurer. Your order is processed, and an insurance product is provided to you. You get all the papers proving that your business is insured against specific perils and your insurer takes responsibility for your protection in the event of compensation claims by your customers.

Second, you receive a legal notice from a disgruntled client alleging negligence in providing service on your part and claiming a certain amount as compensation for mental and physical trauma caused by the negligence. Since you, are well protected by medical indemnity insurance for doctors, your insurers furnish the fee of your lawyer and compensation amount.

Third, you keep working as usual as your insurer settles the claim in your favor. The client gets what they want, and you save time and money. By paying a minimum sum as insurance money, you get a big help from an insurer. The amount that a claim may cost you is determined by your sum insured.

Fourth, your reputation remains clean as no one comes to know about the legal trouble you are in. The claim is settled according to your doctors indemnity insurance while you keep working in your clinic and providing healthcare services to other patients. This is a real help that you cannot expect even from your closest family members.

Fifth, buying PI insurance adds value to your service. Big clients like corporate companies will want you to secure your business from sudden and shocking claims. Your IP insurance will silence all their doubts and queries. They will be confident that you are capable of handling any claims arising out of negligence in service.

Sixth, buying medical indemnity insurance proves that you are serious about your service. It shows that you acknowledge that mistakes happen and that you are willing to take responsibility for genuine mistakes. Also, it shows your confidence that you take the utmost care of your patients. Investing in PI insurance will boost your reputation and acceptability.

Seventh, buying PI insurance will give peace of mind. The insurance will shield your business from sudden and shocking claims by unsatisfied clients. Also, you don’t need to clarify this to everyone. If anyone is unsatisfied with your service, they can ask for a claim. You will answer them in a court of law.

Keeping in mind the demand for PI insurance, insurance companies have created products for every need. Today you can buy PI insurance according to your budget and needs. But before choosing a PI insurance product you should compare medical indemnity insurance Australia. Your objective should be to get maximum coverage with minimum insurance.

Factors to look into PI insurance

1. Risks covered

You need a PI insurance product to protect your business from potential risks, but you should know what risks are covered under the insurance product you want to buy. This way, you will have complete information and knowledge about your insurance coverage.

2. Premium

Medical professional indemnity insurance will cost you a price called premium, but it shouldn’t be an expensive affair. You should know how much you are paying and how much you are getting. The objective of comparing the premium of various policies is to get maximum risks covered at a minimum premium.

3. Brand value

There are many insurance companies offering PI insurance. You should join hands with an insurance company that has an excellent track record of settling claims. You can check the track record of insurance companies before considering their offers.