Why is Timely Renewal of Doctor’s Indemnity Insurance Important?

If you are in the medical profession, it is essential to cover yourself financially against losses arising out of acts of professional negligence, omission or error, as these can be committed inadvertently by any human being. 

If you end up facing a medical negligence case, you may face significant financial setbacks as the compensation payable to the patient or their family can be a considerable amount. To avoid facing such setbacks, buying professional indemnity insurance is crucial.

This insurance policy provides a cover to doctors against financial liabilities arising out of such cases. It could be in the form of compensation for any injury caused to a patient or even their unexpected death. 

Indemnity insurance policies have a specific tenure. This means that if you want to maintain continued benefits, you need to renew the policy in time. Here’s why:

 

  • The policy keeps you covered against financial risks 

 

Professional indemnity insurance providers safeguard your practice and help you avoid taints to your reputation from negligence or malpractice claims. But this will happen only during the policy validity period.

If you end up forgetting to renew this policy on time and a medical lawsuit is filed against you, you won’t get the insurance benefits. 

Not renewing the policy before it lapses increases your risk of facing financial losses. 

As you never know when such a situation can arise, it is crucial to remain covered by contacting your professional indemnity insurance provider to renew your policy before its tenure ends. 

 

  • Having a policy boosts your confidence

 

Having a professional indemnity insurance policy whose tenure has ended is the same as not having one. 

Having an adequate insurance policy in place keeps you motivated and confident while pursuing your practice.  Any worries of losing your practice and lifelong savings do not hold you back from giving your best performance. 

Renewing your policy from professional indemnity insurance providers also protects you from false patient allegations. As a result, your time, money and reputation will not be placed at stake.

 

  • The policy protects your assets

 

If you face a claim, you may have to sell or mortgage your personal assets to pay the compensation, which is often huge. An indemnity insurance cover acts as a financial backup for such risky times.

  • The policy pays any legal costs

Legal charges against your medical practice increase your financial liabilities. This can strain your finances and wipe out your life’s savings. 

But if you renew your insurance on time, you can continue to get the best legal support to minimize your losses.

This policy also covers the cost of investigations, the charges of appointing a lawyer and similar other legal expenses, hence providing all-round protection to you and your practice. 

With the help of professional indemnity insurance providers, your chances of winning the case become high as you can now hire a good lawyer to represent you.

Another major disadvantage of not renewing your policy on time is that your insurance plan will lapse. If you renew the policy after its due date, then you may have to pay a higher price as well. 

You may not realize the importance of professional indemnity insurance and treat it as an unnecessary expense. But delaying its renewal might end you up without a financial backup in case of an unexpected claim. 

We, at SecureNow, ensure a smooth and secure online policy renewal process to make sure you always remain covered against false accusations and malpractice claims.

Nobody can take the place of doctors as they can cure diseases. Being a doctor, you do not intend to harm a patient deliberately. But being a human, you can make mistakes and errors, which can cost you a fortune. So, make sure you cover your profession for times of crisis with a medical indemnity insurance policy. 

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