Doctors Professional Indemnity

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Why renewing indemnity insurance policy in time is important for doctors

A doctor is the first person who comes to mind when it’s time to save a life or cure a person. Patients revere doctors because of the knowledge and skills they possess but being human even they too commit mistakes. They are liable to face lawsuits in case of allegations of medical errors or negligence. The doctors’ liability insurance provides cover to medical professionals in such cases.

Also called professional indemnity insurance for doctors, this policy provides benefits like cover for litigation cost, court fees, and settlements. However, like any other insurance policy, professional indemnity insurance is valid for a specific period and needs to be renewed annually.

If you are a medical practitioner holding a liability insurance policy, here is why you should renew your policy on time:

Freedom from financial obligations

There is always a risk of committing errors when you are in the field of medical practice. This risk can be minimized but not eliminated. The policy covers litigation costs and compensation demands.

However, if your policy is not active at the time of filing a claim you are likely to suffer severe financial loss.

Protection against lawsuits

No one likes involvement in a court case, let alone long-enduring ones. It is not easy to deal with court hearings, lawyers, and communicating with the aggrieved. You will need to leave your medical practice to deal with the chaos that comes out of a medical negligence case. This is what can happen if your indemnity insurance policy is not active.

However, it will offer you protection from lawsuits once your policy is renewed on time. You will not have to worry anymore about frequent visits to courts or other legal hassles.

Easy to avoid prior period exclusion

The policy will not cover claims pertaining to a period before the retroactive date. If you do not renew the doctor’s liability insurance policy in time, the retroactive date will also lapse. So, you are vulnerable to the risk of a medical lawsuit pertaining to a previous period till the policy gets renewed.

Even the policy may lapse if there is a time lapse between the date of expiry and the renewal. The retroactive date is then reset to mark the start of the new policy. This is one of the largest issues of not renewing on time. It is common for claims to actually emerge years after an incident and resetting of retroactive dates means that those claims will not be paid.

Sense of security

Above everything, the timely renewal of your liability insurance ensures peace of mind. How hard would it be to pursue your medical practice with lawsuits running against you. Such situations cause doctors to lose focus on work, thereby increasing the chances of errors.

Thus, renewing your indemnity insurance policy can earn a sense of security while offering healthcare services and curing patients. Also, including your medical staff in the policy can further reduce the risk of legal issues.

To conclude, timely renewal of the professional indemnity insurance policy helps in dealing with legal and financial implications. While you are doing your best to cure patients, you also need to be prompt in renewing your policy. Email us on