Right Time to Buy Doctor’s Liability Cover? Here is What You Need to Know
Medical errors and unintended negligence can ruin a doctor’s professional career. However, no doctor or surgeon can predict which patient would file a lawsuit and when. In such situations, the doctor’s indemnity insurance proves to be of great help.
This insurance policy ticks off all the boxes for a medical practitioner who wants to provide healthcare services while taking care of one’s safety. It also assures doctors that they would get the much-needed support in case of a medical negligence lawsuit.
While several insurance companies offer the doctor’s liability cover, finding the one that’s appropriate for you requires considerable research.
It is also crucial for medical professionals to know what is the right stage in their career to buy the policy. Many doctors do not know what is required for selecting and buying a professional liability insurance policy.
Several medical professionals also assume that liability insurance is necessary only for experienced or senior doctors. However, healthcare professionals are advised to buy a doctor’s liability insurance at the start of their career.
If you invest in a policy that offers adequate liability coverage when you are young, you can manage the risk of committing unintended medical errors right from the beginning of your career.
These risks include unplanned legal costs and damage to reputation. Investing in such a policy is also a sign of being a responsible medical professional. The coverage amount and the premium increases as the age and experience of doctors advance, thereby increasing the risk of errors.
Benefits of buying DPI early in the career
Here we will look into the various benefits of getting a doctor’s professional indemnity cover at the beginning of the career.
It keeps your medical career safe
An inexperienced doctor generally does not know all the ins and outs of the profession at the start of the career. The doctor may also find it challenging to deal with the diverse kinds of healthcare issues and diagnosis.
For instance, a young doctor runs the risk of being accused of negligence if he’s treating a terminally ill patient. This is because the patient may develop complications leading to death. In such cases, a lawsuit may ruin a doctor’s career.
Hence, it is advisable to buy a doctor’s indemnity cover from a leading insurance company to keep all risks at bay.
It Helps You Avoid Financial Loss
There is no limit to the compensation amount that a victim of a medical negligence case can demand from a medical professional. It can depend on the extent of the damage the negligence has caused to the patient.
Apart from the compensation, the policy also covers a doctor’s other expenses like the legal costs.
It helps you achieve long-term goals
A healthcare professional has to keep learning for the most part of the career. After graduating in medicine, a doctor goes for specialisation in a specific stream like cardiology, surgery, psychiatry or others.
Hence, a medical professional’s long-term goals can be impacted if there is a lawsuit at the start of the career. A doctor’s professional indemnity cover can protect a doctor from such losses.
It protects you from legal issues that can crop up many years after a treatment
Many medical treatments can lead to litigation many years later. An eye surgery done when you were learning could be the basis of a claim 5 to 10 years later as well. That’s why the earlier you buy insurance the better. This is a relatively inexpensive insurance to buy and a must-have for doctors.