Why is a timely renewal of the Doctor’s Indemnity Insurance policy important?
A medical professional must get cover for financial losses arising out of negligence or errors committed inadvertently. A Doctor’s Professional Indemnity Insurance policy covers compensation demands in case of a patient’s death or complications arising out of misdiagnosis or negligence.
Indemnity insurance policies have a specific tenure. Therefore, the policy needs to be renewed in time for continued benefits.
There are two crucial reasons to renew in time.
You should be covered against financial risks at all times
This policy can provide coverage against compensation payments and legal costs raised within the policy period. So, it is essential to renew the policy before the end of the tenure. If you have an incident that takes place when the insurance was not in force, the claim will not be paid.
Insurance coverage has many advantages, namely:
Provides a sense of security
An adequate insurance policy saves medical professionals from worrying about legal costs and lawsuits. It also protects doctors from false patient allegations and covers the medical professional’s time, money and reputation.
An indemnity insurance cover saves one from having to sell or mortgage personal assets for paying off compensation. The policy serves as a financial backup against such risks.
Pays legal costs
The policy provides the best legal support to minimise one’s losses. It covers the cost of investigations, charges of appointing a lawyer and other legal expenses.
The Professional Indemnity Insurance policy increases the chances of winning a lawsuit as you can now hire a good lawyer.
Increase in price after the due date
One may have to pay a higher price for the policy if it is not renewed before the tenure ends.
The retroactive date will be reset if there is a break in insurance
This policy covers incidents that have taken place after the retroactive date. It is the date the first insurance came into effect provided all renewals took place in time. The retroactive date is reset to the new insurance date if there is a break in renewal.
This is a big loss for doctors because claims arising out of medical issues in prior periods will not get covered. Maintaining the retroactive date is a key reason to keep paying premiums. Do note that you can still change insurers without losing the retroactive date benefit if you renew in time.
How SecureNow can help
We, at SecureNow, provide a smooth and secure online process for Renewal of Doctor’s Indemnity Insurance to make sure you always remain covered against false accusations and malpractice claims.
A doctor does not intend to deliberately harm a patient. However, an error can cost you a fortune. So, make sure you stay covered with a medical indemnity insurance policy.