Doctors and other medical staff are the real heroes in society. Even though they try their best though, they are not immune to mistakes and negligence. If they are sued for their negligence and fail to be proven innocent, they have to pay hefty compensation to patients. This makes it important for doctors to avail of professional indemnity insurance at the earliest as it provides financial assistant against potential legal claims. However, there is a cost to this legal cover which is discussed in the following section.
To avail of professional indemnity, the doctors need to pay an insurance premium which is normally lower than 1% of the total sum insured. If there is more than one doctor, they can get a better premium rate. Those doctors that deal with more complex situations like gynaecologists and cardiologists generally need to pay a higher premium rate compared to a general physician. For Medical Indemnity Insurance, visit a site like MPRS, providers of Medical Indemnity Insurance.
The cost of a doctor’s professional indemnity insurance also depends on three factors. These factors are how risky is the duty of a doctor, limit of the indemnity availed, and the ratio of the limits. There are also other factors that contribute to the expenses of indemnity, for example, the bigger the hospital, the higher the cost will be to your professional indemnity compared to small hospitals.
A multi-purpose hospital with hundreds of beds needs to pay higher premium professional indemnity insurance than a hospital that has a dozen beds. Policies that offer better coverage will cost more than those policies which offer lower coverages.