Medical professionals shoulder a huge amount of
responsibility on a daily basis. Their job duties can sometimes even be a
matter of life-and-death. Because your job as a medical professional can
involve many risks, you should make sure you have robust cover to protect
yourself, your business and any employees. The following is an overview of
common risks to medical professionals and the appropriate cover to shield
against those risks, so you can focus on helping people and gain peace of mind.
Medical professionals need insurance to help
protect themselves against the wide-ranging risks inherent in their jobs, such
as malpractice, negligence and other claims that arise from liabilities or a
breach of professional duty. Insurance for medical professionals can cover
public and private hospitals, surgeries, clinical research units, industrial
and occupational health clinics, care homes and more. The breadth of protection
mirrors the extensive risks.
Who Needs It?
Anyone who works in the medical profession needs
to seriously consider medical professionals insurance. This includes doctors,
nurses or midwives, or more specialised positions such as occupational
therapists, physiotherapists and paediatricians. For some, certain covers like
medical indemnity may be a regulatory requirement, so make sure you know the
specific requirements for your profession.
Depending on your regulatory body, you may
already be covered. For example, the National Health Service (NHS) insures most
of its medical staff for the duties in their contracts. However, the NHS may
not cover everything, and can render employees vulnerable by leaving gaps in
cover. Whether the NHS or another health care organisation insures your
professional conduct, the British Medical Association still recommends
supplementary insurance to compensate for porous cover. Check your policy to
determine whether it leaves you or your employees exposed.
Medical Indemnity Insurance
A
comprehensive medical indemnity policy inspires the confidence to do your job
without being plagued by the stress that accompanies allegations of negligence.
A typical medical indemnity policy will cover
you on a claims-made basis in the event of malpractice, breach of duty or
dishonesty of your partners, directors or employees in the course of business
operations. It can also provide compensation for claims and legal services, and
insure against actions or omissions of your employees. Cover is usually arranged
according to the specific medical profession. The following three main types of
indemnity cover are organised by position:
Doctors and dentists may need to extend their cover beyond NHS’
policy in order to practise medicine in affiliation with other professional
health care organisations. Extra private
insurance helps protect against liabilities outside of the workplace, such as
performing charity or volunteer work or administering emergency care while
off-duty (Good Samaritan acts). Doctors and dentists not under contract with
the NHS will need their own medical indemnity insurance.
Nurses and doctor
assistants are usually
covered under their employers’ insurance, but should check just to be certain.
Because patients may file a claim against employers or against nurses and
doctor assistants personally, it is wise to make sure your employees are
covered on both fronts.
Pharmacists will probably receive professional indemnity
cover through their employers. Independent pharmacists, however, need insurance
to protect themselves against a vast array of industry-related claims such as
providing incorrect dosages or medications, failing to prevent adverse drug
interactions or giving shoddy advice.
Additional Cover
If you are a private medical professional and
have your own premises, building and equipment, consider the following forms of
cover to ensure you and your business are adequately protected:
- Employers’ liability—required if you have employees
- Property damage to contents and equipment
- Loss of money
- Public and products liability
- Property damage to buildings
- Business interruption
- Personal accident
- Computer equipment
- Legal expenses
