Medical indemnity insurance is essential to all medical professionals. However, the task of selecting the right medical insurance provider for you, and changing this provider over time is often overlooked.
What is medical indemnity insurance?
Medical indemnity insurance covers malpractice in medical professions, including doctors, surgeons and dentists.
Whilst medical professionals always aim to provide care and service of the highest quality, complaints can still occur. Medical indemnity insurance covers these occasions when mistakes or errors are made. Even with the best training and experience, accidents still happen and so, it is fundamental for all medical professionals to have insurance so that you are protected from claims and any legal action being taken against you.
Choosing the right medical indemnity insurance is an important decision for all medical professionals. However, once a provider has been selected, professionals often settle and fail to change and update their provider over time. Here’s why it’s time to switch your medical indemnity insurance provider…
1. Get the most for your money
You may be in a situation where you have been with the same medical indemnity provider for a couple of years now, or since the start of your career. During this time, prices can change drastically and what might have been the best option for you financially then, might not be the best value for money anymore.
Now is the time to shop around and find the best provider and cover for your money.
2. Low cost, high service
When choosing the right medical indemnity insurance provider for you, or when changing your provider, low costs but a high service will be at the forefront of your decision-making process.
Whilst costs are an important consideration and it’s encouraged that you shop around, the quality of the service received should also be considered. Make sure that the cover provided fully meets your individual needs and is of a high standard.
3. Be wary of limitations
Your current medical indemnity insurance provider may have limitations in their terms and conditions that you’re not even aware of. Make sure that you read through your contract in detail and be wary of any small print containing limitations.
If your current provider does have limits to the cover in place, perhaps it’s time to reconsider. You will want to have a high level of cover that includes all of your practicing activities so that in the event of a claim, you’re fully protected and there aren’t any unexpected omissions.
4. Reputation and experience are important
Look at the reputation of your current medical indemnity provider and compare it to the reputation of other providers. Ask your colleagues, research other professionals’ reviews and read online forums and take these opinions into account when deciding if it’s time to switch your provider.
The experience of the provider is also important as with experience, comes expertise. You need to be able to rely on your provider to protect you in the case of a claim, so reputation and experience should be important considerations in the decision making process.
5. A smooth claim process
When selecting or switching your medical indemnity provider, ensure that you know how the provider handles claims and that you understand their process.
You may want to find out:
- How do you submit a claim?
- What support is provided?
- When are they available for contact in the case of an emergency?
The answers to these questions will help you select the best provider for you, based on your individual requirements. It will also help to reduce the likelihood of miscommunications in the future.
6. Tailored policies
Some medical indemnity insurance providers offer tailored policies. It is worth taking a look and switching to providers who offer these so that your policy can be adjusted to meet your needs specifically. This will also mean that you can avoid paying the premium for cover you don’t need.
7. Run off cover
Not all medical indemnity insurance providers cover for retirement so ensure that you check if your current policy does to prepare you for the long term. If your policy doesn’t cover this, it may be time to switch providers. It’s important to plan ahead and keep retirement in mind, and so opting for a provider that covers retirement and gives you run off cover acts as a safeguard.
8. Monthly payments vs a lump sum
Whilst previously many medical indemnity insurance providers may require an upfront annual payment for their policies, many providers now have the option to pay monthly instalments instead. Consider the pros and cons of this, and if paying in monthly instalments is better suited to you, why not switch providers so that you can benefit from this?
By choosing the right medical indemnity insurance provider for you, or by switching to a provider that is better for you, you’re protecting yourself in the event of a claim or legal action against you. At St Giles, our specialist team knows the world of medical indemnity insurance inside out. Find out more about the services that we provide, and contact us today to receive a free quote.