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Chris Bell

How to Choose the Right Medical Indemnity Insurance Policy



When you are investing in any kind of insurance policy, you need to make sure that you are not wasting your money. Each policy is different with some offering more inclusive cover than others. It is important that you understand both which kind of policy you need and how much cover you require.

For those in the medical industry, medical indemnity insurance is very important. This kind of policy will protect you should anything go wrong and this is the peace of mind that any medical professional requires. In this article, we are going to give you some advice on how you can choose the right kind of policy for you. Use these tips to make an informed decision that you can fall back on in the future.

Research the Provider

The first tip that we have for those who want to choose the right medical indemnity policy is to make sure that you are researching all of the providers that offer this kind of policy. Some providers are well-known in this industry due to their focus while others offer a range of products and don’t specialise. It might be useful to choose a provider that knows what they are talking about and some in-depth research will provide you with this information.

The Type of Cover

If you are a medical professional, then it is likely that you know just how important this kind of cover is. You are putting your reputation, your patients and your finances at risk every time you perform an operation and so you need to be adequately covered. Some of the areas that you should ensure you are covered for include cyber liability, commercial legal protection and medical and professional services liability. Within this, you should check for additional cover that is relevant to your role.

Check the Fine Print

Just like when you are choosing any kind of insurance policy, you must read the fine print in your medical indemnity policy. There will typically be exclusions and certain factors that will affect the kinds of claims that you can make. You must make sure that you are familiar with the procedures for reporting any claims as this can often catch people out. If you are happy with the fine print, you can make an informed decision on whether this is the policy for you.

Compare Prices

The final tip that we have for those who want to choose the right medical indemnity insurance policy is to make sure that you are comparing prices. This kind of policy will not come cheap so try to avoid those who seem to be offering prices that appear too low. If you are comparing prices, you can use a price comparison site or conduct your own research. Remember to compare the cover included and don’t forget to assess the fine print and excess that you might need to pay. It might turn out that the more expensive policy is actually the most cost-effective.

Follow This Advice

If you are a medical professional just starting out or an established professional who needs to update their policy, we advise that you take on board all of the tips that we have given you in this article. Think about comparing prices of the various policies and always take the level of cover into account.

Some companies will offer you a bespoke policy which is typically the best route to take. Follow our tips and you should be able to find the right policy for you.