If you’re looking for Medical Indemnity Insurance, you’ll want to make sure you’re getting what you pay for. At Practition, we always strive to offer you the most comprehensive contractual indemnity policy and are always able to explain to our clients what’s included and excluded in their policy.
We always keep one eye on the market to understand what’s out there, and – more importantly – what isn’t. The stakes are high when it comes to protecting yourself properly – here are some crucial things to look out for in your search.
You’ll need to pay close attention to the retroactive date on your policy. Some providers offer retractive cover for medical malpractice – however, on the legal expenses section it could have a different retroactive date, meaning there may be gaps in the cover which could leave you unprotected.
You should always make sure your policy has the correct retroactive date throughout the breadth of the cover and policy provided.
As a consultant, underestimating your income can be a little bit of guesswork when looking into the future. Some indemnity providers include clauses in their policy that mean cover can be impacted should your estimate prove to be too low, often by a certain percentage.
If you regularly underestimate your income projection, some providers may stop providing cover, which could put you in breach of the General Medical Council’s obligation to maintain adequate indemnity.
One other crucial thing to look out for is the additional benefits included in your policy. Some provide little or no benefits – e.g. no run-off cover, public liability insurance or legal expenses insurance.
It’s natural to be inquisitive of lower prices or discounts. However, you should always dig beneath the surface and check what you’re getting for your money. Some providers can reduce their costs, but in doing so may provide only minimal cover that could be leaving you exposed.
Discretionary organisations do work slightly differently. When you attempt to find out what your indemnity agreement covers you for, you will not be able to find any definitive details or lists of what the cover includes. There is no Contract of Insurance to interrogate.
So, what makes Practition’s cover different? We are always here to help explain the various options to our clients and the differences between providers to find the most suitable solution for you. Our expertise ensures every aspect of your cover is evaluated properly and tailored to you. We offer:
📝Contractual cover
✍️Policy wordings that has been written specifically for surgeons
👍Cover for limited companies that have been established for fiscal purposes
💸A £10 million standard limit of indemnity
✨Bespoke underwriting
🤝A hand-holding claims and risk management service, advocating on your behalf
🕓24-hour medico-legal support
😁Free quote comparison
👀A clear breakdown of the cover provided by and exclusions within your policy
Incomplete, inadequate or minimal cover could put you at risk – it’s a risk that’s not worth taking. We’ll do everything in our power to make your policy as robust as possible.
If you want to know more about what Practition could do for you, speak to one of our friendly and knowledgeable advisors or get a free quote today.
