Healthcare is an ever-growing industry. The complexity of care and an increased requirement for staff means the number of practitioners is at an all-time high in the UK. Those considered as part of the medical profession are much more varied than just doctors and surgeons.
If you operate as a nurse, midwife or a more specialist provider of medical care then it’s likely you will need medical malpractice insurance. Whilst this may well be provided by your employer or governing body, it’s worth checking you have the cover you need.
When entering the medical profession insurance of this nature can seem confusing, but ensuring you are adequately protected from potential risks is vital. What makes up the ideal protection? In this article, we will cover the key parts of a comprehensive medical malpractice insurance policy.
A typical policy will actually provide a wide range of cover, with different key areas that may be included. It’s essential when considering and applying for medical malpractice insurance to understand what is included in your cover, and especially any exemptions and other conditional terms.
Some areas of cover that a policy can include:
Employers’ liability
If you run a medical practice or business with employees then you will be required to have employer’s liability – and this can be provided under a medical malpractice policy.
In the event that someone you employ gets injured, this type of cover is designed to help protect your business in the event of a claim against your company for damages.
If you’re a UK business owner with employees, you will probably already have this cover. Therefore, you could consider combining this with your medical malpractice cover under a single policy to make your insurance easier to manage. However you would need to discuss this with your current provider to make sure you have the right cover for your business.
Public liability insurance
This type of cover is essential to protect your business in the event of a claim made against you by a member of the public. For example, if a customer tripped whilst visiting your premises, resulting in an injury, a claim being made against your business for compensation.
Public liability is not mandatory, but because a claim can have a significant financial impact for your business it’s strongly recommended.
Product liability insurance
Depending on your sector you may also need to consider including product liability cover under your medical liability policy. If you sell products to customers, even those you do not manufacturer, then it’s highly recommended as protection.
For example, if you are a physiotherapy business that also sells equipment such as resistance bands or other equipment then you will likely benefit from this form of protection.
Business interruption
This type of cover is designed to provide assistance with paying overheads that may be challenging to cover if your business is unable to operate. In unforeseen events such as a fire, flood or severe building damage your business may need to close, and costs such as rent and staff wages can be covered.
Property damage to contents and equipment
Within the medical niche, the equipment required to do your job can mean a high cost to you if it becomes damaged and you need a replacement. With the correct property damage cover added to your policy the cost of replacing or repairing such equipment, and any other business contents, can be protected.
Finding the right policy
If getting the correct level of cover seems overwhelming then consider getting expert help. An experienced insurance broker can make the difference when looking for a specialist cover such as medical malpractice.
By seeking professional expertise you can have peace of mind that the policy recommended is suited to your specific needs.
Many direct insurance providers will leave you to fill out your application alone and with no assistance when applying for cover. This not only increases the onus on you to make sure you have the right policy but also the chance of the cover not being as comprehensive as you require.
A specialist insurance broker will put together the right cover for you by taking the time to understand your unique professional situation and the risks you are exposed to. They will then use this understanding to seek out the right insurance solution from the range of covers available from many different insurance providers. The end result is an insurance solution or package that meets your business needs.
