Top 5 Benefits of Professional Medical Indemnity Insurance

As a healthcare professional, you’re often rushed off your feet – especially in recent years.

With NHS waiting lists now thought to total at least 7.4 million, resources have become stretched and so have personnel. Only 27% of NHS workers say enough colleagues are available for them to do their jobs properly.

As a result, hundreds of healthcare professionals feel overworked, stressed and burnt out, inevitably leading to an impact on the quality of patient care.

Consequently, patient claims and total payout costs have risen. According to the latest report from NHS Resolution, clinical negligence payments in the NHS rose to almost £2.7 billion in 2022/23.

So, what can you do to protect yourself and combat these statistics? Well, a reliable, professional medical indemnity insurance policy can help.

What is professional medical indemnity insurance?

Professional medical indemnity insurance offers personal protection against potential legal claims that arise when delivering patient care.

It acts as a safety net for healthcare professionals, covering all the potential expenses associated with a patient claim, safeguarding your reputation and allowing you to focus on delivering high-quality care without fear of legal repercussions.

The benefits of tailored medical indemnity insurance

Professional medical indemnity insurances are not designed equally, so it’s vital to ensure the policy you choose is tailored around your exact role and responsibilities and offers the level of protection you think it does.

With a clearly worded policy from THEMIS, you can rest assured that you will receive the following five main benefits as part of your service.

1. Financial security

Navigating complex legal battles can feel daunting for many reasons, especially financially.

The costs of receiving a malpractice claim can be substantial, from the legal expenses involved with inquests to regulatory issues, reputation crisis management or data protection breaches.

Professional medical indemnity insurance provides a lifeline by covering all of these associated legal expenses, allowing you to stay protected in unforeseen circumstances.

2. Tailored cover

A tailored medical indemnity insurance policy gives you adequate protection without needing to pay for unnecessary coverage.

Specific policies, like ours at THEMIS, harness advanced technologies like artificial intelligence (AI) to reflect your risk profile accurately. We can use this to identify new ways to mitigate risk while ensuring your premiums are fair and accurately match the latest data and market trends.

Tailored insurance like this also means your policy moves with you, keeping you protected as your responsibilities grow and change throughout your career.

3. Claims handling expertise

With most professional indemnity insurance policies, firms will provide access to a team of dedicated claims specialists to guide you through the claims process.

From your initial enquiry to the final resolution, these experts provide peace of mind whenever you need it, leveraging their medico-legal industry knowledge to address your concerns with efficiency and sensitivity.

At THEMIS, we operate an extensive medico-legal helpline that covers virtually all the concerns you might encounter daily – whether managing patient complaints or maintaining essential consent documentation properly.

4. No discretionary refusal

Opting for contract-certain professional indemnity insurance eliminates any uncertainty or concerns around the discretionary policies offered by medical defence organisations (MDOs).

As its name suggests, contract-certain insurance provides a clear, transparent policy that precisely outlines what you are covered for.

Therefore, your cover not only meets the General Medical Council’s requirements for having “adequate or appropriate insurance or indemnity in place” but also the terms of the Health Care and Associated Professionals Order 2014.

5. Complete peace of mind

As we mentioned, the healthcare industry’s current state has left many workers feeling stressed and burnt out.

A tailored form of professional medical indemnity insurance can’t do your job for you, but it can provide the peace of mind to keep performing your role effectively.

Whether you’re a neurosurgeon, nurse or general surgeon, a suitable policy can also teach you how to minimise your level of risk because you gain access to multiple risk management resources and educational materials.

As a result, you can confidently keep delivering a high level of patient care.

Review your policy with THEMIS

The healthcare landscape is constantly evolving. So, it’s vital to safeguard yourself, your practice and your colleagues to keep providing exceptional patient care without worrying about potential legal ramifications.

To learn more about the various types of medical indemnity insurance available or ask our team to review your existing policy, simply get in touch; we’d be happy to help.