The healthcare landscape is fast-paced and often high-stakes, so safeguarding everyone involved is essential. While there may be a myriad of different legal protections available, contractual indemnity is critical in ensuring effective risk management in an efficient and clearly defined manner.
At THEMIS, we recognise the importance of contractual indemnity insurance more than most.
Our coverage serves as a binding agreement for healthcare providers to ensure the responsibilities and obligations of each party are apparent in an industry where the lines can easily become blurred without the proper knowledge and support.
In this article, we explain contractual indemnity insurance in more detail, outlining its benefits and some of the key reasons why you should choose our team at THEMIS as your provider.
What is contractual indemnity insurance?
Working in healthcare puts you at risk of medical malpractice claims, which generally result in financial loss and legal repercussions.
Indemnity insurance is essentially a type of insurance that provides you with a safety net, covering any costs associated with malpractice claims.1
Contractual indemnity insurance takes this one step further by explicitly outlining and addressing the specific liabilities within a contractual agreement.2 In other words, having contractual indemnity insurance means you will always be covered for a claim as long as it fits within your insurance provider’s contract.
At THEMIS, we understand your challenges as a healthcare professional and take an innovative approach to provide comprehensive coverage that addresses your unique needs. We offer contractual indemnity solutions that mitigate risk and fully support you when facing medical malpractice claims.
Discretionary indemnity vs. contractual indemnity
Understanding the differences between discretionary and contractual indemnity is vital, especially for healthcare professionals. Each model has its approach and type of protection offered, so you need to understand them fully to choose what’s right for you.
Should discretionary indemnity policies be avoided?
Discretionary indemnity is where your insurer decides whether to provide coverage for a claim. While this model has been popular in the past, it is also associated with many drawbacks and has even been recently scrutinised by the Department of Health and Social Care.2
As this type of indemnity is discretionary, there is more uncertainty surrounding its coverage. Decisions are made on a case-by-case basis, for example, so your coverage isn’t guaranteed. You may also never find out why your claim isn’t covered, which can leave you with financial repercussions and confusion.
While all decisions need to be judged fairly and without bias, this is not always the case. So you will also need to trust your insurer over any decisions they make related to approving or rejecting your claim.
As there is no clear set of rules to apply to whether something is covered or not, this could result in decisions on coverage being slow in traditional discretionary indemnity, leaving you vulnerable when you need support most.
What contractual indemnity offers and its benefits
Contractual indemnity provides a robust, secure contract that effectively manages risk. These types of policies come in the form of a legally binding contract that outlines the specific terms and conditions of your coverage, so you know what you are – and aren’t – covered for.3
Some of the primary benefits of contractual indemnity are:
- Clarity and certainty: Contractual indemnity lays out the terms of your coverage in a clear, understandable way. So you know what’s included in your coverage and to what extent it’s covered.
- Transparency: Your coverage is explicitly stated in your contractual agreement, helping you know what support you’re entitled to when facing any potential malpractice claims.
- Consistency: Any claim decisions are made based on what’s in your contractual agreement, so you’ll always have consistency and a reliable outcome.
- Fast response time: As the cover states your contractual terms before someone makes a claim, when you submit a claim on your insurance, the decision can be made much more quickly.
How contractual indemnity benefits healthcare professionals
As a healthcare professional, contractual indemnity has many advantages.3 The certainty and transparency of this type of coverage provide peace of mind and enable you to focus on patient care, knowing you have contractual indemnity behind you.
At THEMIS, we tailor our contractual indemnity options to meet your needs, so you receive complete protection based on your role and risk. You’ll also gain access to reliable, practical risk management tools like our medico-legal helpline to safeguard your finances and professional integrity.
Why choose THEMIS for your contractual indemnity insurance?
When you choose THEMIS for your contractual indemnity insurance, you choose a provider that’s committed to supporting healthcare professionals. Our contractual approach is helping to reshape the world of clinical indemnity, ensuring reliability in a high-stakes landscape.4
Our foundation by industry experts means we provide comprehensive, clearly worded policies that leave no room for confusion or discretionary decisions. We help you focus on delivering care to your patients with the confidence that your contractual indemnity will support you if you need it.4
Expert-led contractual indemnity with THEMIS
Healthcare is complex and your concerns don’t stop once you finish work. Malpractice claims are just one challenge you may face in your career. But with the help of our coverage, you can receive proactive risk management strategies and support to mitigate such claims.
We’re built on industry expertise and provide more than just a simple insurance policy. Our partnership with you helps uphold high patient care standards by supporting you – the healthcare professionals who care for them.
Contact our team to find out more about our coverage and how we can help safeguard your future.
