The 4 Different Types of Insurance That Doctors Need

2 min


There is no denying the fact that working in healthcare is a difficult job. Not only are you responsible for the lives of your patients but also the workload can be heavy and stressful. As such, doctors need to make sure they are insured for whatever might happen. But what types of coverage do they actually need? Why are these important? We’ll be discussing these very questions in our article today. So, keep reading to find out the 4 different types of insurance that healthcare professionals need.

1.) Medical Indemnity Insurance

Medical indemnity insurance is designed to protect healthcare professionals (especially surgeons) from legal allegations of medical malpractice from patients who are not satisfied with the treatment they received. This insurance will cover the legal fees that are entailed when these cases are taken to court. It also delivers compensation to patients who have genuinely received poor treatment from their surgeon. This includes mental or physical harm, injury or death. Their families would receive compensation in the latter case. Surgeons should not operate if they don’t have medical indemnity insurance – it would be like driving without car insurance. Not only are you putting yourself at risk of massive financial loss, but more importantly you are not supplying your patients with sufficient protection. This should always be your priority. After all, healthcare professionals have a duty of care. If you have any further questions, Incision have more info on medical indemnity insurance.

2.) Cyber Insurance

This is a relatively new form of insurance that doctors need to acquire. In recent years, the number of cyber-attacks on healthcare organisations has started to increase. Even small medical practices have been targeted. As a result, important information on patients has been stolen, exposed, or held for ransom. Obviously, this will cost healthcare practices a fortune. As such, we recommend investing in cyber insurance. This should cover the finances lost because of information ransom or legal cases that the victims have taken against your organisation. Furthermore, some cyber insurance companies will provide funding for IT experts who can fix the breach for your practice.

3.) Worker’s Compensation

It’s not only the patients that you need to take care of. It’s also important for healthcare professionals to look after themselves when on the job. As the environment is busy, stressful and you are sometimes dealing with volatile patients, accidents can occur. Worker’s compensation will help provide coverage if you are injured or become sick because of something that has happened at work. This includes paying for a portion of wages that are lost because you had to take time off to recover.

4.) Commercial Property

As we have mentioned, hospitals and healthcare practices tend to be busy environments. Resultantly, accidents are more likely to occur, which might lead to property becoming damaged. For example, medical equipment could be knocked over and break. Also, like any other workplace, a healthcare establishment might suffer from the basic problems, such as burst water pipes. These could damage the electrical equipment or create puddles, increasing the likelihood of people slipping over. Fortunately, commercial property insurance can provide coverage for these things. This might include paying for replacement equipment or fixing the property’s damage. As healthcare organisations already have enough to contend with, this insurance can be a lifesaver. Of course, premiums do vary depending on the size, age and condition of your building, plus the value of the contents.

Make sure your healthcare organisation has protection by investing in these 4 types of insurance. It’s about looking after your patients and yourself.


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