The number of healthcare professionals has grown significantly in recent years.
This is partly due to the ever increasing demand for healthcare but also because many of the large organisations within the industry have looked to contract out services. Whether service providers like the NHS or medical device manufacturers new start-up businesses providing specialist services are flourishing within the UK.
Due to the variety and complexity of the problems that medical professionals face every day it is vital that you have the right insurance cover. With compensation awards increasing year on year professional indemnity cover has never been more important.
Professional indemnity insurance comes in many formats and these are dependent on the type of business looking to insure and range of services that they provide. It’s vital to understand the contractual relationship between you and your customers so that the potential for liability is clear. Also it’s important to consider if something does go wrong assess what would be the potential outcome.
At ADF Insurance we are able to arrange professional indemnity insurance for medical professionals with insurers that have an experience within the medical industry and are able to offer you the support and protection you need.
Medical Device Consultants
If you are acting freelance on behalf of medical device manufacturers provided in theatre technical support to surgeons it’s vital that you have the correct insurance in place. By the very nature of the environment you work the potential impact to your business should anything go wrong is significant. Simply being brought into an action from a disgruntled patient even if you are ultimately not culpable can be a lengthy and expensive process.
Careful consideration of the contractual relationship between you and the medical device manufacturer is vital to understand the extent that you could be involved in the event of any action from a patient. This will have a direct impact on your insurance requirements as it may mean that you are required to buy both professional indemnity and product liability insurance.
Clinical Research Organisations
Where large medical device, biotech or pharmaceutical manufacturers outsource the management of a clinical trial to a CRO its important that the CRO protect themselves against claims arising from the professional services that they provide. If something goes wrong with a trial cost can be significant and if this leads to a trial patient suffering injury the repercussions can be significant. It’s important that the insurance purchased provides adequate protection and includes bodily injury.
A clear understand of the CRO’s responsibilities and ultimately potential liabilities is vital to ensure that the insurance is tailored to meet the require.
Healthcare covers a wide spectrum from domiciliary care through to specialist private clinics and hospitals providing specialist advice and surgery to patients.
The treatment of patients can be highly emotive especially when if it involves cosmetic techniques. Patient expectations are high and any small failure in the provision of those services can lead to serious and ultimately very expensive consequences. Even if the cause of a problem is disputed the legal costs defending your position can be huge. Insurance is vital as it will protect you in these circumstances.
Insurance requirements range from fairly standard policies like public liability through to more specialist forms of insurance like medical malpractice insurance. It’s important to understand the duties that are performed and the measures undertaken to minimise risk. Underwriters will want to understand the experience of individual healthcare professionals and/or the company in their specialist field.
Insurance can be both expensive and difficult to find and therefore it’s vital to enlist the services of a broker that understands the insurance market for healthcare professionals.
The most important forms of insurance for healthcare professionals are:-
Medical Malpractice Insurance
Medical malpractice insurance provides indemnity for professional negligence by act or omission by a health care provider in which the treatment provided falls below the accepted standard of practice in the medical community and causes injury or death to the patient, with most cases involving medical error.
With rapid advances in pharmaceutical efficacy, combined with increasingly sophisticated and complicated medical procedures professional healthcare providers are under increasing pressure to meet not only the minimum standards of their industry but also the expectations of their patients.
Its not only Doctors and Nurses that require medical malpractice insurance. For anyone that providing clinical or medical care medical malpractice insurance is essential. Claims are frequent and settlements significant.
The insurance market for medical malpractice is not large. Understanding and underwriting such business is time consuming. The level of research required and the need to keep abreast of problems and progress in these fields is essential. Industry developments, happening at an ever-increasing rate, can mean huge changes in exposure for different segments of the profession. Therefore only specialist insurers are able to underwrite confidently and effectively in this market.
ADF Insurance work extensively with these insurers to deliver medical malpractice insurance for a wide range of professional healthcare providers.
Domiciliary Care Agencies
As part of our ability to insure medical professionals we have also got access to be able to insure domiciliary care agencies. We understand that domiciliary care is important to a lot of people in the community. And know how important it is that these businesses are able to continue to operate. It is also a requirement by the CQC that all domiciliary care agencies have insurance in place before they begin to operate. Insurance is a fundamental part of their business as without it agencies are unable to operate as stated in the guidance notes from the CQC website relating to regulation 13(a).