Medical indemnity insurance should be taken out by all surgeons, to ensure that patients are fully protected. However, medical students also require this insurance, particularly as they are still learning, and are more likely to make mistakes. Read on to learn more about the importance of medical indemnity insurance for students.
Mistakes happen in all professions, including within healthcare. Although all surgeons strive to provide the best quality medical care, sometimes things can go wrong. Medical malpractice accusations are serious and can range from physical and mental harm to the death of a patient. Medical indemnity insurance provides surgeons with support in facing these accusations, covering any fees arising from the claim. If the patient wins the claim, then medical indemnity insurance will pay their compensation.
As a student, it may seem that indemnity insurance isn’t relevant to you just yet. However, by taking out insurance now, you will be protected for the rest of your studies. Incidents may occur while you’re on a placement, such as an elective, medical or clinical placement, or even if you are helping someone in an emergency. No student wants to feel worried about medical defence before they’ve even started their career.
What does it cover?
Medical indemnity insurance doesn’t just cover medical malpractice. It will protect you for any alleged or actual libel committed by you that was not deliberate. A representative will also be provided, who in disciplinary hearings can represent your legal rights. It can also protect you against personal injury, with a representative to pursue claims arising from an accident that causes bodily injury.
Consequences of not purchasing
Not purchasing medical indemnity insurance is a risky move and could leave you in financial trouble. If your cover is insufficient, it may mean that you are liable to personally pay the compensation to a patient. These costs can be staggering depending on the nature of the claim.
Without this insurance, you will be unable to practice at independent hospitals. Furthermore, your license could be removed by the GMC, who have the power to penalise surgeons if they do not have adequate insurance.
For full protection against medical negligence claims, medical students need to take out medical indemnity insurance.