3 Insurance Policies Ideal for Every Doctor Out There

by Ella Stephen

Medical professionals are not free from mishaps that happen in life. One of the most common insurance policies that doctors get is disability insurance from Ameritas, but then, there are three more that many seem to forget. Today, we will show you the three best insurance policies ideal for every doctor out there.

1. Professional Indemnity Insurance for Doctors

Professional indemnity insurance refers to the protection you get if a medical procedure goes wrong. As you may well know by now, a patient can sue you if the outcome of an operation is bad. Sometimes, bad things happen no matter how hard you try.

Usually, negligence is the accusation that people will throw at you. Because of this, you will face litigation, and if the prosecution can prove your guilt, you must pay.

Indemnity is a type of insurance that protects your business. In many cases, courts decide in favor of the litigant, and you must prepare for it, even if you did everything to the best of your abilities.   

2. Property Liability Insurance for Doctors

This type of insurance guarantees your place of business—the physical place. As a physician, you surely must have spent money on your clinic.

What if it burns down? What if there is an earthquake? In such cases, your property and your equipment can get damaged. In many cases, doctors do not buy equipment in cash—they pay for these things in installments.

Whatever damage you suffer, you will have to start over again. However, if you have property liability insurance, you can recover your losses.

Property liability insurance is complicated. Most of the time, insurance companies only cover the building, not the assets inside it. However, there are companies that ensure assets, too. 

3. Public Liability Insurance for Doctors

Public liability insurance is one that protects you from third-party lawsuits. How does this happen? If somebody gets injured because of your business, you can be liable.

For example, let us say that someone was hurt while in your clinic, like a child who hurt himself with a syringe. In this case, this person did not get hurt because of your direct action but because he was on your premises.

The parents of that child can sue. Sadly, you will have to pay for damages if the judge deems that your facility is unsafe for people. With public liability insurance, you can cover these grounds or risks.

The insurance company can pay the family, and it is likely that nothing will come out of your pocket. But then, it all depends on the damages.

Apart from ensuring your earnings, you should strongly consider insuring your property and your career. A doctor’s job is complex, and in this world, people will always attempt to find someone to blame—that could be you.

Avoid all these financial problems with the right insurance. Do not let a single error or litigation drain your coffers—get insured and let the insurance companies take care of your financial problems when they arise.  


Naomi Olson [Website TwitterHeadshot]

I am a CFP® (Certified Financial Planner).

I have a severe phobia of bridges and dirty balance sheets.

Hobbies: blogging, meditation, and loving Bull Market (my dog).

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