PI Insurance

Importance of Professional Indemnity Insurance for Physicians

Due to complexity of medication and the risk involved, physicians are at the high risk of liable to come across many undesirable conditions which may include heavy financial loss. So, physicians must have professional indemnity insurance to secure their unforeseen losses and errors. Indemnity insurance covers the policy holder from third party claims against physicians relating to their professional conduct. It will also help to legal fees associated to any such claim.
In some countries, taking professional indemnity insurance for physicians is a legal requirement. Moreover in Australia, it is illegal to practice without having proper indemnity insurance. For getting proper indemnity insurance, a physician must hold the necessary legally qualified medical degree. However, premiums for getting professional insurance for physicians are quite high.