What Does a Medical Indemnity Insurance Policy Cover?

If you work in the medical field, chances are you will make some mistakes during your career. Even well-trained and highly qualified medical professionals make occasional mistakes.

When something goes wrong, you will need your medical malpractice insurance. Because of this, the best way to protect yourself is to plan ahead and make policy and provide cover before you need it.

Many professionals in the healthcare industry find the world of medical insurance confusing and sometimes difficult. Certain terms are easy to mix because definitions are very similar and small meanings are difficult to distinguish. This guide will explain the often confusing world of medical corruption insurance.

What Does a Medical Indemnity Insurance Policy Cover?

What is medical corruption?

Medical professionals whose actions deviate from the standards of care in their profession. Courts can pay damages if the actions hurt or harm a patient, his or her minor child or adult in their care.

Can a medical facility be held accountable for the actions of the healthcare professionals it employs?
A medical center is responsible for the work of the healthcare workers it employs. In addition, it is responsible for the care provided by contract workers, day laborers, or local doctors. It is common to name an individual and a medical establishment where they practice as code defendants in corruption cases. In medical facilities, most practitioners are required to insure for medical malpractice in addition to personal medical compensation.

Is Medical Compensation Insurance Like Medical Corruption Insurance?

The terms Medical Compensation Insurance and Medical Corruption Insurance are not interchangeable. However, the conditions are the same and often confusing.

Medical Compensation Insurance is a type of professional compensation cover. In Australia, the law mandates that healthcare professionals have a medical compensation policy. The policy should also cover the individual's actions. If a problem or accident occurs, a medical compensation policy will protect you as well as your patients. Insurers refer to medical insurance as a 'long tail' cover because you can have many years between getting the cover and settling the claim.

What is included in the Medical Indemnity Insurance Policy?

Your medical compensation policy covers the amount of compensation paid to the plaintiff as well as the legal costs you incur. Your hospital training and any mistakes you may make are also covered by your medical compensation.

You should know that although the Australian Government regulates Medical Compensation Insurance, not all policies provide equal protection. Two specific areas where medical compensation policies differ will be covered:

Civil Claims - Claims made due to medical negligence
Non-Citizen Claims - Policies may vary regarding the limits and procedures associated with non-citizen claims.
Includes some examples of non-citizen claims.

Coroner's investigation of a case involving you.
Employment disputes
Disciplinary investigation
Professional investigation
Other demands that are outside of normal compensation requests.
Some policies have specific sub-limitations when it comes to non-citizen claims. These limits may apply to the following scenarios:

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Medicare audit

Reputation Management If lawsuits against you damage your status in the medical community.
Defamation claims, both defense and prosecution claims

Tax audit

Legal fines such as breach of privacy or improper record keeping
Compensation for income lost due to necessary court appearance
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