Are you a business owner who wants to ensure you’re fully covered in any issues? Then you need to know about the differences between professional indemnity and public liability insurance.
Indemnity
Indemnity insurance provides protection against claims made by clients regarding professional negligence or mistakes in the services provided. In the event of a claim, indemnity insurance can help cover the cost of legal defence, compensation pay-outs, rectification costs, and any loss of income.
Example: A patient visits a dentist for a routine check-up and cleaning. During the procedure, the dentist accidentally damages a healthy tooth, causing the patient significant pain and discomfort. The patient files a professional indemnity claim against the dentist, alleging that the dentist was negligent in their work.
The dental indemnity insurance policy of the dentist can cover the cost of legal defence and any compensation payments if the dentist is found to be at fault. Additionally, the policy can also cover the cost of rectifying the issue, such as paying for a root canal or crown to repair the damaged tooth.
Public Liability
Public liability insurance protects your business against claims made by members of the general public for injury, illness, or damage to property. This may encompass claims from customers, clients, suppliers, or individuals who happen to be in the vicinity.
Example: A patient visits a GP practice for a routine check-up and slips on a wet floor in the waiting room. The patient sustains a serious injury and files a public liability claim against the GP practice, alleging that the practice was responsible for the hazardous condition of the floor and failed to adequately warn patients of the danger.
The GP practice’s public liability insurance policy can cover the cost of legal defence and any compensation payments if the practice is found to be at fault. The policy may also cover any medical expenses incurred as a result of the injury.
More Information
It’s important to note that public liability insurance covers claims made by anyone who is not an employee, while professional indemnity insurance only covers claims made by clients. Additionally, public liability insurance covers claims related to harm, injury, or damage, while professional indemnity insurance is focused on errors or shortcomings in professional services.
What can All Med Pro offer?
One size does not fit all when it comes to solutions; cost plays a big role, but it should not compromise your professional standing or credibility. That’s why it’s important to get honest and accurate guidance.
All Med Pro offer diligent, transparent advice tailored to your needs and are proud to hold the gold seal of approval from our review platform, Ekomi. We understand that our customers reputation is just importance as ours.
Need Professional Indemnity Insurance or Public Liability Insurance? Give us a call at 0203 757 6950 or drop us an email via info@allmed.co.uk. Alternatively, book a FREE consultation call with an expert member of our team All Med Pro (office365.com)
