You are always on the front line of saving a life as a doctor. But you are not immune to life’s misfortunes. You need insurance cover. From life insurance to long-term disability insurance, there are many types of insurance that you should invest in.
First, the nature of your career puts you at risk of lawsuits from patients, sickness, and injuries. All these events can cost your financial security, leading to stress and depression. However, with an insurance cover, you can spread risk to the insurer and reduce the financial burden in the event of a tragedy.
Some insurance covers are costly and may make you hold back. But you should not. In this post, you’ll find the top 3 reasons doctors need insurance coverage. Let’s dive in.
Top 3 Reasons Why Doctors Need Insurance
1. To Protect Your Profession In case of Litigation
Patients come to you hoping to get their health back without any complications or harm. But, human is to error, and you can make unintentional mistakes causing severe or life-threatening injuries to a patient.
Such errors expose you to legal suits for errors, omissions, and neglect. And this can bring you substantial financial threats. Whether such events occur or not, having insurance cover keeps you on the safer side.
Professional indemnity insurance helps you:
- Cover costs of defending yourself in court
- Pay the victim damages resulting from your unintentional negligence
2. To Safeguard Your Earnings
When offering services to patients, you expose yourself to many risks. You could contact an infectious illness or suffer disability from an injury. When this happens, you take a break from work, so your earnings stand on hold.
But you have personal needs to cater to, bills to pay, and assets to maintain. How do you survive such periods? By having disability insurance cover. It provides a source of income in the event of income loss due to sickness or disability.
You should never assume you are invincible. Accidents happen in a blink of an eye. And the safe way to remain earning when you cannot work is through insurance cover.
3. To protect Your Dependants
Every doctor dreams of amassing wealth and someday retiring to enjoy the fruits of their labor. But life is unpredictable, and you may not live to see your old days. What would happen to your dependants if you passed today?
When you are in the high-income earners’ bracket, it’s inevitable to have people looking up to you. Whether it’s your kids, siblings, or relatives, some aspects of your life depend on you.
You don’t want them to drop out of school or suffer because you are not there. And that’s where insurance comes in. Life insurance ensures your beneficiaries receive money from the insurer when you die. The tax-free amount they get will ensure they:
- Live a comfortable lifestyle
- Repay mortgages
- Continue business operations
- Fund retirement or education
- Contribute to charitable donations
Insurance cover is a necessary evil. Though it may never happen, it protects your career, health, and loved ones. And what is more worth than financial security when tragedy comes?