Another major indemnity provider has launched a discount deal for newly qualified GPs, which it claims could deliver savings of more than £3,500 in their first year of independent practice.
The MDU has announced its customers will receive a 30% discount on their indemnity subscription in their first year after qualification, which in the case of an eight session locum could amount to more than £3,500.
This comes just a week after rival indemnity provider the MDDUS announced it had struck a deal with the RCGP which would offer 75% savings on College membership as well as an indemnity discount.
The MDDUS deal said GPs could save £3,000 over their first five years, though comparable figures for average indemnity costs across the main providers are not published.
Dr Michael Devlin, MDU head of professional standards and liaison said: ‘We know how costly indemnity can be for our members, particularly when you are just starting out in practice.
‘With this in mind, we have increased the discounted subscription rate for our newly qualified GP members this year, meaning they can save 30% on their first year’s indemnity costs.’
Spiralling indemnity rates have resulted in many GPs cutting their hours and exacerbating workforce shortages and last year NHS England committed to covering the cost of indemnity inflation in 2016/17 and 2017/18.
The growing costs have seen private providers enter the market offering cheaper deals, but the GPC has urged GPs to ensure these policies cover them for future claims.