Life is precious for all, and everyone does their part to stay healthy. The first thing that comes to mind when people think about good health is the role of doctors in their lives. In India and across the globe, doctors are considered next to God for they have the power to save lives and heal wounds. However, even doctors commit mistakes sometimes as a part of the services they offer and can face severe problems as a result.
If you are a healthcare professional, you can better understand this. No doctor wants to hurt their patients physically or in other ways, intentionally. However, the patients can sometimes suffer because of negligence or a mistake done by doctors while offering treatments. In such situations, the doctors are liable to pay for the losses incurred to the patients.
Such financial setbacks can also have an impact on your career as a healthcare professional. Professional indemnity insurance can be of great help to you to stay safe.
Why Doctors Need Professional Indemnity Insurance?
The count of medical negligence cases has increased in Indian over the past few years. The alarming rise in litigations against doctors becomes problematic for them in several ways. They need to visit courts, pay for the losses incurred to the victims and face a decline in reputation amongst the patients.
Professional indemnity insurance for doctors takes care of the expense related to medical negligence claims raised by patients. The insured doctor gets adequate coverage by the chosen insurer if he or she is not found guilty of medical misconduct or negligence.
Another significant aspect of such situations is that you cannot estimate the loss in terms of penalties. Take the case when a patient has lost his limb or a kidney during a medical procedure you carried out. You never know how much compensation the patient would ask for, which can be very big at times. Professional indemnity insurance will cover you against financial losses in case any of your patients sue you for medical misconduct.
Furthermore, doctors who are offering several medical services under one roof in a hospital need to cover their hired staff, be it nurses or junior doctors under group policies for professional indemnity cover.
What Does It Cover?
A professional liability insurance policy for doctors covers all the expenses incurred for defence, including the charges applicable in the court, plus the claims made by patients for medical negligence. You should also know that this policy is time-bound and will only cover the claims made during its tenure. So, as a doctor, you need to get it renewed timely.
Professional liability insurance comes with a plethora of benefits. However, it may not cover the claims in the following cases:
- Criminal acts, penalties and fines
- Wilful neglect
- Being under the influence of drugs or alcohol while offering medical services
- Violation of law, and many others
Top Companies That Offer Professional Liability Insurance Policies
- Reliance General Insurance Company
- New India Insurance
- TATA AIG General Insurance Company
- United India Insurance General Insurance Company
- ICICI Lombard
Best Way to Buy Professional Indemnity Insurance
Doctors are known for their knowledge and expertise in saving lives. However, they may at times commit a mistake that can impact the lives of their patients. This is where the role of professional indemnity insurance comes up. However, it is not generally easy for doctors to choose the right insurer.
A great way to ensure that you make the right decision is to ask for help from a good quality insurance broker. They will be able to give you quotes from multiple insurers and help you in making the right choice for your needs.