Tuesday January 28, 2020
Home Business Here’s ...

Here’s Why Professional Indemnity Insurance is a Life Saver for Doctors

The insured doctor gets adequate coverage by the chosen insurer if he or she is not found guilty of medical misconduct or negligence

0
//
Doctors
The researchers are concerned about the role of smartphone addiction in medical students as 22 per cent of participants met the basic score qualifying for smartphone addiction. Pixabay

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. 

Doctors
The first thing that comes to mind when people think about good health is the role of doctors in their lives.

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.

Exclusions 

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
Doctors
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.  Pixabay

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. 

ALSO READ: Delhi to Have Full-Fledged Schools on Lines of NSD

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.

 

Next Story

Patients May Suffer Invasive Treatments for Harmless Cancers: Researchers

According to the researchers, It is the first time that the risk of overdiagnosis has been quantified across five cancers, anywhere in the world

0
A breast cancer diagnosis is terrifying enough at any time. Pixabay

Researchers have revealed that Australians are increasingly being diagnosed with potentially harmless cancers, which if left undetected or untreated, may expose them to unnecessary surgeries and chemotherapy.

The research, published in the Medical Journal of Australia, drew on data from the Australian Institute of Health and Welfare to compare how the lifetime risk of five cancers had changed between 1982 and 2012.

The study shows compared to 30 years ago, Australians are much more likely to experience a cancer diagnosis in their lifetime.

“Cancer treatments such as surgery, radiotherapy, endocrine and chemotherapy carry risks of physical harms,” said the study authors from Bond University, University of Sydney and Griffith University in Australia.

“In the absence of overdiagnosis, these harms are generally considered acceptable. In the context of overdiagnosed cancers, however, affected individuals cannot benefit but can only be harmed by these treatments,” authors added.

The figures suggest that in 2012 24 per cent of cancers or carcinomas in men were overdiagnosed. These included 42 per cent of prostate cancers, 42 per cent of renal cancers, 73 per cent of thyroid cancers and 58 per cent of melanomas.

Cancer
Cancer Ribbon. Pixabay

For women, 18 per cent of cancers or carcinomas were overdiagnosed, including 22 per cent of breast cancers, 58 per cent of renal cancers, 73 per cent of thyroid cancers and 58 per cent of melanomas.

The figures are significant because of the harm that can occur from cancer treatment of patients who would never have had symptoms in their lifetime.

The authors also refer to separate studies showing overdiagnosis could be linked to psychological problems.

“For example, men’s risk of suicide appears to increase in the year after receiving a prostate cancer diagnosis,” researchers said.

Also Read: TikTok Becomes a Rising Phenomenon in India

According to the researchers, It is the first time that the risk of overdiagnosis has been quantified across five cancers, anywhere in the world.”

The findings also suggest an important role for health services such as the Australian Institute of Health and Welfare, in detecting potential overdiagnosis and alerting health policy decision makers to the problem early on. (IANS)