The medical profession has always been one of the most revered occupations, especially in India. However, it also brings along several challenges and complications which threaten the profession’s integrity Insurance Policies.
Incidents of malpractice, medical negligence, overdose, misdiagnosis, etc. can lead to a doctor facing legal consequences. Financial institutions introduced professional indemnity insurance for medical experts to financially protect them against such instances.
Recently, the number of medico-legal cases has increased significantly.
- The Supreme Court registered a 400% increase in legal proceedings against doctors’ negligence.
- Only 10% to 15% of the cases reported proved to be genuine. The rest 85% had to bear the legal expenses, however.
The possibilities of unintentional negligence, omissions, and errors always remain in the medical profession. Under such a context, doctors may face litigations from the patient’s family. Insurance Policies. This can further lead to financial losses and hefty compensations.
This is why doctors should care about a professional indemnity insurance policy. A comprehensive plan covers the expenses involved in lawyer appointments, court charges, investigations, etc.
Perks of an indemnity cover for doctors in India
- Keeps you prepared for unforeseen professional risks
As there is no formula for penalty amount calculation, setting up a fund to meet future compensations is difficult. Besides, various other costs are involved, which increases the overall expense amount.
Here, an indemnity insurance policy protects against several risks doctors may face without an insurance policy.
- Provides high coverage amount to suffice adequately
The best malpractice insurance plans come with high coverage amounts to suffice all financial requirements adequately.
Additionally, these offer protection against various types of risks, such as –
- Libel and slander.
- Breach of confidentiality.
- Defence expenses.
- Loss of documents causing financial setbacks.
- Third-party damages.
- Loss or damage arising due to professional incidents.
- Claims from professional services.
Note that every malpractice insurance policy comes with certain exclusions as well. Ensure to know the terms and conditions before purchasing a plan.
- Safeguards your assets
At times, the quantum of compensation is so huge that individuals end up mortgaging or selling their assets. With an indemnity cover, doctors can safeguard their assets and pay the compensation effortlessly.
- Ensures your practice is up and running
Facing legal issues not only affects you financially but also hampers your business or practice. Without a professional indemnity insurance plan, you may need to pay for the expenses from your establishment.
Prevent this efficiently with a tailored insurance plan for doctors and allow your business to run smoothly.
- Pays for the legal expenses effortlessly
Proper financial support allows you to hire a better lawyer and receive excellent legal support for the incident. It upholds your reputation, increases your chances of winning the case and reduces financial loss considerably.
The importance of an insurance policy lies in its various advantages. In the case of legal issues, the compensation amount depends on several factors and can be exorbitant.
Often, this penalty amount quantifies basing on the extent of stress, mental trauma, and damage caused to a patient. Therefore, safeguard yourself with an insurance plan of high value.
- For medical negligence, the highest-ever compensation paid – Rs.5.96 crore.
While several financial institutions provide professional indemnity insurance plans, approach only reliable service providers offering customized policies for doctors.
You can enjoy coverage against professional risks, including surgery-related procedures, incorrect medical dosage, inaccurate treatment, wrong treatment suggested, inappropriate consultation, and more.
It also protects practitioners from slander or libel and third party claims for harm, injury or death.
Trusted non-banking financial companies in India, like Bajaj Finserv, provide Professional Indemnity Insurance coverage up to Rs.1 crore. They also add attractive features like affordable premiums, excellent customer service, easy purchase procedure, hassle-free claiming process, fast claim redressal, etc.
Bajaj Finserv also provides financial assistance in the form of customized Loans for Doctors to address various monetary requirements effortlessly.
Eligible customers can avail exclusive pre-approved offers which not only simplify the loan availing process but also make it less time-consuming.
- Awareness about medico-legal cases among healthcare professionals – 69%.
The awareness about medico-legal incidents is crucial to maintain a healthy patient-doctor relationship. Proper knowledge also prevents the commercialisation of this noble occupation.
Although a doctor’s motive is to ensure good health of patients, errors can happen, which result in major consequences. So, financially safeguard yourself from such unexpected incidents with a professional indemnity insurance plan.
