In the past few years, doctors in India have been exposed to various professional risks. Ranging from incidents of violence to various negligence and malpractice suits, medical professionals are often at the receiving end of these cases.
While there is no sure-shot way to prevent these incidents from happening, doctors can reduce their financial liabilities that arise from such events. Professional indemnity insurance for doctors is one such tool that can be extremely beneficial when it comes to implementing damage-control measures in these situations.
An indemnity insurance policy is a financial safeguard that can provide compensation for third-party damages and reimburse costs from legal lawsuits against doctors in India.
Following is an overview of some of the risks that doctors have if they do not have a professional indemnity insurance policy in place.
Importance of an indemnity insurance cover for doctors
Out of the numerous cases that are filed against doctors in India, only a few turn out to be genuine while the others are unfounded. According to a recently published study, only 10%-15% of the total number of such cases filed has found the doctor in question to be guilty. But the legal proceedings for such cases can carry on for quite a few years, leading the doctor in question to incur substantial financial and professional liabilities.
Professional indemnity insurance for doctors is a product which is vital to protect one’s interests in such scenarios. Following is a list of risks that a doctor can be exposed to if they are not insured under any such policy –
- Allegations of misdiagnosis
Often, doctors are accused of incomplete and incorrect diagnosis, leading the patient’s family to file a lawsuit against them on the grounds of negligence. In most cases, these lawsuits lead doctors to pay substantial amounts as compensation to the patient’s family. An indemnity insurance cover financially protects the doctors against these charges.
- Various lawsuits
There can be a number of situations which can lead patients to file a lawsuit against doctors. These medico-legal cases can arise from prescribing the wrong course of treatment, committing surgical mistakes, administering incorrect medication dosages, etc.
Under such circumstances, even if the doctor is not at fault, the lawsuit can continue for months and even extend to a few years, leading the individual to incur substantial liabilities. This is one risk which is covered under a professional indemnity insurance cover.
- Slander and libel
Even though slander and libel do not have financial repercussions, they can cause extensive damage to an individual’s reputation and hamper their business. With an indemnity insurance policy in place, doctors can access funds that can help them in taking the necessary actions under such situations.
- Other professional risks
Sometimes, there are situations which can arise from the loss of documents, confidentiality breaches, unintentional errors, etc. This insurance cover can also help cover the liabilities that can arise in such scenarios.
Indemnity insurance for doctors is, thus, an important tool when it comes to counter such incidents.
Features of these insurance policies –
To avail a well-rounded indemnity policy, it is crucial for individuals to be aware of its features. Some of them are as follows –
- Doctors can avail a high sum assured under these policies with affordable premiums. For instance, financial institutions like Bajaj Finserv offer a coverage amount of up to Rs. 1 Crore to insured individuals.
- Offers fast claim redressal.
- Comes with an easy claim process that can be completed in three easy steps.
Nevertheless, it is crucial for individuals to remember that professional indemnity insurance for doctors does not cover any liability that arises from criminal offences. It is, thus crucial for one to check the list of instances not covered under this insurance policy to ensure that they well-informed about each aspect.