Since ages, doctors have been one of the most revered professionals in a country like India. However, cases of medical negligence have escalated significantly of late. While some of these cases filed in consumer courts are genuine, most are either otherwise or not substantial.
- Studies reveal that medical negligence cases increase by 110% every year in India.
Several reasons are responsible for such incidents, including patients filing cases based on incomplete knowledge or wrong perceptions.
Practitioners often commit unintended medical malpractice risking their patients’ lives. These make doctors pay huge financial compensation to the victims.
A professional indemnity insurance plan can benefit the medical professionals from such monetary losses incurred from a lawsuit.
In India, the quantum of compensation completely depends on the civil or consumer court considering various factors.
Prominent financial service providers, therefore, offer customised policies like professional indemnity or malpractice insurance plan with a high sum insured.
These policies cover different financial risks and safeguard your assets while fighting a legal battle.
Understanding professional indemnity cover
A professional indemnity cover is a type of insurance plan which provides coverage against financial liabilities arising from error, omission or negligence.
If a doctor involves in a legal case, this policy compensates the claims raised by the patient. Usually, the following are covered under an indemnity insurance plan:
- Expenses of lawyer appointment, investigation and other legal requirements.
- Compensates for the injuries caused or the patient’s death.
- Incorrect medicine dosage.
- Negligence or misdiagnosis.
- Surgery-related procedures.
Reasons why doctors should take an insurance policy
There are various reasons why doctors should care about taking a professional indemnity insurance plan.
- Aids in dealing with financial loss
Irrespective of the damage caused, there is no upper limit to the compensation quantum a victim’s family may demand. Apart from compensation, a doctor may need to pay other legal costs like lawyer appointment charges, legal paper filing charges, court costs, etc.
Paying for these expenses from the pocket can be quite difficult without an insurance plan.
- Safeguards your medical career
Dealing with various types of healthcare issues often becomes challenging for inexperienced doctors. At times, their treatment can create major complications leading to injuries or death of the patient. A doctor’s career can ruin in case the victim’s family files a court case.
A malpractice insurance plan can prove beneficial in settling such mishaps effectively.
- Ensures safety of assets
Often, victims claim too high compensation, compelling doctors to mortgage or sell their personal assets. A professional indemnity insurance policy eradicates the need to pledge assets and provides a comprehensive financial backup. Doctors can claim the coverage benefits through easy procedures online and access the sum insured effortlessly.
- Beyond all basic benefits
Apart from the basic advantages, the insurance policy provides a sense of financial security and also protects your reputation. Patients are assured of complete support if any discrepancy arises. Additionally, it ensures that your practice keeps running despite the losses suffered from a lawsuit.
- According to statistics, medical negligence comprises around 12% of the cases filed at consumer courts.
A reputed non-banking financial corporation, Bajaj Finserv, offers Professional Indemnity Insurance Plan for Doctors. Doctors can avail coverage of up to Rs.1 crore at affordable premiums starting from Rs.9,440. Besides high sum insured, it comes with benefits like speedy claim redressal, dedicated customer experience team and more.
Why look for insurance plans online or offline?
- Comprehensive coverage against various risks
An advanced malpractice insurance plan protects doctors against several risks, including:
- Breach of confidentiality
- Employee fraud
- Libel and slander
- Inappropriate diagnosis
- Loss of documents, etc.
- Hassle-free claiming process
Most insurance aggregators bring a simplified claiming process:
- Intimation of the claim
- Submission of documents
- Settlement of claim
While an insurance plan provides financial coverage, medical practitioners can avail tailored Loan for Doctors to meet their monetary needs.
Non-banking financial corporations such as Bajaj Finserv bring insurance policies along with feature-rich advances for doctors with pre-approved offers.
If family members of a victim file a case against the medical practitioner, the later shall face huge financial loss for compensation. Therefore, doctors should look for the best professional indemnity insurance policy to protect themselves against several professional risks.