Not all superheroes wear capes, some wear white coats and carry their gentle smiles around. The world calls such heroes ‘Doctors.’
If you’re a doctor reading this piece, then we’re sure you feel both happy and grateful, for being given your well-deserved stature and respect by people. Patients and their families hold on to your words to find hope amidst all hopelessness in their sickness, and look up to you for turning things around.
However, you know that it’s not easy being a doctor, for great responsibility rests on your shoulders all the time. Most people show unflagging faith in whatever you prescribe and do, and that means you’ve got to be sure of your words and actions.
But being a human being, you too can err. But beware! Medical negligence can have serious consequences, resulting even in loss of life. That is why such cases can put you in a legal row. Legal consequences can tarnish your reputation along with causing you substantial financial losses in the form of penalty or compensation required to be paid.
For all such situations, you must be prepared well in advance to the extent possible.
Table Of Contents
Need for an Insurance Cover
A study by a leading authority on medical law revealed in 2016 that there had been a 110% rise in cases of medical negligence reported in India. While some are genuine cases, a significant number out of these force innocent doctors to face court trials and pay massive compensations to the concerned patients’ families.
Paying such an amount from your pocket can shake your finances, and that is why you need an insurance cover to have your back.
What is Professional Indemnity Insurance?
Professional indemnity is insurance coverage that financially safeguards medical practitioners against any legal costs or claims for compensation made by patients in case of a legal case. Legally, it thereby allows exemption from liabilities arising due to damages.
In such cases, the amount is quantified basis the mental trauma that the course of events has caused to the patient and the family. Moreover, it has also been seen that patients’ expectation of monetary compensation in such events is enormous.
Especially if you’re a surgeon, then the need for such a cover is even more because of the various complications involved in any medical procedure. Many insurance brokers like SecureNow (www.securenow.in) facilitate your purchase of professional indemnity insurance for doctors to keep yourself safeguarded against challenging situations such as these.
What is Covered Under the Policy?
A professional indemnity policy offers you cover depending on the features of the policy, which may include the following:
– The extent of financial loss or damage to the victim which is not a result of willful neglect
-Unintentional errors of any kind or omissions
– Insurance that is extended to your medically qualified and unqualified employees if any, and partners in the same practice
– Cost of fighting your case in court
The policy pays the sum assured that is set as a limit for any particular cover. Anything beyond that given limit is then supposed to be borne by you additionally. The cover you plan to take should be purchased based on factors like the risk involved and the probability of occurrence of events covered under it, which may lead to litigation later.
The policy does not cover the following-
– The medical treatment given for weight loss, genetic damages, plastic surgery, and conditions associated with AIDS
– Any Criminal act or penalties, fines, punitive, and exemplary damages
– Intentional non-compliance, willful neglect, deliberate act
– Loss of goodwill suffered
– Medical procedures that may be carried out under the influence of alcohol or drugs
Secure Yourself with Indemnity Insurance for Doctors
You work diligently to take care of all your patients and ensure that they are in the pink of health. However, along with this, you must not neglect your security. For this purpose, you should purchase indemnity insurance for doctors soon after you start your medical practice.
Having this indemnity cover will ensure that a small case of unintentional negligence or any error does not cause a massive dent in your pocket.
You can reach out to reputable insurance brokers like SecureNow to buy a professional indemnity insurance cover which has universal acceptance and also offers the retroactive date benefit, which offers you retractive date cover. Some insurers also offer legal support by taking on the obligation to even fight your case.
So, practice caution and alertness in all professional matters, to avoid meeting with any such situation. Also, top up your other insurance covers with doctors’ professional indemnity insurance at the earliest.