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HomeCareersImportance and Future Scope of Professional Indemnity Insurance

Importance and Future Scope of Professional Indemnity Insurance

The number of cases in consumer courts related to medical negligence witnessed a rise of 400% as per a survey conducted by National Law University in 2016. Doctors were required to follow up on such legal proceedings even though the number of genuine cases was around 10-15% only.

The need for professional indemnity insurance for doctors has increased for this reason to safeguard the assets and wealth of a healthcare professional if they get involved in a legal battle. Also, it aids doctors to pay compensation to the patient party if there is any case of negligence.

Here is all you need to know about professional indemnity insurance for doctors.

Brief idea about indemnity insurance for doctors

Indemnity insurance for doctors is a product designed to safeguard them from any errors that they commit in the course of their duty. These policies mainly cover areas like negligence in work, errors committed by an individual, breach in professional responsibilities and civil liabilities of an individual.

It ensures that doctors can perform their duty without fear of being sued by a patient party. It helps them to perform their duties with peace of mind.

Importance of professional indemnity insurance cover

Doctors require indemnity insurance cover to protect themselves from any legal actions that can be taken against them. Without such coverage, they will have to pay for legal activities and compensation from their savings to the patient if there is a case of negligence.

Risks are quite significant in the medical profession, and without such protection, doctors are vulnerable to lose their savings and even their reputation if such situations arise. These insurance covers help them carry out their work without having to think about possible mistakes that may occur in the future.

Scope of indemnity insurance for doctors

Professional indemnity insurance for doctors was introduced in India after 1991. The Indian public is more aware of their rights, and they are willing to fight a court case if there is any case of negligence.

Doctors are becoming more aware of the requirement of such protection, and the market of such policies is more likely to rise within the next few years. Doctors associated with mHealth platforms can also avail such policies.

Procedure to claim such insurance

If a doctor is sued, they have to inform the insurance company regarding the scenario and so that they can assess the coverage required and develop a defence strategy. The company will consult legal personnel and implement the approach adopted.

Coverage under the insurance

The scenarios covered under professional indemnity insurance for doctors can differ according to the terms of the policy, but it mainly includes the following –

  • The financial loss of a victim which did not occur due to intentional neglect of the policyholder.
  • Any unintentional errors and omissions committed by the policyholder.
  • Insurance will be extended to other partners, qualified or unqualified employees in the same practice with the policyholder.
  • The legal cost that the policyholders may require defending themselves in a court of law.

However, if a doctor does not have indemnity insurance, they can avail a Loan for doctors to meet the requirements if they require funds for such purposes. It comes with a high amount and can be used to fund the costs of a legal case as well as to meet the claims from a patient party.

Doctors can avail such credits from Bajaj Finserv which comes with loan amounts. Some of the other benefits they offer with such advances are –

  • Flexible tenor options
  • Instant approval
  • Loan disbursal within 24 hour

They also provide pre-approved offers on such advances to simplify the application process and to reduce the time required to avail such advances. Pre-approved offers are valid on several financial products and services including home loans, business loans, personal loans and more. You can check out your pre-approved offerby providing some required details like your name and phone number.

The medical sector is growing with the introduction of modern treatment procedures using nanotechnology in India. Indemnity insurance is going to be crucial in the upcoming years as doctors require the room to implement new processes and improve the efficiency of their treatment.

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