Professional Indemnity Insurance – The Concept, Need, and Benefits!

0
99

A doctor is considered next to God when it comes to treating patients.

However, even though you as a doctor may take efforts to give your best to treat patients, you are still human and prone to mistakes.

As a result, due to your known or unknown negligence, a patient may lose his/her life and their kin may trap you in court cases/consumer forums and may ask claims. That’s when the need for doctors to be financially protected is the need of the hour.

Doctors can choose a professional indemnity insurance and protect themselves in the case of malpractice, mistakes, and negligence.

What is a Professional Indemnity Insurance?

A professional indemnity insurance is nothing but a policy that offers medical professionals with coverage against financial obligations or loses that may come up due to acts of error, mistakes, and negligence.

A medical indemnity insurance for doctors could be in the form of a compensation for an injury caused or something leading to the death of a patient.

The indemnity insurance for doctors also has provisions to cover the cost of investigations, appointing a lawyer cost and any other legal costs.

Hence, it is laced to provide enough protection to doctors so that they don’t have to pay anything from their own pockets in case of being proved guilty.

Why should Doctors opt for the Professional Indemnity Insurance?

With time, a large number of people are now entering service-based professions and that’s why there has been a surge in the demand for indemnity insurance.

Various sources of news confirm that there has been a reported case of over 1,00,000 medical negligence per year in India.

As a result of any error committed or mistake made by healthcare professionals during their duties, they are being sued for these mistakes and facing huge financial loss.

As they are made liable if any person gets an injury or dies during the treatment procedure and legal charges and more increases the liability more. Hence, even some cases of sues can wipe out a doctor’s finances can derail his/her savings greatly.

That’s when the professional indemnity insurance comes to the frame to shield doctors from fake allegations by patients and can stain their reputation and cough up time.

You can apply for a decent professional indemnity insurance policy from leading online lenders and other service providers. Applying for the professional indemnity insurance in time saves doctors from looming future contingent losses and provides you coverage.

What are the Immediate Benefits of the Professional Indemnity Insurance?

  • Covers you for unseen risks

You may not have set an emergency fund that can take care of cases of mistakes that may provide money if found guilty. During such time relying on a professional indemnity insurance policy can help you get the coverage for unexpected risks.

  • Helps you practice freely

When you don’t have a substantial professional indemnity insurance policy in place, it may make your business suffer as you may need to pay out of your pockets. The policy shields you against it and ensures a smooth practice and job security for employees.

  • You don’t have to sell your assets

If you don’t have a decent professional indemnity insurance scheme, you may need to sell off some of the assets that you have accumulated over the years to cover a loss. The professional indemnity insurance policy will not let that happen as it will provide compensation if you are guilty.

  • Boosts your confidence

You are prone to making more mistakes when you live in the constant fear of being sued by someone for medical negligence on duty. Thus, when you have already an ongoing professional indemnity insurance to cover, you can easily perform your duties without fear. When you know you have something that will protect you from landing in financial soup, it can boost your confidence, you can perform your duty with ease.

The Bottom Line

If you are a practicing doctor and not yet have a professional indemnity insurance scheme, you should enroll for it as quick as possible to avoid paying on your own. You can apply for the professional indemnity insurance online and get started.

Bajaj Finserv presents some pre-approved offers on doctor loan, personal loans, home loans, and more. You can unveil your pre-approved offer by entering some basic details.