For every doctor, professional indemnity insurance helps them provide coverage against the accountabilities that arise from any error or omission while offering the service to the clients.
Every medical practitioner, including physician, surgeon or cardiologist, can take the help of professional indemnity insurance India. But one must remember that any claim arising from the unlawful or criminal activity does not get covered under the indemnity insurance policy.
Inclusions in the indemnity insurance
These pointers state some of the inclusions in indemnity insurance.
- The scope and nature of the coverage might vary with the type of profession. For instance, for medical professionals like cardiologists, physicians, surgeons and pathologists, the policy protects these medical practitioners from charges claimed by the patients due to any bodily injury or death. The policy also covers every kind of defence cost.
- The policy helps to provide coverage against any unintentional errors or omissions.
- It helps to offer protection against the defending cost of oneself in court.
Exclusions in the indefinite insurance
These are some pointers that do not get compromised under indemnity insurance. It means that the insured person would not claim the following situations.
- The medical treatment that is given for treatments like weight loss, plastic surgery, AIDS or genetic damage
- Criminal acts, disciplinary damage, penalties, exemplary damage or fines
- Intentional non-compliance, deliberate act and willful negligence
- Loss of goodwill
- Any medical practice that took place under the influence of alcohol and narcotics
Compensation by the insurance company
The policyholder gets the assured amount of sum for specific coverage according to the policy. The medical practitioner from their pocket would bear any expense beyond that coverage. The cover for the physician loans to the practitioner is offered based on various factors. Such factors include the risk involved in the probability of the situation and the practice. Though the amount obtained would be referred to as the limit of indemnity. Any insured person would choose the ratio of AOY and AOA before purchasing the policy. Based on that coverage, the policyholder can claim any incident or accident.
Importance of indemnity insurance
According to a recent study, no one can see a rise in the negligence of medical practitioners. About 10% to 15% of cases have seen the doctor’s guilt. At the same time, the remaining 85% has to incur the cost of the process while defending themselves. With the help of professional indemnity insurance, the doctors can take care of their expenses, both professional and legal. It will not allow them to create a dent in their pocket. Also, one must understand that if a medical practitioner is insured, they can easily get the coverage during any legal problem. Besides, the medical practitioner must not be guilty of any deliberate negligence or criminal misconduct.
A physician loan from leading financial institutions can help borrowers gain financial independence while becoming fearless and continuing their profession. It is the reason why every medical professional must have indemnity insurance.
Nowadays, the Indian public is more aware of their duties and rights. And as a responsible person, any medical practitioner needs to take the help of professional indemnity insurance. It can have financial and legal implications on the medical practice.
Besides, doctors are known to be lifesavers. As a human, one can make mistakes. Hence with insurance, the doctors do not have to be the victim of the repercussions of any mistakes.