7 Risks Doctors Have If They Don’t Have A Professional Indemnity Insurance
Picture this: A father brings his toddler to your paediatric clinic for a routine check-up. You diagnose her condition and prescribe a course of medication. But, the medicine doesn’t suit the toddler, giving her a bad rash and bouts of vomiting. Instead of consulting you again, the father initiates legal proceedings. Before you know it, you’re being accused of negligence and misdiagnosis.
In such situations, your reputation, medical practice and business funds are at stake. To protect your interests, professional indemnity insurance for doctors is essential. It covers you in case of a medico-legal case, provides financial assistance and legal counsel.
Take a look at 7 risks you face if not insured with this policy:
When accused of incorrect or incomplete diagnosis, like the example cited above, you can be liable to pay huge amounts. A professional indemnity insurance policy for doctors will protect you against this eventuality.
Consider this: Instead of prescribing 50mg dosage of a medicine, you prescribed 100mg. Due to this, your patient experienced severe drowsiness and fell asleep for a split-second while driving. Unfortunately, this culminated in an accident. Now, the patient has sued you and demands a compensation for the damage. In such a case, an indemnity policy will help you counter legal charges and/or pay for the damages.
In case you miss a step while performing a surgery or perform the wrong procedures, the patient may sue you and/or the hospital. For example, a sponge or piece of cotton left behind in a patient’s body after the surgery can be fatal. This may need another surgery to remedy the situation. In such cases, the patient can sue you.
Wrong Course Of Treatment
different doctors may have different approaches to treatments. As a dermatologist, you may have administered certain treatments that may have not suited your patient’s skin. He/she might consult another doctor who has a different way of approaching the problem. The patient might put two and two together and sue you for prescribing wrong course of treatment.
Loss of Reputation
When you’re entangled in a legal battle, you stand to lose your business assets as well as reputation. A mention of a lawsuit is often enough to make patients hesitant, regardless of whether it is your fault or not. So, it is important to pre-empt such damages and take necessary corrective measures. Signing up for an indemnity policy for doctors makes this possible for you.
Libel and Slander
Libel and slander can go a long way in tarnishing your reputation and hampering your business. But, with a professional indemnity policy you will have the funds and the legal counsel to take necessary action.
Employee Fraud And Dishonesty
If you have a physiotherapy centre, it is likely that you have assistants or junior doctors to help you. Imagine this: your assistant recommends and performs an unnecessary procedure so that she can bill the patient a higher amount. But, she ends up dislocating the patient’s bone, making his condition worse. On recovery, the patient can sue you for fraud. Instead of the liability falling on your shoulders, the professional indemnity policy will protect you from such instances of employee fraud and dishonesty.
Investing in professional indemnity insurance for doctors covers you against these risks. With the policy protecting you, you can focus on running your medical practice without worrying about legal hassles.
An excellent policy that covers you from these risks is the Bajaj Finserv Professional Indemnity Policy for Doctors. Apart from enhanced coverage, it also offers access to lawyers to take up your case.