Professional Indemnity for Doctors – The know how
Pooja Shah had just opened her own clinic in Baroda. Apart from being excited with her new venture, she was also very exhausted with setting the place up. In this state, she made an erroneous diagnosis and that led to an organ failure in a patient. The kin of the patient promptly filed a case of negligence against Pooja. She was proved guilty and had to pay a hefty compensation to the patient. Thankfully, she had a professional indemnity insurance cover and her insurance provider took care of the expenses. If she had to pay the amount out of her own pocket, her business would have shut down even before it took off properly.
So, what exactly is professional indemnity for doctors?
Professional indemnity insurance is a kind of insurance where a professional like a doctor or a chartered accountant is covered for losses that he or she may incur while carrying out his or her professional duties. In other words, if the professional makes a mistake that costs the client any harm and the client sues him or her, the insurance plan will take care of the expenses incurred. Pooja’s example above is a case in point.
What Are the Benefits of Professional Indemnity Insurance?
There are many benefits of a professional indemnity cover. Some of them are:
- Financial cover against professional lapses: Cases of negligence against doctors are commonly filed these days. Even though in many cases the doctors do not get charged, the legal proceedings take a huge toll on their finances. Keeping this in mind, a professional indemnity insurance cover is beneficial. Whether you are declared guilty or not, you won’t have to lose a lot of money from your own account to fight the case.
- Keeps the business running: At times, the compensation asked for by the patient is so large that it affects not only the doctor, but also the entire medical centre. Without a good insurance plan in place, the self-employed doctor or his employer may have to sell the entire medical business to pay for the losses. The insurance plan prevents this from happening and pays the compensation amount. This leaves the business and all its employees secured.
- Peace of mind: We are only but human, and every human being makes mistakes. With a good professional indemnity insurance cover in place, you can approach your professional commitments with more confidence and take greater risks. Without such a cover, you may feel intimidated and afraid of the consequences at every step and that may reduce your professional output.
Professional Indemnity Insurance Cover: Things to Remember:
There are a few important things that you must remember when taking a professional indemnity insurance policy. They are:
- Intentional or fraudulent errors are not covered: If you are charged with a case of fraud or your mistake is seen to be intentional, the insurance provider will reject your claim. In such a case you will have to bear the financial expenses on your own.
- Not valid for risks with gain: A professional indemnity insurance policy covers you against the risks of loss in your professional space. However, if you are engaged in a profession where the risks may result in a financial gain (for a stock broker, for example), you cannot take a professional indemnity insurance plan. The risks associated should only be accompanied by the loss factor.
To sum it up:
So if you are a doctor, make sure you buy a good professional indemnity insurance policy from a reputed insurance provider like Bajaj Finserv. The policies from Bajaj Finserv are designed to provide the maximum level of protection to the medicos. The professional indemnity insurance plan can be purchased directly from Bajaj Finserv’s website in a quick and convenient manner. So what are you waiting for? Get insured and prepare to fly high in your career.