Professional Indemnity Insurance for Doctors: What Is It?
Doctors and medical practitioners have a huge responsibility of saving lives. At times, they are even compared to God. However, to err is human. They can also commit mistakes. Despite their best efforts, patients could face serious medical complications. A structural engineer has to get the design right in an earthquake sensitive zone. Similarly, a doctor has to handle precarious health conditions with care.
Doctors often face legal consequences if patients sue them for negligence. In case they lose the case, they stand to face a financial setback in the form of any compensation payable to the patient or his bereaved family. This is where a professional indemnity policy could come to your rescue.
Let’s find out more about this doctor saviour:
Professional Indemnity Policy for Doctors:
A professional indemnity policy covers financial liabilities of doctors. They could be in the form of compensation for any injury caused or death of a patient. The policy also covers expenses incurred towards the legal defence of the doctor.
How Does the Policy Work?
The limit of indemnity under the policy is fixed in a 1:1 ratio or in 1:2 ratio for Any One Accident (AOA) against Any One Year (AOY). This means the policy covers one or two legal incidents in a particular year. The premium is computed based on the limit of indemnity fixed.
Why Is A Professional Indemnity Policy Important?
If numbers are to be believed, around 98, 000 cases of medical negligence are reported annually in India, according to press reports. Thus, doctors are increasingly getting sued for any errors committed thereby facing financial losses. They are liable for any bodily injury caused to the patient. Moreover, the liability is higher if the patient dies. Also, it is no mystery that lawyers charge very high fees. Paying such fees on top of the compensation payable can be a nightmare. The strain on the doctor’s finances has the potential to wipe out his entire life’s savings. A professional indemnity policy comes to their rescue in such instances. The policy pays for the compensation payable for any bodily injury or death of the patient. It also pays the cost of investigations, the cost of appointing a lawyer and any other legal costs incurred in relation to the case. Thus, the policy provides an all-round protection and proves very beneficial.
How Bajaj Finserv Helps You:
Bajaj Finserv offers doctor loans to establish your own practice or expand your existing practice. These include business loans for doctors, personal loans for doctors, home loans for doctors, and loans against property for doctors. Loans up to Rs. 3 crores are given, depending on the loan type and your financial requirements. These loans come with low rates of interest, and flexible repayment tenors that range from 12 months to 20 years.
The best feature of the doctor loan suite offered by Bajaj Finserv is the inclusion of a professional indemnity cover that you can purchase to protect yourself and your practice from legal penalties in the event of a mistake. This cover goes ranges from Rs. 5 lakh to Rs. 2 crore, with premiums starting as low as Rs. 5000 per annum.
You cannot avoid mistakes. However, you can at least prepare against the financial repercussions of such mistakes. A professional indemnity policy promises to do just that. Bajaj Finserv’s Doctor Loan gives you a professional indemnity policy along with its Doctor Loan. Thus, eliminating the need for you to buy and additional insurance cover. So, avail of Bajaj Finserv’s Doctor Loan today and get yourself covered for professional indemnity too.