Why Indemnity Is Important for Doctors
Indemnity insurance is available to certain professionals such as chartered accountants and doctors. Medical professionals benefit greatly from these policies. They help you if you are a physician and are looking for a good insurance plan to protect yourself from the professional risks.
Here is why a professional indemnity insurance policy is critical for you.
Understanding Professional Indemnity Insurance:
Let us understand this with an example.
Dr. Kishor Bhatt from Jammu had diagnosed Gautam Singh with dengue and put him on Acetaminophen. However, Gautam soon developed some health problems which gradually led to a liver failure. Dr. Bhatt was sued by the Singh family for prescribing a medicine whose side effects led to the organ failure. The case dragged on for a few months and finally the doctor was found to be guilty. He was ordered by the court to pay a compensation of Rs 2 lakh to the Singh family. Dr. Bhatt did not have an indemnity insurance cover. He had to pay the amount out of his savings, along with the legal costs. If he was insured, the insurer would have taken care of all the expenses.
A professional indemnity insurance policy therefore protects you against the professional risks that may result out of errors in judgement or negligence.
Why Must a Doctor Get Indemnity Insurance?
There are some logical reasons why doctors should get insured:
- Prepares you for the unseen risks: It is difficult to set up an accurate fund to pay for future compensations. The volume of the legal case may be large or small. You cannot anticipate how much the cost may be. An indemnity insurance cover helps you to stay prepared for professional path at any unscheduled moment.
- Keeps your assets safe: If the compensation is too big, you may have to sell or mortgage your professional as well as personal assets to accumulate the fund. However, with this insurance cover, you do not have to worry about losing your assets as you might have a financial backup to fall upon when a risky situation plays out.
- Pays for legal costs: With a good indemnity plan in place, you can afford to hire a good lawyer and get the best legal support available. This can increase your chances of winning the case. It might help you keep the losses to your finances as well as your reputation, to a minimum.
- Keeps your employees safe: If you or your medical business is threatened by a serious suit, your employees don’t have to worry about their jobs being on the line, salaries being help up, etc. The organisation can function normally and in its full financial capacity while the insurance policy pays for the legal proceedings.
- Helps you work in a relaxed manner: Last but not the least, the professional indemnity plans help you to work in a relaxed manner. Even though doctors are extremely cautious and very careful as they deal with human lives, mistakes do tend to happen. You however, cannot let the fear of a mistake hold you back from your professional duties. A professional indemnity plan is absolutely critical for doctors because it encourages them to work hard and forget about the risky situations that may fall upon them.
In a nutshell:
Indemnity is therefore very important for doctors. So, be wise and get a comprehensive plan to cover all the professional risks that may lie ahead. The professional indemnity plans for doctors from Bajaj Finserv are perfectly suited for you. The plans are available on flexible terms and at affordable rates. Take a look at the options and buy a plan at the earliest.