Hospital Indemnity insurance safeguards healthcare professionals (doctors, nurses, etc.) against dangers that may occur due to professional negligence or error. While making mistakes is human, in the competitive world that we are living in, a simple mistake can also be expensive. So, it is always important to have an effective safety net to help medical professionals fight against financial losses or legal cases, which may lead to loss of reputation. Is Hospital Indemnity insurance worth it? Well, to know that, you must check out this blog.
Understanding Hospital Indemnity Insurance
Treating people is a noble profession. However, it comes with various risks. In this field, hospital professionals are likely to offer services and advice to patients and their families. Sometimes, they may have mistakenly given the wrong suggestion to patients, which can eventually lead to severe troubles and potentially lead to court cases. Hospital Indemnity Insurance in India plays an important role in preventing all that from happening or doing some damage control.
With this type of insurance, hospitals and their professionals can perform their duties without stressing about their loss of reputation. Hospital Indemnity insurance example is if a patient undergoes a specific treatment on the advice of a hospital professional and his/her condition worsens, he may sue the person for medical negligence or malpractice.
What is The Importance of Hospital Indemnity Insurance?
Even though hospital professionals have a noble duty of treating patients, they are also human and are prone to make mistakes. As a reputed medical professional, it is not your objective to hurt a patient deliberately, but sometimes situations can go out of hand, and severe consequences occur, and hospital indemnity insurance prudential is required.
There has been a rise of 400% in medical negligence cases in the Supreme Court. This is not only hampering the health practitioner’s image but also harming the stature of the hospital. Here, Hospital Indemnity insurance can help you take care of all expenses if there has been a genuine mistake in your case. Furthermore, it helps:
To Keep the Penalty Amounts in Check
Analysing the appropriate penalty amount for a hospital or a medical professional due to whom a patient has suffered emotionally/physically/financially can be a difficult task. The penalties that the hospital and its staff will be charged for can be high (depending on the incident). Plus, it can have a drastic impact on the credibility of both the hospital and the professional. Thus, to protect them financially, medical professionals require Hospital Indemnity insurance.
To Safeguard Your Assets
Sometimes, hospital professionals may have to sell their personal and work-related assets to pay the penalty. Hospital Indemnity insurance acts as a financial backup to support them in these risky situations.
To Keep The Practice Running
The hospital or people working there (healthcare professionals) may be forced to pay for the damages resulting from legal proceedings if they don’t have a suitable insurance policy. Hospital Indemnity insurance thus protects medical professionals and hospital from mishaps and ensures that the entire hospital and employees do their jobs smoothly.
Boost Confidence in Professionals and the Hospital
The fear of making mistakes should not stop people from carrying out their responsibilities, especially when you are a hospital professional. Hospital Indemnity insurance allows medical people to perform their duties confidently and take necessary risks.
Prepare Hospital Professionals For Uncertain Risks
If you have to pay future penalties, setting up a fund can be difficult. The size of the legal matter may vary depending on the incident that has taken place. Thus, predicting an exact amount for penalties is not easy. How much a medical professional will be charged for a trouble caused to the patient, entirely depends on him/her and their family. In such a case, a Hospital Indemnity insurance policy will act as a shield for the hospital and its staff.
Is Hospital Indemnity Insurance in India Expensive?
A Hospital Indemnity insurance cost may depend on various factors, including the medical professional’s speciality, the level of risk involved in the practice, and their experience. In India, since medical negligence cases have seen a significant rise, the insurance premium has been made quite affordable. Usually, a good insurance provider sets the premium range between 0.3% and 1% of the sum insured.
Conclusion
In the course of their duty, medical professionals working in hospitals often make mistakes that may lead to severe legal consequences, damaging the hospital’s image. To safeguard the hospital and its staff from the hassle, Hospital Indemnity Insurance policy is a Must-Have. And where can you get that from? CoverYou is the one-stop-solution for having a sorted Hospital Indemnity insurance. We are here to deliver you the best insurance deals!
CoverYou is a registered IRDAI broker with affordable insurance policies for professionals so they can confidently exercise their roles and responsibilities. The advantages of choosing CoverYou are as follows:
- Utilises the latest technology to create the best insurance plan for you.
- It has 500+ medico-legal lawyer panels who dedicate their time to understanding the incident and devising a safety net for you.
- Since every allegation brought upon the medical professional is different, CoverYou customises the insurance coverage catering to specific needs.
- Helps professionals with around-the-clock end-to-end claims support.
Furthermore, CoverYou ensures instant insurance policy issuance. This will save you from the future financial losses that may occur due to the potential penalties that you have to pay.
