The term ‘Medical Negligence’ is becoming a growing concern in the Indian community. The alarming rise in population and the desk-bound work environment harms people in general. It also has a cascading impact on the healthcare infrastructure and medical practitioners as they are constantly under stress.
The National Library of Medicine survey reveals that the number of medical negligence cases in India is nearly 5.5 million annually. The cause of concern is that these figures are inflating day by day. Some identical studies also apprehend a 110% spike in a year.
So, it is evident that medical negligence is highly detrimental to the doctor’s reputation. This unfortunate incident may lead to mental tensions and financial losses for physicians, as well as far-reaching legal complications. A Doctor’s Professional Indemnity insurance can significantly mitigate the legal consequences.
What is Professional Indemnity Insurance for Doctors?
Professional Indemnity (PI) insurance is an essential part of risk management for doctors. When enforced, it provides them reasonable financial and legal protection and mental peace. Medical professionals can now freely concentrate on patients’ treatment without worrying about potential economic and legal implications.
The Key Features of Doctor’s Professional Indemnity Insurance
Active medical practitioners might consider buying indemnity insurance. However, they must carefully go through some salient features before choosing the Professional Indemnity for Doctors insurance:
1. Policy Coverage:
The relevant policy covers the following:
- Costs and expenses, including legal and defence costs
- Unpremeditated breach of contract
- Unintentional violation of confidentiality
- Defamatory statements, whether oral or in writing
- Fraudulent activities and dishonesty of staff involved in the treatment
- Contravention of intellectual property and infringement of copyright
- Loss of relevant medical information and documents
2. Duration of the Policy Coverage
The doctors can usually renew the Professional Indemnity insurance policy once a year. They should be familiar with the term ‘retroactive date’ (things relating to past incidents). The initial date is the date of the fresh policy purchase. It indicates that insurance companies will consider the previous year’s claims after the retroactive date if they come to their notice during the current period. It is a remarkable feature because doctors often forget to raise claims on the spot due to their busy schedules and report them years after the incidents. However, the retroactive date is adjusted if the policy crosses the renewal date.
Suppose Dr. Rajeev Mehta purchases a Doctor’s Professional Indemnity with the retroactive date being 11th February 2022. A claim arises from an incident that took place on 20th March 2023. As the retroactive date covers claims from 11th February 2022 onwards, Dr. Rajeev gets insurance coverage for this claim. However, if any claim arises dated before 11th February 2022, he would not have had his legal expenses covered by the Professional Indemnity insurance provider. Hence, professionals should thoughtfully choose the retroactive date to ensure 360-degree coverage for past incidences in the tenure of their medical practice.
Benefits of Professional Indemnity Insurance
A Professional Indemnity for Doctors offers several productive benefits to medical professionals. These include:
- Financial Support: In the event of a legitimate claim, the Professional Indemnity policy covers the legal costs, compensation, and damages to the claimants. Thus, it protects medical professionals to avoid the financial liabilities accrued on them.
- Reputation Management: A justified complaint by the patient party against a doctor’s professional conduct can immensely damage the practice and goodwill of the doctor. Professional indemnity insurance by a prominent insurance provider like CoverYou offers adequate support and relief to doctors when they discharge their duties towards their patients. The policy includes expert suggestions and guidance in handling the legitimate claim in case of any mishap.
- Compliance with Regulatory Preconditions: Several regulatory bodies in India expect doctors to procure Professional Indemnity insurance as a precondition for medical registration. The implementation of Professional Indemnity cover confirms that medical professionals comply with the prerequisites to avoid unnecessary penalties and disciplinary actions.
- Peacefulness: Professional Indemnity insurance prompts doctors to provide their patients with the best possible treatment facilities without suffering from the mental apprehensions of any potential setback. The financial cushion of the insurance provider triggers confidence and delivers peace of mind to perform quality treatment.
Conclusion
Medical professionals in every segment face distinct threats. These risks and damages apply to general practitioners, surgeons, and other medical specialists. Professional Indemnity insurance providers offer unique policies designed to meet extraordinary situations in the different fields of medical practice. This highly customised insurance policy ensures that all medical practitioners are open to adequate coverage and protection compatible with their scope of work and future exposure to liabilities.
As a doctor, when you are desperately searching for a reliable indemnity insurance provider, CoverYou should be your one-stop destination. There are several reasons behind this narrative. The following are some notable realities that will direct Indian medical professionals to choose CoverYou to address their prevalent circumstances.
- CoverYou is a registered IRDAI insurance service provider that has successfully provided professional indemnity insurance to many medical practitioners across India.
- We provide unique services for “Customised Doctor’s Professional Indemnity” and “Customised Hospital Indemnity”.
- Furthermore, we have an expert legal panel of over 10K+ medico-legal experts to resolve complex legal issues without charging fees.
- Including a highly professional and esteemed doctors’ panel is an added advantage to guiding practising doctors for accurate claim settlements.
- Also, we offer 24/7 customer service for claim support.
CoverYou enables healthcare professionals in the country to invest in various customized insurances. The in-house experts also help choose the most appropriate Professional Indemnity policy for the doctors at budget-friendly prices.
