If you have recently graduated with a medical degree and got yourself registered as a doctor, you might be feeling a sense of nervousness coupled with responsibility. It is because patients trust the doctors for their expertise in curing diseases. It requires you to be extra careful when diagnosing and treating a case. While being a doctor, you are a human being too, and you also can err at times. Some patients and their families may behave in extreme ways and charge you with committing a punishable offense. You must be well prepared to deal with such critical situations beforehand.
One way to secure yourself as a doctor is to purchase indemnity insurance. You can easily find professional indemnity insurance for doctors online and buy the same for having a safety cover against possible risks faced by doctors. While you may have already heard about such a policy, let us help you understand it better.
What is Doctor’s Professional Indemnity Insurance?
Professional indemnity insurance for doctors bought online or offline safeguards medical practitioners against liabilities arising due to claims made by patients and their families. Such claims may result in legal costs or demand hefty compensation, which may expose you to sudden financial setbacks. In such cases, the amount is also based on the mental trauma that the patient and their family had to endure. The expectation of monetary compensation can be huge sometimes.
If you’re a surgeon, you must be aware that the chances of complications arising during surgery are high. You can easily buy professional indemnity insurance for surgeons online to safeguard yourself against challenging situations. The indemnity insurance will work as a financial safety net for you.
What is the Need for Indemnity Insurance?
In 2016, a study conducted by a leading authority on medical law revealed that there had been a 110% rise in cases of medical negligence in India. While some of these are genuine cases, a significant number out of these are also fake. In such cases, innocent doctors face court trials, leading to both legal and financial challenges. As a result, they need to pay huge penalties to the concerned authorities or compensation to the victim’s family.
Paying such a significant amount from the pocket can cause you significant losses. It is because of this reason that buying professional indemnity insurance for doctors online has become so important.
What Does the Policy Cover?
The coverage provided by professional indemnity insurance for doctors purchased online often varies from plan to plan. In general, it includes the following:
- The extent of financial loss or damage caused to the patient provided it is not the result of willful neglect
- Any unintentional omission or error
- Insurance extended to partners and other qualified and unqualified employees in the same practice
- Cost of fighting any court case filed against you
The policy will pay you the sum assured up to a set limit. However, if the claim amount crosses that limit, then you will need to bear the additional liability. It will help if you buy professional indemnity insurance for doctors online based on essential factors, like the amount of risk involved and the probability of occurrence of different events at your workplace.
What Does Doctor’s Indemnity Insurance Not Cover?
The policy does not provide coverage under the following situations:
– Any complication that occurs due to medical treatment given for weight loss, plastic surgery, genetic damages, conditions associated with AIDS
– Any criminal act that charges you with penalties, fines, and exemplary costs
– Case of indulging in intentional non-compliance, deliberate act or willful neglect
– Any complication arising out of a medical procedure carried out under the influence of alcohol or drugs
Being a doctor, purchasing professional indemnity insurance for doctors online is vital to secure yourself against risks arising out of unintentional negligence or errors. We, at SecureNow, provide professional indemnity insurance policies online from different insurers that come with benefits like universal acceptance, retroactive cover and more.