Doctors Professional Indemnity

Medical technology has improved significantly over the last few years, and it is enabling a reduction in medical errors to a minimum. Lately, however, there has been an increase in the number of cases where patients have initiated legal action against doctors, citing medical negligence. Doctors today need to develop the capability to deal with such legal complications. Buying professional indemnity insurance is a must to avoid hefty expenses while facing a lawsuit. It protects doctors financially and legally against any medical slipup or negligence. 

Buying doctors professional indemnity insurance is one of the best risk management strategies against legal claims for compensation raised by patients. Lawfully, it is an exclusion from obligations for damages. 

There are a few questions that always pop up in the mind of doctors while buying professional indemnity insurance. Let’s take a comprehensive look at these common queries: 


1. Is Professional Indemnity Insurance Only for Doctors?

Indemnity insurance offers financial and legal protection against lawsuits filed by patients seeking compensation for damages. Thus, this policy is applicable to a diverse group of medical professionals that includes doctors, medical practitioners, hospitals, and nursing homes. Other than doctors, even the technical and non-technical personnel working in a medical setting need professional indemnity insurance. 


 2. What is Excluded from a Professional Indemnity insurance policy? 

As you research the benefits and inclusions related to any insurance policy, it is also important to check what is excluded from it. Professional indemnity insurance does not provide coverage against liabilities arising from criminal acts or fraudulence, plastic surgery, loss of weight, HIV/AIDS, and any surgery that is performed under the influence of narcotics. It is crucial that you know about all the exclusions of doctors professional indemnity insurance before you buy it.


3. How Is Doctor’s Indemnity Insurance Premium Calculated?

The premium chargeable to doctors depends on several factors, such as the risk group of the particular doctor, the limits of indemnity selected, and the ratio of limits. If you are calculating the premium cost of professional indemnity insurance for a hospital, then the size of the hospital and the number of patients a doctor attends to in a day influences the amount. Other factors like past claim settlements can also play a role while calculating the premium amount.


4. What is the Duration of the Doctor’s Indemnity insurance policy? 

In today’s uncertain world medical claims can pose a significant threat to financial security for a medical practitioner. They can pile up faster than you can imagine, especially as patients are nowadays quick to file a lawsuit claiming compensation. During such a situation, buying professional indemnity insurance and renewing it is necessary. The duration of the doctor’s indemnity insurance scheme is typically one year. After you complete this duration, the policy must be renewed to get protection against legal liabilities.


5. When can one lodge a claim? 

As a doctor, you might think that medical mix-ups won’t harm you. However, when a medical error is made, patients can sue you legally and ask for compensation. It is when they file a lawsuit and send a legal notice, that you should start preparing to lodge a claim settlement.  As soon as you register for a claim settlement, the procedure of payments moves forward.

With increased awareness of the rights and a strong likelihood of getting sued in the medical field, it is imperative to have professional indemnity insurance for doctors that takes care of the legal and financial implications of their medical practice. 

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