Doctors face medical challenges every day of their practice. They come across various complicated medical conditions which require treatment so that the patient recovers. However, despite their best intentions, doctors might make mistakes in their profession. In fact, errors and negligence on the part of doctors could be common. However, if doctors and medical professionals make a mistake in discharging their duties, this may cause death or severe harm or injury to the patient. In such cases, the patient or his/her family can sue the doctor for their mistakes or negligence.

In fact, according to research conducted by the American Medical Association (AMA), about 34% of the physicians in the USA have had a liability claim filed on them for medical negligence or mistake. Moreover, 8.2% of physicians aged below 40 years and 49.2% of physicians aged 55 years and above have been sued for errors and negligence. These numbers are growing in every country including India.

When medical professionals and doctors get sued, they incur heavy financial liabilities. Doctors might be required to pay compensation to the patient or his/her family for the financial loss caused. Moreover, if the doctor is sued, he/she would also incur legal costs on defence and such costs are also quite high.

Given the fact that doctors are likely to be sued for their errors and omissions, a doctor’s professional indemnity insurance becomes a must for a medical professional. This policy covers the financial loss that doctors suffer if they get sued by dissatisfied patients. This financial loss can be in the form of lump-sum settlements or the defence costs incurred. 

The doctor’s professional indemnity insurance policy provides comprehensive coverage to doctors and medical professionals against unintentional errors or malpractice during the course of their profession and it protects them from consequent financial liabilities.

Hospitals can take a professional indemnity insurance policy for medical establishments to cover the doctors and medical professionals that they employ. Alternatively, doctors can also invest in the policy independently to cover their financial liabilities. Since the policy covers the financial loss which doctors might incur when they are sued, it protects the personal finances of the doctors and proves to be a boon.

Litigations are unforeseen and might cause a big financial hole in your savings if you are a medical professional and you are being sued for your actions. That is why a doctor’s professional indemnity insurance policy should be bought for complete protection.