Doctors are professionals who deal with human lives. They have the power of restoring health and hence good quality of life to the sick and unwell. However, during the course of their work, they might commit some professional errors which, in turn, might lead to severe consequences. So how does a Doctor’s Professional Indemnity (Doctor’s PI) policy work?
Coverages offered by Doctor’s PI Policy
Though making mistakes is human, the mistakes made by doctors and medical professionals have far-reaching consequences. Their mistakes might cause loss of life, physical injury, or physical impairment. If such contingencies happen, doctors face a heavy financial liability. They might be sued by the patient and/or her family which would imply incurring heavy legal costs. They might also be liable to pay a lump sum settlement to the aggrieved party. This incurs a substantial financial loss for them and this is where a doctor’s professional indemnity policy comes into the picture. Further, litigation and court appearances can create involvement in time, leading to damage to the Doctor’s earning capacity.
Thus, the doctor’s professional indemnity insurance policy offers coverage for the legal liability faced by doctors due to mistakes which they commit unintentionally in their profession.
Liabilities covered in a Doctor’s PI Insurance Policy :
- Defence costs incurred by the insured medical practitioner in defending himself in a lawsuit
- Settlement payable to the third party
- Court fees incurred in a litigation
Generally, independent medical practitioners buy this policy or medical establishments purchase it on behalf of their consulting and full-time medical practitioners.
Levels of coverage under the policy
The coverage level under the policy depends on two main things – Any One Accident (AOA) and Any One Year (AOY). The AOA limit denotes the maximum claim payable in a single instance of a claim. The AOA limit is expressed as a percentage of the AOY limit which is the maximum liability undertaken by the insurance company. The AOY limit states the maximum claim which the insurance company will pay in any given policy year. Multiple claims can be made under the policy and they would be covered provided the aggregate claims payable do not exceed the AOY limit. The options of AOA: AOY which are available include 1:1, 1:2, 1:3, and 1:4.
The coverage amount should be based on the expected liability faced by the medical practitioner. Premiums depend on the coverage, the ratio of AOA: AOY, the profile of the doctor, the experience of the doctor, past claims history, etc.
Exclusions of a Doctor’s PI Insurance policy :
The policy covers the claims made under the policy if the doctor makes a mistake and faces civil liability. However, instances of criminal liability are excluded under the doctor’s professional indemnity insurance policy. The coverage includes only civil liability cases that arise out of unintentional negligence. Negligence occurs when the doctor had taken on the duty to care for the individual but the doctor breached this duty due to which the individual suffered physical injuries, impairment of physical faculties, or death. As a result of the doctor’s negligence, the patient or their family can file a lawsuit against the doctor. For proved negligence, the doctor’s professional indemnity policy would cover the legal costs and settlements.
What does SecureNow offer?
The doctor’s professional indemnity insurance policy offers a comprehensive scope of coverage to medical practitioners and protects their finances from the implication of their mistakes. Individuals should, therefore, understand what the policy entails and hence buy the coverage accordingly.
SecureNow provides an excellent Doctors’ PI policy with best-in-class features at an unmatchable price. It is available for various types of medical establishments. The policy covers different medical specializations eg. consultants such as General Physicians, specialists such as Radiologists, Pediatricians, Cardiologists. In addition, it does also cover various types of Surgeons, Dentists, and others.