Doctors Professional Indemnity

Why do you need a Doctors Professional Indemnity policy? Doctors have expert knowledge and are tasked with saving ailing patients from suffering, health complications or death. They are specially qualified to treat individuals for medical conditions and their work cannot be imitated by non-qualified professionals. In their profession however, doctors can make mistakes in treating their patients. Unfortunately, these mistakes can prove physiologically costly as the patient might lose his/her life or suffer severe health consequences after undergoing the treatment. If this happens, the doctor can face liability claims from the patients and/or their family.

If there is a financial liability, the doctor or the hospital might incur considerable financial stress in compensating the aggrieved party. This is where a Doctor’s Professional Indemnity insurance policy becomes essential. Here are the important benefits of doctor’s professional indemnity which makes the policy a must-buy for medical professionals:

Importance of indemnity policy for doctors

  • Coverage against a wide range of liabilities

A doctor’s professional indemnity policy covers different types of financial liabilities which doctors or medical professionals might suffer. It includes coverage for the following:

  • Financial legal liability suffered by the doctor for breach of duty
  • Financial legal liability suffered by the doctor due to errors and omissions
  • Legal costs incurred in defending any possible lawsuit
  • Any third party compensation or settlement payable to resolve the financial legal liability suffered

Hence doctors are secured against possible lawsuits and liabilities which they might suffer if they make mistakes.

Additional Read: Comprehensive coverage offered under a DPI policy

  • Financial security

The best part about a doctor’s professional indemnity policy is the financial security that it provides. By ensuring cover for any mistakes and the possible consequences of the same, the policy gives financial relief to doctors as well to the hospital. If doctors work as employees in a hospital, the policy covers the financial strain suffered by the hospital in case of a lawsuit.  If the doctor practices independently, the policy saves the personal estate of the doctor against possible penalties and lawsuit costs. Thus, the policy provides complete financial security and becomes a must.

  • Affordable premiums

The doctor’s professional indemnity policy has affordable premiums as compared to the level and scope of the coverage provided. Thus, at a small premium outgo doctors and hospitals can avail financial security against possible mistakes and their consequences.

Who can be covered under the doctor’s professional indemnity?

A doctor’s professional indemnity policy would cover –

  • The doctor insured under the policy
  • The support staff engaged in treatment. This is applicable if a hospital or clinic buys the policy
  • Officials of the hospital 
  • Medical establishments like hospitals and clinics can also be covered 
  • Unqualified staff can also be added to the scope of coverage of the policy

Doctor’s professional indemnity advantages for doctors and hospitals

There are various advantages of a doctor’s professional indemnity, including:

  • The policy protects doctors and hospitals against possible legal liabilities
  • The policy covers the defence costs incurred on defending a lawsuit
  • The policy is easily available
  • The premiums are low vis-à-vis the  coverage offered by the policy
  • Doctors and hospitals can protect their financial assets by buying the doctor’s professional indemnity policy
  • There are optional extensions which can be added to the policy to extend its scope of coverage 

Why do you need a Doctors Professional Indemnity policy?

Additional Read: How the Doctors professional indemnity policy works?

With all these benefits and the importance of indemnity policy for doctors, if you are in the medical profession you should certainly invest in the policy. 

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