Why should you buy Doctor’s Professional Indemnity Insurance?

Who Should Buy?

Physicians, Surgeons, Dentists, Ayurvedic & Homeopathic Doctors, other Qualified medical practitioners like technicians etc.

Hospitals and Other Medical Establishments

The doctor’s professional indemnity policy is devised for medical professionals, such as physicians, Surgeons, Dentists, Ayurvedic & homeopathic doctors, other qualified medical practitioners like technician etc. including hospitals.This policy covers the legal liability arising due to any erroneous judgments and decisions taken by them due to unavoidable reasons in the course of their practice.

schemeThis scheme provides the advantage of the retroactive period on constant renewal of the insurance.This feature allows claims reported in successive renewal but belonging to a phase before the starting up of the policy also become payable.

Group insurance policies can also be taken up, insuring members associated with one profession. A discount in premium can be obtained in the group policies for a higher number of covered members.

This insurance scheme insures all amounts which the insured practitioner becomes lawfully liable to pay as compensation to the third party for any damages on his/her part in the performance of medical services. Authorized amount and operating cost incurred in defense of the event, with the preceding consent of the insurance organization, can also be billed, but is subjected to the general limit of indemnity chosen.

Given below are some of the key features of the policy:

  1. Globally Accepted

Policy acknowledged by hospitals that you work in, in India and abroad. Fulfills contractual needs that may arise.

  1. Complete Cover

Covers claim made by your patients for omissions or incorrect treatment or mishaps. The policy will pay the expenses of litigation, court cost, and settlements.

  1. First Retroactive Date

Covers claims linked with any accident subsequent to the retroactive date. The retroactive date is mentioned as the commencement date when the first doctor professional indemnity insurance was issued.

  1. Litigation Aid

Some policy providers offer the legal advice and aid required to protect you. In some of the cases, they even take on the responsibility of fighting the case.

Some General Exclusions:

  1. Prior to the retroactive date

Any claims belonging to a period before the retroactive date are not covered. Even if there is any halt in the renovation process than the commencement date of the new policy becomes the new retroactive date.

  1. Already known Problems

Any claims that arise from many known issue are not covered. Anything that was known before the doctor professional indemnity insurance was taken and any issue occurring because of that are not insured.

  1. Unlawful Act

Only civil liability claims are insured. The professional indemnity policy does not cover liabilities arising out of any illegal act or infringement of any rule or ordinance by the doctor or his/her staff.

  1. Not expert

Any surgery or treatment done without knowledge and expertise and issue arising because of that are not insured.

Things listed above are some common benefits and exclusions offered by various policy providers. However, different advantages are offered by different policy providers. It is recommended to look for various varied insurance policies before taking up the right one. Also, the correct policy should be based on the requirements and needs.

How to Lower Your Premium Payable

For a doctor’s indemnity policy premium amount depends on the following specific factors apart from the sum assured:

Individual DoctorMedical Establishment
Type of medical practice you have

No. of events covered within a year

Staff members’ qualification status

No. of in-patients & out-patients

No. of events covered within a year

Staff members’ qualification status

Whether radioactive treatment provided

More the number of events higher the premium, more qualified staff however, will allow discounts.

How to Buy?

Before you buy you might want to:

  • Compare various insurers
  • Know how you’d file your claim if you need to &
  • What other services can you expect?

A thorough study and research on the topic can help you to pick the insurance that is best for you. Insurance brokers like SecureNow help with the information about diverse policies. They also provide additional benefits like effortless processing, easy claim process, and constant support. Although nobody thinks and wants any mishap to happen, any foreseen situation can arise without invitation, and we should be prepared to deal with it efficiently.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

To Top