Why Should Medical Professionals get Insurance Policies?

Insurance Policies

Of late, increasing incidents of medical malpractice have been reported along with lawsuits and complaints against doctors. A survey conducted by National Law University in 2016 shows medical negligence cases increased by a massive 400% as filed in consumer courts. 

  • 10% to 15% of the reported incidents are authentic, where doctors are guilty.
  • 85% of the remaining is left for defending themselves.

This amplifies the necessity of being financially covered against professional risks with a professional indemnity insurance plan in India. 

Besides some genuine cases, several complaints arise due to improper technical knowledge among the patient’s family, unintentional negligence, limited understanding leading to patient anxiety, and not meeting their expectations. 

If you wonder why to purchase an insurance plan for doctors, there are several noteworthy reasons to go ahead.

Reasons why doctors should purchase insurance policies

1. No formula for the compensation amount

There is no specific formula to calculate the compensation amount that can be claimed from the healthcare expert or institution. 

The quantum is decided according to the extent of damages that occurred and many other factors. 

With professional liability insurance, you can receive comprehensive protection against financial losses effortlessly.

2. Diverse professional risks can happen

As mentioned, a medical professional can be charged with various types of practice risks. These include –

  1. Libel and slander.
  2. Confidentiality breach.
  3. Financial loss arising out of reputation damage, defamation, misrepresentation, etc.
  4. Lawsuits.
  5. Loss of vital documents.
  6. Third-party damages.
  7. Defense expenses, etc. 

The best professional indemnity insurance plan in India is essential for this comprehensive coverage against significant losses.

. According to IMA, 75% of the doctors face verbal abuse, while 12% of them experience physical abuse.

While carefulness is always recommended, you should also adopt smart ways to manage chronic diseases safely.

3. Keep the practice up and running

Whenever a healthcare professional is faced with a lawsuit, the sequence of incidents usually affects their medical business. 

Moreover, monetary expenses on various legal charges along with compensation are borne from one’s business. This is another reason for doctors to purchase an insurance policy.

With a liability cover, you can easily compensate for the financial losses while keeping your practice running smoothly. Doing otherwise is one of the major factors which usually affect a doctor’s business. 

An insurance plan not only prevents revenue loss but also upholds the interest of employees in the organization.

4. Pay for the legal expenses

No matter you win or lose, you need to hire a proficient lawyer to fight the case. A professional liability insurance policy enables doctors to hire the best lawyers and benefit from top-notch support for their case. This brings down the total liabilities while increasing the chances of winning.

Besides the above-mentioned reasons, there are few other features that make an indemnity cover beneficial for doctors.

  1. High coverage amount, usually up to Rs.1 lakh.
  2. Affordable annual premiums starting from Rs.9,440.
  3. Online applications to purchase insurance plans.
  4. Quick claim redressal process.
  5. Excellent customer support.
  6. Minimum documentation.

You must check the eligibility criteria for the professional indemnity insurance plan offered by your chosen financial service provider before applying. 

Usually, individual medical practitioners holding degrees like BDS, BHMS, MBBS, BPT, MPT, MD, MS, and higher are eligible to purchase such a financial plan. They should also have no claim history.

. Approach reliable financial institutions

Nowadays, NBFCs like Bajaj Finserv provide customized professional indemnity insurance plans in India offering comprehensive coverage. 

Once you raise a claim and submit all necessary documents, it takes a maximum of 30 days to confirm the settlement amount.

For additional monetary requirements, you can easily avail a loan for doctors up to Rs.37 lakh. 

It brings along attractive features like flexible repayment tenor, fast processing, affordable interest rates, zero collateral, foreclosure/ part prepayment facility, and more. Meet the eligibility criteria and apply them through a simple online application form.

. By 2022, India’s healthcare industry is expected to reach $372 billion. 

The medical industry is booming rapidly in this country, opening scopes for practitioners to flourish. The best professional indemnity insurance plan in India provides them with an additional layer of financial security against legal threats or actions. 

The policy also protects a doctor’s professional image, saving him/her from embarrassment, and helping him continue his/her practice efficiently.