Medical Industry : Update with Time and Available Insurance Options asof Now

Medical professionals who are aware of the latest professional hazards are often more likely to deal with them better.

Such knowledge of the medical industry would help them cope with unwarranted situations like medico-legal charges more effectively. As per the report, there has been a sharp increase of 110% in cases relating to medical negligence in India.

While 90% of such cases involve hospitals, a whopping 33.39% of medical professionals were found unaware of the legal implications. Given the rise in medico-legal cases, it has become vital for medical practitioners to update their understanding of the same.

Further, the need to create financial provision has become necessary to cope with such unwarranted situations and safeguard their professional interests accordingly.

As a means to ensure the same, several medical practitioners are opting for a professional indemnity insurance policy.

Such a measure not only helps cover financial obligations but also allows preparing against other occupational hazards.

medical insurance tips

Need for the indemnity insurance policy for doctors

To understand the need to avail such an insurance policy, it is important to be aware of what is professional indemnity insurance and why doctors should care.

To begin with, it is a risk management tool that is peerless in certain unwarranted situations:
  • Having a professional indemnity insurance policy comes in handy to meet hefty charges resulting out of medical litigations. Such a situation may arise due to incorrect diagnosis, carelessness leading to complications in surgery or any error in treatment.
  • Furthermore, such an insurance policy also helps cover financial expenses borne during legal consultations, case investigation, and while paying other legal fees.

In a nutshell, professional indemnity insurance for doctors extends financial coverage against third-party injury, death or loss of finances. Similarly, the insurance policy also enables policyholders to avail required legal advice to eliminate risks to their profession in the form of libel or slander.

However, there are several things that medical practitioners must take into account before availing a professional indemnity insurance policy.

Things to consider while looking for Indemnity Insurance for Doctors
Here are few pointers doctors should consider to choose the best professional indemnity insurance policy for doctors –

Substantial Financial Coverage

While selecting an indemnity insurance policy, individuals should take into account the amount of financial coverage offered.
Since third-party liabilities and legal charges are often financially exhaustive, medical professionals should opt for a policy that offers substantial coverage.

In case the expenses exceed the financial coverage extended by the policy; individuals can avail a loan for professionals from leading financial institutions like Bajaj Finserv.

Such institutions also offer pre-approved offers which further make the process fast and hassle-free.

Consequently, by availing a loan for professionals, medical practitioners would be able to cope with the medico-legal situation more effectively.

Coverage for Legal Liability

Similarly, they should figure out if the policy extends financial protection against other liabilities, including - financial losses resulting from fraud, breach of confidentiality, loss of documents, etc.

Easy claim process

Likewise, opting for a policy that comes with a fast claim process would prove beneficial during emergencies. Regardless, applicants should also learn about the terms and conditions associated with the claim process for better selection.

Choosing a professional indemnity insurance plan for doctors that comes with these features would further ensure smooth medical practice.
Further, it would help mitigate other associated risks effectively by taking care of the unwarranted financial obligations.

All of these aspects make it essential for medical practitioners to update their understanding of the latest risks prevalent in the medical industry.

Only when they are aware of the implications of the same, they can take the required steps to handle the same successfully. Like in the case of medico-legal trails, having a professional indemnity insurance policy in place always comes in handy.