In this litigious world, a single legal liability is enough to damage your decades-old reputation. Whether you work in a hospital or own your clinic, patients can take legal actions because of any medical slipup or negligence. This can ruin your reputation in the market or let your rivals overtake you. However, you can insure yourself against the legal liabilities with the help of indemnity insurance for doctors.
As the name suggests, indemnity refers to protection against financial losses. The doctor’s indemnity insurance covers you against compensation that patients may demand alleging medical negligence, and it protects you from any legal claims.
You can choose between various offline or online indemnity insurance for doctors. If you are confused about picking the best one for your medical practice, then you can go to financial advisors like SecureNow. If you, as a doctor, are planning to buy this insurance, contact their team of experts to help you out.
Before you contact your insurance broker, look for the following benefits while selecting indemnity insurance for doctors:
- Covers for Unintentional Errors & Omissions
When it comes to treating patients, a lot rides on the doctor. Chances of unforeseen mistakes are always there, which can expose you to the risks of being sued by your patients. With the help of an indemnity insurance plan for doctors, you can safeguard your professional reputation as well as save yourself from a financial crisis. The policy compensates you for any unintentional errors and omissions made by you, which might give rise to any third-party legal liability.
- Compensates for Legal Expenses
Indemnity insurance for doctors covers you against the initial cost of consulting a lawyer and also the cost of preparation of a draft reply and finding eyewitness & collecting evidence. Some insurers also provide you legal advice to defend yourself. In a few cases, they might even take on the obligation of fighting your case.
- Covers for Events After Retroactive Date
Another benefit that you get when you opt for indemnity insurance for doctors is that it covers claims that are related to any event after the retroactive date. Every professional indemnity insurance has a start date when the policy was first purchased. So, if you have active insurance over the past three years and there is a suit concerning a surgery or a case from two years ago, you will be covered for the same.
- Provides Universal Acceptance
There are a lot of indemnity insurance policies for doctors that are universally accepted. The plan recognizes the hospital(s) that you work for, in India or overseas. Along with that, it would also meet any contractual requirements that you may have.
- Enjoy Notification Extension Clause
If you notify any event that the insurer accepts during the policy period and that gives rise to an approved claim, then you will be compensated even when the insurance plan becomes inactive later. It will be treated as a claim made during the policy period.
As a doctor, if you think that inadvertent medical errors won’t affect you, then you are wrong. Taking a proactive step in this situation is very critical for you. With increased awareness of their rights creating the strong likelihood of patients suing doctors, it is imperative to have professional indemnity insurance for doctors that takes care of their medical practice’s legal and financial liabilities.
It is advisable that even if you are covered by the professional indemnity insurance provided by your hospital, you should still get personal indemnity insurance for yourself. In some cases, the institution can refuse to pay the legal liabilities or take responsibility for the misconduct. Hence, keeping all these possibilities in mind, you should consider buying a doctors’ indemnity insurance right away.