How to Ensure your Doctor’s Indemnity Insurance Policy is Adequate to your Needs

Introduction

Doctor’s Indemnity Insurance is a kind of Professional Indemnity Insurance. A professional indemnity insurance is usually purchased by a service provider or professionals like doctors, lawyers, financial advisors, and insurance advisors. The purpose of this kind of insurance is that the advice given by these professionals, if there was negligence in the treatment given there is a liability in place. So, this insurance protects them in the event of negligence. In the case of doctors, it compensates the damage or loss done while examining or mistakes happened during surgery.

Content

Why do doctors need indemnity insurance?
When negligence can be proved?
Things to be ensured before signing a Doctor indemnity insurance policy.

Why do Doctors Need Indemnity Insurance?

Nowadays, many of us are aware of this kind of professional insurance. Especially, doctors are on the safer side if they are possessed with this kind of insurance and its majorly advised one too. Because of these following reasons,

Patients these days are very sensitive and can sue doctors for any perceived negligence, malpractice or mistakes.
A professional indemnity insurance policy protects from any financial or legal liability which they face in the course of practicing the profession.
With increasing consumer awareness levels, cases of malpractice are being reported from all over the country.
Courts have also been levying fines on doctors, running into lakhs and even crores.
A doctor’s professional insurance policy pays the costs of litigation, court fees and settlements. Even lawyer’s fees, fines and out of court settlements are covered under this policy.
It offers retroactive cover. So, if a doctor continues to pay their premium on time for their professional insurance policy each year, the doctor is protected for all the work they have done in the past till date.
Only civil liability claims are covered. Any liability arising out of any criminal act or act committed in violation of any law or ordinance is not covered.

When can Negligence be proved?

Negligence can be proved only when the following conditions are satisfied:

Existence of duty of care.
Breach of this duty.
Injury suffered by a person as a result of that breach.
The event giving rise to the claim should have occurred during the period of insurance or retroactive period and the claim first made in writing against the insured during the policy period. The maximum amount payable including defence cost will be the AOA limit selected. The one-year limit will get reduced by the amount of the claim or indemnity paid for any one accident. Any number of such claims made during the policy period will be covered subject to the total indemnity not exceeding the one-year limit.
The policy will not pay for claims arising out of contractual liability, intentionally non-compliance of any statutory provision, loss of goodwill, slander, fines, penalties, libel, false arrest, defamation.

Things To Be Ensured Before Signing A Doctor’s Indemnity Insurance

1.Understand your practice:

Before purchasing a Doctor Indemnity Insurance policy, it is important to understand the scope of your practice and the risks associated with it. Consider the types of procedures you perform, the number of patients you see, and the potential for medical malpractice claims.

2.Research the available policies:

Before selecting a policy, it is important to research and compare different policies that have all the required needs.

3.Review coverage levels:

Make sure the policy provides adequate coverage for any potential liabilities you may face in your practice. Consider factors such as medical malpractice, legal defence costs, and other risks associated with your profession

4.Ask questions:

If there are any areas of uncertainty or confusion, ask questions so that you understand what is covered by the policy before signing up for it. Consult with an expert if it is necessary to get clarity on certain aspects of the policy or its terms and conditions.

5.Calculate premiums:

Calculate the premiums for each policy you are considering to determine which one provides the best value for money. Consider factors such as coverage levels and deductibles when making your decisions.

6.Check exclusions:

Read through for any exclusion carefully to ensure that they won’t limit or negate your coverage in the event of a claim.

7.Review customer service:

Look into how responsive and helpful the insurance company is in terms of providing assistance with claims, advice on policy matters, and other customer service-related issues before signing up with them.

Frequently Asked Question

Q1. What are the minimum coverage requirements for Doctor’s Indemnity Insurance policies?

Ans: The sum of the insured may vary according to the size of the contract and risk. To make a decision, always think about the factors like risk exposure, and expenses.

Q2. How do I determine the level of coverage needed for my speciality and practice?

Ans: It depends upon the individual positions and their priorities. For example, a surgeon may be in need of extra coverage as he is having high responsibilities and risk factors.

Q3. Are they exclusions or limitations on my doctor indemnity insurance policy that I should be aware of?

Ans: Yes, one should be aware of their insurance policies limitations and exclusions before you sign the policy. Or else it may affect you while you're claiming time.

Q4. What factors should I consider when choosing a Doctor's Indemnity Insurance provider?

Ans: There are certain factors to be noticed when choosing a policy like pay, contract terms and conditions, exclusions and limitations and risk and exposures in it.

Q5. How do I ensure that my Doctor's Indemnity Insurance policy will cover any potential claim or lawsuits that may arise in the future?

Ans: It could be ensured at the selection stage of the policy. While selecting a policy be conscious of the future needs and probabilities of risks are yet to come. So, choose the right one with all the legal indemnity.