What are The Potential Benefits of Professional Indemnity Insurance?

Over the years, the healthcare industry has developed with numerous doctors and other practitioners serving patients using state-of-the-art technology. However, issues of medical negligence, inaccurate diagnosis, wrong medication, etc. have brought the profession under scrutiny over and over again. 

The losses incurred owing to these unintended errors are often massive. To provide doctors with financial protection against such losses and damage, the best professional indemnity insurance policy comes into play.  

  • Around 5.2 million medical errors happen in our country, as per a recent study. 

Advantages of a professional indemnity insurance plan for doctors

  1. Safeguards your assets  

In Indian Medico-legal history, the biggest payout case was recorded when more than Rs.11 crore was awarded by the Supreme Court of India. This was given to compensate damages against numerous doctors along with a private hospital in Kolkata, WB. 

The incident gives an idea that compensations cannot be estimated ahead and can go up to large amounts. Therefore, doctors often opt for mortgaging their personal as well as professional assets to compensate for the loss or damage caused. Here, an indemnity insurance policy saves your valuable assets with comprehensive financial coverage.       

  1. Keeps you prepared for unexpected risks 

Unforeseen risks that doctors have if they don’t have a professional indemnity insurance policy are difficult to tackle, even more, when financial compensations are involved. As mentioned previously, you cannot set any amount aside by accurately evaluating future losses. In case of legal issues, the costs incurred can be small or large depending on a number of factors. This is where the best professional indemnity insurance policy helps doctors stay prepared for any unexpected financial loss. With a high-value sum insured, you can overcome the damage incurred effortlessly.    

  1. Boosts your credibility 

An insurance policy also enhances your credibility and goodwill before clients and patients. If any discrepancy arises due to your service, the policy shows that you are responsible for your job and ready to provide strong support to the victim. Patients may begin to trust and feel confident about you. This is one of the major reasons why doctors should avail professional indemnity insurance policy.   

  1. Ensures your medical practice continues to run smoothly 

Any legal issue leads to massive monetary outflow towards compensation and other costs and disrupts your medical practice. Your business may also run in loss following the legal suits. If the best professional indemnity insurance policy covers you, be assured of running your business smoothly. The simple reason being you need not pledge your assets or arrange additional funds for the losses.

Note that the benefits of this insurance plan can be enjoyed by other professionals too including chartered accountants, architects, interior decorators, contractors, counsellors and engineers.          

  1. Offers you peace of mind 

Peace of mind and confidence are two major contributors to a successful medical practice. However, going through legal issues, reputation loss, financial loss, allegations for medical negligence, etc. by patients’ families puts great mental pressure. You can easily overcome this burden with the help of indemnity insurance plans for doctors. With the financial side managed efficiently, you can resume your practice in full swing and approach your commitments confidently.   

Make sure to choose the best insurance policy from a trusted provider. Leading non-banking financial companies in India like Bajaj Finserv offer additional benefits like high coverage amount of up to Rs.1 crore, competitive premiums starting from Rs.9440, exhaustive coverage and quick claim redressal. 

Besides, the NBFC offers loans for doctors of up to Rs.42 lakh along with lower interest rates, smaller installments, minimal documentation, online application, quick processing and more. Borrowers can take the loan for clinic set up, investment in infrastructure, hiring trained medical staff and several other purposes. Eligible applicants can avail of funds via simple online application forms or personalized pre-approved offers. 

Pre-approved offers ease the process of taking loans and save more time. These offers are available on personal loans, business loans, professional loans and various other financial products. You can check your pre-approved offers online by submitting your name and contact details only.        

Medical practitioners have been increasing getting litigated for false patient allegations or errors in their treatment that resulted in the patient’s injury or death. All the costs that follow next mostly drain out their savings. The best professional indemnity insurance policy for doctors allows you to take risks and provide medical service with self-reliance. Improve your professional output without any fear of consequence every time as you are financially protected against unexpected losses.