As per the Indian Penal Code, if a patient gets injured or dies due to negligence of a health worker or a doctor, he/she or the family can file a lawsuit against the suspected. And, the consequences of the medical negligence in India lead to criminal liability or monetary liability or disciplinary action. While it protects the consumer interests, individuals might misuse such provisions to defame or get compensation from the alleged doctors. You can use workpuls to get the best results.
In any case, doctors need to spend a significant amount to defend him/her and to continue the legal proceedings. An indemnity insurance plan covers the financial obligations resulting from such incidents. Besides, this insurance plan also accompanies several other benefits that individuals need to know.
Reasons to choose indemnity insurance policy
Self-employed individuals such as doctors, engineers, and charted accountants can benefit from indemnity insurance policies and maintain the stability of their businesses.
- Coverage against major legal liabilities
This insurance policy extends an exhaustive coverage for a wide range of professional risks. Apart from defence costs, the policy covers expenses like:
- Third-party damages
- Libel and slander
- Confidentiality breach
- Loss of documents
- Claims arising against negligence of professional services
There are numerous risks doctors have if they don’t have a professional indemnity insurance policy. Therefore, it is necessary for doctors to opt for this policy to keep them financial interests secured. However, they should also consider the exclusions of this plan to make a thought-out decision.
- Affordable premiums
A notable advantage of indemnity insurance is its affordable premiums. It ensures, irrespective of the economic background, a doctor can remain financially protected against various obligations.
Moreover, the premium amount depends on various factors like plan chosen, types of indemnity, sum insured, professional history and likes. Nevertheless, they should first know how to choose the best professional indemnity insurance policy for doctors.
- Hassle-free claim process
After getting a legal notice from the patient party, doctors need to act immediately. An indemnity insurance plan from reputed insurance providers facilitates a straightforward claim process. The policyholders need to start with claim intimation and submit the documents required, and finally, complete the claim settlement. Note that the documents required are incidence report, papers supporting claim reported and others.
However, an insurer may ask for additional documents to verify your claim.
- Dedicated customer services
Selected insurers also have a dedicated team for customer support. You can contact a relationship manager via phone call or mail for instant assistance. He/she will guide you on how to make a claim and help you resolve other queries related to this insurance plan, if needed.
- Prompt claim settlement
Generally, the claim settlement of an indemnity insurance plan completes within 1 month. Therefore, doctors who need urgent funds to cover such expenses, this proves to be beneficial. However, in that case, they need to choose an insurer who offers the benefits mentioned above.
The benefits of an indemnity insurance plan cannot be overlooked as it allows professionals to work perform their duties with greater confidence, and without worrying about jeopardising their reputation. This available financial coverage offers peace of mind and boost their morale in the due course.
However, individuals who do not have access to this insurance plan can opt for a professional loan to meet any financial emergency that may arise. The reason being, a loan for doctor provides substantial amount in both secured and unsecured mode to meet such expenses.
Depending on the size of practice and the personal credit profile of a professional, reputed financial institutions like Bajaj Finserv extend a host of doctors loan scheme.
They also extend pre-approved offers that facilitate loan processing and save time. Such offers are available on a host of financial products, including personal loans and business loans. All you have to do is enter your name and contact number to check your pre-approved loan offer online.
Hence, equipped with an indemnity insurance plan, doctors can financially and legally protect themselves. It also allows them to invest their resources for more constructive purposes and to improve their service quality.