1. What is Professional Indemnity Insurance for Doctors?
Professional Indemnity insurance is designed to provide legal and financial protection in case a medical professional makes a mistake or faces allegations not of their fault. It covers legal fees, court-awarded damages, or settlement compensation arising from medical malpractice, breach of confidentiality, or loss of third-party documents.
2. Why do doctors need Professional Indemnity Insurance?
Whether you’re a newly graduated professional or an experienced medical specialist, this insurance protects against allegations related to professional services. It covers litigation expenses, settlements, and awards in case of negligence or other professional allegations.
3. What is professional negligence in the context of this insurance?
Professional negligence refers to errors, omissions, or unintentional negligence by a medical practitioner during the diagnosis or treatment of a patient, leading to bodily injury, illness, adversity, or death.
4. What is Professional Indemnity for Doctor’s Indemnity Insurance?
Professional Indemnity for Medical Practitioners is an insurance policy that covers doctors for legal fees and damages arising from claims or demands by third parties alleging professional negligence. It also covers legal liability arising from actions of the medical practitioner’s staff.
5. How to determine the sum assured value?
The sum assured, or limit of indemnity, is fixed per accident and policy period. It depends on factors like doctor specialization, city/type of services offered, and can range from INR 500,000 to INR 50,000,000. The insured selects the sum insured based on their preferences.
6. What is the difference between public liability and professional indemnity insurance?
Public liability insurance covers bodily injury/property damage claims specific to the insured premises or business operations. Professional Indemnity, however, covers claims due to errors, omissions, or negligence in medical treatment, not specific to location, and excludes claims related to professional negligence.
7. Who should take a doctor professional indemnity policy?
Any qualified medical practitioner, such as physicians, surgeons, radiologists, dentists, anaesthetists, gynaecologists, paediatricians, etc., providing services to patients should consider purchasing this policy to safeguard against professional liabilities.
8. Is there a waiting period for coverage to be effective?
Some insurance policies may have a waiting period before coverage becomes effective. It’s important to inquire about any waiting periods and understand when the coverage starts.
9. Does the policy cover retroactive claims?
Clarify whether the insurance policy provides coverage for claims arising from incidents that occurred before the policy’s effective date, provided the insured was not aware of any potential claim at the time of policy purchase.
10. Are there any exclusions to the coverage?
Understand the exclusions in the policy, as certain actions or circumstances may not be covered. Common exclusions might include intentional wrongdoing or fraudulent activities.
11. How to report a potential claim?
Provide information on the process for reporting a potential claim. Timely and accurate reporting is crucial in the claims process, and understanding the procedures can help doctors navigate the situation effectively.
12. Can the policy be tailored to specific needs or circumstances?
Inquire whether the insurance provider offers customization options to tailor the policy to the specific needs of the doctor or their practice. This may include adjusting coverage limits or adding endorsements. or Consult with Insurance brokers like Savvvyy Insurance at insurance@savvvyy.com.