Professional Indemnity Insurance for Doctors
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Overview
You can go through this article to understand more about this coverage, including its inclusions, exclusions, eligibility criteria, filing process, and much more.
What is professional indemnity insurance for doctors?
Professional indemnity insurance for doctors and medical practitioners is an authentic and crucial policy protection. It safeguards medical experts against allegations related to negligence and malpractices. It is a type of liability insurance that delivers financial protection against compensation claims and legal charges that arise due to errors or negligence during medical treatments and solutions.
It is evident that, as a doctor, you might be operating within a high-risk environment. A challenging case always raises the bar of complications. Even a skilled expert may commit unexpected errors during this type of tense situation. Despite excessive training and cooperation with industry best practices, you can't eliminate the possibility of dissatisfaction and harm to your patients.
During these instances, the following patients or their family members may file lawsuits against you to seek compensation. So, in this situation, indemnity insurance can be your safe shield. It protects you against potential financial charges that are very expensive, and it also saves you from litigation consequences. It covers legal expenses incurred to defend you against allegations that include the cost of investigation, representation, and compensation.
Why Do Doctors Need Indemnity Insurance?
It serves credibility
Well-curated indemnity insurance ensures that doctors securely retain their trustworthy image. It majorly offers you credibility as an expert in the industry. Through this insurance, you can get rid of any type of eventuality. Professional indemnity insurance will make you ready to compensate your patients and their family members if they are not satisfied with your service.
Protects Your Reputation
If any dissatisfied patient somehow files a complaint against your service and treatment, then it becomes mandatory for you to compensate them. Apart from this, court cases can be extremely expensive. To prove your side of the story, you need to fight the case ultimately. In this kind of instance, medical indemnity insurance for doctors can be a great choice. It will protect your reputation and cover your massive financial loss.
Get Rid of Financial Losses
One of the major advantages of indemnity insurance is good financial security. As mentioned earlier, legal cases can be expensive and come with different charges. So, this insurance type can be your safe side. It will cover all your legal expenses and will help you avoid negligence-related fatalities.
Coverage Offered by Professional Indemnity Insurance for Doctors
Negligence coverage of the medical
The following insurance protects medical professionals from legal and financial liabilities raised due to medical errors, incorrect treatments, and surgical mistakes. If the patient files a lawsuit against you for your mistake, this coverage will help cover your legal charges, compensation, and settlement costs.
Unintentional Breaching of Confidentiality
Patients mostly trust doctors with their sensitive information. So, if you disclose this crucial information intentionally or unintentionally, it can lead to serious legal consequences. This insurance coverage can protect you from such claims.
Legal Defence Charges
Fighting against malpractice claims can be expensive for you. This coverage can work as your helping hand by supporting you financially with court charges, lawyer fees, legal settlements, and much more. So you are safe from facing financial ruin.
Protects against Libel and Slander
Talking about the medical profession, doctors can be easily blamed for defamation through spoken or written statements. No matter if you have done it unintentionally. This insurance can safeguard you against lawsuits.
Loss of crucial documents
To ensure proper patient care and compliance, you need to maintain medical records, documents, and reports. If the documents are somehow lost, damaged, or stolen, this policy can protect you financially so you can battle legal consequences.
Tail Reporting Coverage
Even if you, as a doctor, discontinue or take retirement from your profession, there are still the chances of claim risks being filed against you. So, this coverage allows the claims to be reported even after the insurance has expired. You can be assured of continuous protection!
What is not included in professional indemnity insurance for doctors?
Fraudulent and Criminal Activities
General Liabilities and Property Damage
Professional indemnity insurance will not cover if you have done any physical damage to the clinic's property. Apart from this, damages to equipment and third-party injuries are also covered by this insurance.
Claims for substance abuse
Professional indemnity for doctors will not cover your claims if you have committed mistakes under the influence of drugs and alcohol.
Services delivered without an authentic license
If, as a doctor, you practice some services without a valid medical license and proper scope of expertise, the claims will not be covered by this insurance policy.
Eligibility criteria for professional indemnity insurance for doctors
Individual doctors can apply for this insurance.
The following applicant should not have any kind of claim history.
The insurance providers mainly prefer certain qualifications like BPT, MBBS, BHMS, BAMS, MPT, MD, MDS, MS, or higher.
The doctor must hold a valid and active medical license to practice in a particular region or country.
The applicant should be registered under the appropriate medical regulatory body.
They should have no history of major legal proceedings and regulatory violations.
How to file a claim for doctors professional liability insurance?
Intimation of the claim
Claim reference number generation
The relationship manager will help you register the claim and deliver you the authentic claim reference number right from the insurance company.
Documentation
In this step, the relationship manager will provide you with a series of required documents. You need to proceed with this and submit all your documents promptly to the insurance company.
Claim Settlement
The insurer will assist you through the claim settlement process and you can easily get rid of the allegations by approaching with the right compensation.
Difference Between professional indemnity insurance and malpractice insurance
Indemnity insurance protects against losses caused due to negligence, errors, and incorrect advice. Whereas, malpractice insurance covers claims arising from medical errors, negligence, surgical mistakes, etc.
Indemnity insurance has broader protection for professional mistakes in several industries. On the other hand, malpractice insurance solely focuses on medical experts and patient-related claims.
Indemnity insurance is mainly used by IT professionals, engineers, lawyers, consultants, and accountants. Malpractice insurance is mainly used by surgeons, doctors, nurses, dentists, and healthcare providers.
Frequently Asked Questions on Professional Indemnity Insurance
Is professional indemnity insurance mandatory for doctors in the UAE?
No, professional indemnity insurance is not mandatory for doctors in the UAE. However, it is highly recommended and often required by many eminent regulatory bodies in the following countries.
How much does professional indemnity insurance cost for doctors?
The price of professional indemnity insurance for doctors varies as per many factors like coverage limits, specialty, risk factors, and much more. The probable premium range might start from AED 2,000 in the UAE.
What factors affect the premium of indemnity insurance for doctors?
There are many reliable factors that impact the premium value of indemnity insurance for doctors. Some of the major factors include your claim history, years of experience, risk exposure, coverage limits, and insurer’s policies. Risky grounds mainly have higher premiums.
Do all types of doctors need professional indemnity insurance in the UAE?
Professional indemnity insurance is not mandatory for all types of doctors in the UAE. However, it is highly recommended for specialists and surgeons as it covers your malpractice claims and ensures your patients are safe and satisfied with your service.
Does professional indemnity insurance cover claims arising from misdiagnosis or delayed diagnosis?
Yes, professional indemnity insurance covers claims arising from misdiagnosis or delayed diagnosis. However, it covers only if the errors have been done unintentionally. It helps cover settlements, legal charges, and compensation fees.
Does the insurance cover both civil and criminal claims against a doctor?
Professional indemnity insurance can cover your civil claims that include malpractice lawsuits and negligence. However, it doesn’t cover any criminal charges like intentional misconduct, fraud, etc.
Are claims related to emotional distress or mental health issues covered?
Yes, professional indemnity insurance might cover claims related to emotional distress or mental health issues if they have resulted from medical negligence.
Does professional indemnity insurance provide coverage for telemedicine consultations?
Yes, there are many professional indemnity insurance policies that cover telemedicine consultations. The following coverage includes legal claims, misdiagnosis, treatment errors, etc.
