A doctor’s profession is considered to be a noble one. However, there are times when practitioners may misdiagnose patients. Such incidents often negatively impact their professional career, adding an external burden on them. In most cases, it leads to legal and financial obligations as well, especially in the form of compensation claims and settlements.
Therefore, financial experts suggest opting for a malpractice insurance plan. Such an insurance plan helps to cover resulting financial losses with any additional pressure. The financial coverage of the said insurance plan covers the cost of defence in a litigation case, monetary loss due to third party claims, or other liabilities.
To maximise the benefits of this insurance plan, professionals should find out about the accompanying features.
4 major benefits of malpractice insurance policy
These features highlight the importance of having an indemnity insurance policy –
- Protection from lawsuits
It is emotionally draining for both patient and his/her family in case of any unfortunate medical outcome.
Moreover, in most cases, medical negligence leads to filing a legal claim against the concerned doctor. A malpractice insurance plan covers such legal costs, including compensation or other expenses if ordered by the court.
- Mitigates financial liabilities
A legal case is a time-consuming process. Similarly, it may put a professional’s career at risk and hamper productivity to continue his work, causing financial damage.
Malpractice insurance plans deal with such financial damages that arise from legal proceedings. This not only covers legal expenses but also ensures peace of mind.
- Increases trustworthiness
Malpractice insurance policy increases one’s credibility to fulfil any financial responsibility toward a patient’s family if a legal case issues such an order. It also provides financial assistance to the professional to continue professional services without any monetary roadblocks in future.
If an individual requires additional monetary assistance, one can take a loan for doctor from a leading financial institution like Bajaj Finserv. The medical practice financing option can also be used to keep the professional service uninterrupted.
Moreover, the NBFC provides pre-approved offers to their existing customers. This reduces the processing time and streamlines the process further. Typically, such an offer is available on multiple financing options like personal loans, business loans, etc. You can check your pre-approved offers by providing your names and contact details.
- Extensive financial coverage
Third-party claims and cost of defence require practitioners to pay a sizeable amount from their pocket. Being insured with a malpractice insurance policy that comes with extensive financial coverage helps to account for such expenses without straining available resources.
However, to utilise the features and associated benefits of this insurance policy it is important to be aware of its coverage in detail.
What is covered under a malpractice insurance plan in India?
Malpractice insurance policy or indemnity insurance policy for doctors cover financial liabilities arising due to these following cases:
- Cost of defence in a lawsuit
- Breach of confidentiality
- Case of defamation, misrepresentation or loss of reputation, etc.
- Protection against legal claims for any errors while rendering professional services
- Damages due to third party claim
That said, professionals must make it a point to find out the exclusions of the insurance policy to account for professional liabilities better.
How to claim a malpractice insurance plan?
If you are willing to apply for a malpractice insurance plan, make sure to follow these steps –
Step 1: Submit a written notice to the customer service team
Step 2: Submit required documents to raise a claim
The settlement amount is confirmed within 30 days after the receipt of the relevant documents and verification.
How to apply for indemnity insurance policy?
An intending borrower can apply for a malpractice insurance plan in these steps –
Step 1: Visit the official website of your preferred financial institution
Step 2: Enter relevant details associated with professional and personal information such as name, contact number and residential address.
Step 3: Select the relevant insurance policy
Step 4: Initiate payment of insurance policy premium
Note that inadequate healthcare personnel in India often contributes to low average face time for patients. Long working hours also reduce productivity which often hampers professional services and makes them prone to financial liabilities.
Hence knowing the basics of professional indemnity insurance policies such as malpractice insurance policy can help healthcare personnel to address such issues readily. Such an insurance plan is effective in mitigating professional risks and ensuring smooth medical practice.
Hi, I am Adam Smith, Admin Of TechSketcher, Creative blogger and Digital Marketer.