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Professional Indemnity Insurance for Doctors

Doctors in the course of their duty handle scores of patients on a daily basis. Doctors are responsible for making decision relating to the patient’s diagnosis to advising them for their medicines and even conducting surgeries. These decisions are immensely critical for a patient’s well-being.

A minor lapse in judgement or any negligent mistake committed while discharging your duties might have an adverse impact on the patient’s health.

Such cases often result in the Patients suing the Doctors in Courts and the Courts also award Substantial Damages.

Consider the case of this Ahemdabad based Doctor where the Gujarat State Consumer Dispute Redressal Commission ordered the doctor to pay Rs16 lakhs as damages.

The frequency of such cases has been increasing by the day and Doctors have been sued even for minor mistakes.

The Court may award huge Compensatory Damages which the Doctors may not be able to afford. They may have to sell Personal Assets, like a House or a Clinic, or use up savings to fund the Damages awarded by the Court

To safeguard themselves, Doctors should, thus always, protect themselves with a Doctors’ Professional Indemnity Insurance in India (alternatively known as Medical Malpractice Insurance)

Professional Indemnity Insurance for Doctors

What is a Professional Indemnity Insurance for Doctors?

A Professional Indemnity Insurance Policy for Doctors in India (alternatively known as Medical Malpractice Insurance) is an Insurance Policy for Doctors covering Defence Costs and Compensatory Damages which the Doctor (Insured) becomes Legally Liable to pay on account of lawsuits filed by the patient claiming financial losses suffered by them due to neglectand errors or omissions that occur in the course of conducting Professional Duties. Such negligent acts may range from wrong prescription or diagnosis or even a wrong surgical procedure that results in injry or patient's death.

A Doctors’ Professional Indemnity Insurance in India, will thus cover the Defence Costs and Compensatory Damages arising due to any error committed in your Professional Capacity as a Doctor.

Hospitals and Nursing Homes might avail a Group Policy for its entire practicing staff which would enable higher discounts.

What are the Add-On Covers under a Professional Indemnity Insurance for Doctors in India?

A Professional Indemnity Insurance Policy for Doctors in India (alternatively known as Medical Malpractice Insurance) is an Insurance Policy for Doctors covering Defence Costs and Compensatory Damages which the Doctor (Insured) becomes Legally Liable to pay on account of lawsuits filed by the patient claiming financial losses suffered by them due to neglectand errors or omissions that occur in the course of conducting Professional Duties. Such negligent acts may range from wrong prescription or diagnosis or even a wrong surgical procedure that results in injry or patient's death.

A Doctors’ Professional Indemnity Insurance in India, will thus cover the Defence Costs and Compensatory Damages arising due to any error committed in your Professional Capacity as a Doctor.

Hospitals and Nursing Homes might avail a Group Policy for its entire practicing staff which would enable higher discounts.

Which are the Insurance Companies providing Professional Indemnity Insurance for Doctors in India?

The list of Insurance companies providing Professional Indemnity Insurance Policy for Doctors in India are as follows:

  • Bajaj Allianz General Insurance Company
  • ICICI Lombard General Insurance Company
  • HDFC Ergo General Insurance Company
  • New India Assurance Company
  • SBI General Insurance Company

What is the Sum Insured under a Professional Indemnity Insurance Policy for Doctors in India?

A Doctors’ Professional Indemnity Insurance Policy specifies 2 limits: Any One Accident (AOA) Limit and Any One Year (AOY) Limit.

  • Any One Accident Limit: Any One Accident Limit or AOA Limit implies the maximum amount that the Insurance Company will pay for any one incident that leads to a claim.
  • Any One Year Limit: Any One Year Limit or AOY Limit implies the maximum amount that the Insurance Company will pay for any number of claims during the Policy Period (usually 1 year).

The Insured can choose the ratio of AOA:AOY (1:1, 1:2, 1:3 or 1:4). Usually, most professional indemnity policies limit the AOA limit to 25% of the AOY limit ie. ratio of 1:4

What is the Sum Insured under a Professional Indemnity Insurance Policy for Doctors in India?

What is the premium for a Doctors’ Professional Indemnity Insurance Policy?

The premium for a Doctors’ Professional Indemnity policy depends on the following factors:

  • Sum Insured Required
  • Past Claims History
  • Area of Specialisation for the Doctor, that is, whether the medical practitioner is a Physician, Surgeon, Dentist or a Plastic Surgery Surgeon or Anesthetist
  • Estimated Annual Revenue for the doctor

Usually, the premium ranges from 0.3% to 1% of the Sum Insured.

What is the premium for a Doctors’ Professional Indemnity Insurance Policy?

What are the common Exclusions in a Doctors’ Professional Indemnity Insurance Policy?

A Professional Indemnity Insurance for Doctors will typically exclude the following:

Damages on account of Willful Neglect or Willful Misconduct of the Insured

Any Claim arising due to an Incident which occurred prior to Policy Inception will not be covered

Any Damages that the Insured becomes liable to pay on account of the Liability being assumed in a Contract or Agreement will not be covered under the Policy

Fines, Penalties, Punitive Damages and Exemplary Damages are not covered under a Doctors’ Professional Indemnity Insurance.

Cover for Defence Costs and Compensatory Damages
Cover for Defence Costs and Compensatory Damages
Cover for Breach of Confidentiality
Cover for Breach of Confidentiality
Retroactive Date Cover
Retroactive Date Cover
Cover for Expenses for doctor’s travel by air + stay for court visits
Cover for Expenses for doctor’s travel by air + stay for court visits
Cover for Libel and Slander
Cover for Libel and Slander

Request a Free 60 minute consultation for a Doctors’ Professional Indemnity Insurance Policy

If you are looking to buy a Doctors’ Professional Indemnity Insurance Policy and require assistance for the same, you can request a consultation with the experts at Qian. Qian is a leading Insurance Broker for Doctors’ Professional Indemnity Insurance Policies with tie ups with leading Insurance Companies.

Our team of experts is well-versed with the various Policy Clauses and Exclusions to assist you with a Comprehensive Doctors’ Professional Indemnity Insurance Policy.

Request a consultation at support@qian.co.in or 022-22044989 or fill this Contact Form. We will get in touch with you within 24 hours, guaranteed.

Request a Free 60 minute consultation for a Doctors’ Professional Indemnity Insurance Policy

FAQS

A Doctor is involved in a high-risk profession in a sense that a slight error in terms of incorrect diagnosis, or a mistake in a surgical procedure and wrong administration of medicine might adversely complicate a Patient’s health. Such errors leave the doctors prone to claims of malpractice by the patient or his relatives.

Defending such claims in courts is very expensive and moreover, an adverse judgement might result in Doctors having to pay millions in Damages.

A Professional Indemnity Insurance is of immense importance in such a case as it covers the Defence Costs and the Damages that the Insured Professional becomes legally liable to pay on account of Errors or Wrongful Act committed by the Doctor in the course of his duties.

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