In the 21st century, Indian society is experiencing a growing awareness about the rights of patients. The pattern is easily discernible from the recent spurt of medical professional or institution liability lawsuits, in which patients demand compensation for the damage caused by medical negligence. Along with that, there is the Consumer Protection Act, 1986, that provides protection for the interests of patients. Understanding what constitutes medical negligence is essential. A doctor owes specific duties to the patients who visit her to get treatment for illness. A failure in that responsibility is considered medical negligence.
If you are a doctor or a surgeon, it is crucial for you to buy a professional liability insurance policy. You may perhaps be one of the few lucky professionals who have been practicing without professional liability insurance for years and have not had a lawsuit or complaint from a patient. But that’s the problem with luck. It tends to run out.
Who Should Buy Professional Liability Insurance Policy?
The quick and correct answer is – any type of Doctor. However the following specialisations should definitely ensure that they are covered by this policy:
- Physicians
- Surgeons
- Cardiologists
- Pathologists
- Radiologists
- Anaesthetists
Here is how you will stay protected with the help of professional liability insurance:
1. Protection Against Lawsuits
As a doctor, you never want to hurt your patients. Though, despite your best efforts, there are situations that can cause patient injury. They can result in varying patients’ claims and lawsuits due to medical neglect. If you have professional liability insurance in place, then it covers you in case you fail to follow the standard care process or protocols of your professional area of expertise. It includes the cost of filing legal papers, lawyers and court appearances. It also protects you against all the legal repercussions against error and omission claims.
2. Stress-Free Continuation of Medical Practice
You can grow in popularity when you utilize your medical expertise for the welfare of patients. However, if your advice or consultation is responsible for a health crisis for your patient, then it can put you in financial burden due to medical lawsuits. In such situations, professional indemnity insurance offers a helping hand and handles your financial stress by giving the required monetary assistance.
3. Improved Credibility
Your goodwill amongst the patients to whom you offer medical services can be enhanced with the help of professional indemnity insurance. If any discrepancies arise during your professional career, the policy provides strong support. It also improves your credibility since, as a professional, you are accountable for your services. When you opt for professional indemnity insurance, you let your patients feel convinced about being treated by you.
4. Lower Probability of Losing Income or Time
The costs of dealing with medical malpractice cases can sometimes be significant. Alongside, you would need to utilize your precious time in attending court hearings or discussing the case with the lawyers. In doing so, you may lose focus on serving the patients who depend on you to get quality treatment, which will ultimately have an impact on your income. Professional indemnity insurance covers the cost incurred as a result of legal proceedings.
Secure Yourself with a Comprehensive Insurance
When it comes to treating patients, doctors shoulder significant responsibility. As a part of the services they offer, they cannot eliminate the chances of unforeseen events that can make them exposed to the patient’s risk of claims. In such cases, taking a proactive approach by purchasing professional indemnity insurance helps you avoid a financial crisis. You should also pick an insurance provider who offers maximum convenience and flexibility. Ask for help from an insurance broker like SecureNow to get comprehensive professional indemnity insurance and be worry-free about any possible medical malpractice lawsuits that.