In former times in Malaysia, doctors were held in high regard. Despite the passage of time, it is difficult to dismiss the value that society places on a doctor. Doctors, like everyone else, are fallible and can make mistakes. Such ignorance and erroneous judgments can be costly as laws evolve. We shall learn about the relevance of Professional Indemnity Insurance for doctors in this article.
It is not your goal as a professional to cause physical or financial harm to your patients. However, scenarios may arise in which a critical decision could result in the patient’s loss. This makes you liable for the entire loss, or a portion of the loss, sustained by the patient as a medical practitioner.
As a professional, one or two bad actions should not have an impact on your work. Professional indemnity insurance for doctors protects a variety of medical practitioners and medical institutions against such losses, which often have a financial impact on the doctor as well.
Professional Indemnity Insurance’s Importance
According to a recent survey, the number of judicial actions alleging carelessness in the Supreme Court has increased by 400 percent. Despite the fact that only approximately 10- 15% of doctors have been found guilty, the remaining 85% of doctors have had to pay for their own defence.
Indemnity insurance for doctors covers these costs without putting a dent on your wallet. It’s also vital to note that if the covered doctor is found guilty of criminal wrongdoing or purposeful carelessness, the insurance coverage will be revoked.
Penalty Amounts Are Uncertain
In the event that a patient loses a limb or an organ, there is no formula to calculate an acceptable penalty. As a result, the price might be exceedingly high at times. As a result, if the affected patients sue the doctors, they will require specialised insurance to protect themselves financially from penalties and legal fees.
Others in the Medical Field
Many insurance companies offer protection plans for doctors so that they can continue to practise safely. Indemnity insurance for medical personnel is also required for a healthcare facility. Other experts can also get liability insurance. An umbrella policy can also cover a hospital’s practitioners, employees, nurses, and other personnel.
Indemnification Requirements
In any case, the doctor’s professional indemnity insurance programme typically needs the following conditions to be met in order to compensate the doctor for his or her loss:
- The victim’s loss is not the result of purposeful carelessness.
- The loss was caused by the doctor’s unintentional errors and omissions.
- Legal liability may emerge as a result of bodily harm or death caused by a professional duty breach by:
-The doctor who is covered by insurance
-The back-up crew (in case of hospitals if insured)
-If covered, any other officials or instruments participating in the medical practise.
-Expenses, fees, and costs of defence incurred in India in line with Indian law
What Can You Expect From Professional Indemnity Insurance for Doctors?
Professional indemnity insurance for doctors provides extensive coverage for claims filed by patients alleging negligence, incorrect treatment, or accidents. It also offers to pay for legal fees, court costs, and settlements.
Exclusions from the policy:
- It excludes illegal conduct, deception, penalties, and punitive damages.
- The insured’s insolvency
- Private damages, loss of goodwill
Doctors are lifesavers, yet even a lifesaver can make a mistake that can negatively impact anyone’s life, and the mistake can be inadvertent. Anyone can make mistakes, but a doctor’s error can have far-reaching consequences. While a physician’s primary goal when treating a patient is to ensure that the patient improves, mistakes can occur at any time.
