A recent report from the IMA has confirmed that 75% of the doctors have experienced verbal abuse, and 12% of them have even suffered physical abuse. This has resulted in medical professionals suffering injuries and requiring time off from work to deal with this. Moreover, they often face various lawsuits that also bear an additional financial burden.
Professionals can opt for malpractice insurance to cover their financial interests from such incidents. This professional indemnity (PI) insurance plan also covers third-party damages, confidentiality breaches, loss of documents, etc.
ors to check while buying the malpractice insurance plan
Following are some of the aspects individuals need to be aware of while applying for this malpractice insurance policy:
- The reputation of the insurer
Before selecting an insurer, individuals need first to verify it and its overall reputation in the market. They can consider parameters such as claim settlement ratio, customer feedback, etc., to ensure that the insurance company provides uncompromising service to its consumers.
- Overall coverage of the policy
The sum insured in a PI insurance policy may vary across different insurers. Nevertheless, in addition to the sum insured amount, individuals need to check whether they get comprehensive coverage under this policy so that they can manage their overall reputation appropriately after legal challenges owing to the accusations of incompatible treatment. In this regard, doctors need to know the importance of reputation management and why they should opt for this.
Individuals should ensure that their preferred insurer provides at least the following coverage under this malpractice insurance policy:
- Unintentional treatment mistakes
- Expenses of litigation
- Confidentiality breach
- Losses caused by defamation or reputation damage
- Financial repercussions of third-party claims
In addition, doctors need to be mindful of the risks they may encounter if they do not secure themselves with effective indemnity insurance.
- Policy premium
Another major factor that professionals need to check is the premium of this malpractice insurance. They need to provide this amount to the insurers after the validity period gets over to renew the policy and extend the coverage. Professionals can compare coverage provided by different insurers against premiums to find an affordable insurance plan.
- Exclusions of the malpractice insurance policy
Individuals should check the factors this malpractice insurance policy does not encompass to stay aware of when they should not get coverage under the policy benefits. The exclusion criteria may be different across several insurers in India. Following are some of the major exclusions of this malpractice insurance plan:
- Treatment for weight loss, AIDS-related complications, genetic damages, plastic surgery, etc.
- Improper for being influenced by alcohol and other narcotics
- Intentional negligence in treatment
- Criminal acts
Individuals need to read the policy brochure carefully to find its exclusion in detail.
So, owing to these exclusions, medical practitioners do not get to protect all of their financial losses incurred due to malpractice cases against them. Therefore, doctors need to apply for malpractice insurance or professional indemnity insurance to secure their practice from any mishap.
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In conclusion, with a malpractice insurance plan, individuals can get significant coverage to tackle litigation cases filed by patients or their family members with the complaint of improper treatment due to a doctor’s negligence. However, for having exclusions of this insurance plan, individuals fail to obtain comprehensive coverage under this policy on some occasions. With a loan for the doctor, they can dodge this challenge and get substantial credit to cover all their litigation issues or give compensation to patients or their families if the situation demands.
