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What is Professional Indemnity for Doctors and Medical Practitioners?

Professional Indemnity for Doctors and Medical Practitioners insurance, is an important insurance protection for you, medical professionals, against allegations of negligence or malpractice. A kind of liability insurance, it offers financial protection for legal expenses and compensation claims resulting from errors / omissions during medical treatment or advice.

As a doctor, you often operate in a high-risk environment. Even the most skilled professionals may encounter unexpected complications or errors. Despite extensive training and adherence to best practices, one can't rule out the possibility of patient dissatisfaction or harm. In such instances, patients or their families may file lawsuits seeking compensation. Indemnity insurance for doctors acts as a safety net. It shields you from the potentially expensive financial consequences of litigation. It covers legal expenses incurred in defending against allegations of malpractice, including cost of representation, investigation and compensation.

Insurance for doctors caters to the specific needs and risks associated with various medical specialties. Premiums are calculated based on specialization e.g. cardiologist, nephrologist, gynecologist etc., services e.g. general physician, surgeons radiologists etc. , claims history, and coverage limits.

Whether you’ve an independent practice, have a clinical establishment or work under a hospital or clinic, it’s better to buy this insurance at the earliest without delay. Compare different plans before buying.

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Why is Professional Indemnity for Doctors and Medical Practitioners Important?

Professional indemnity insurance for doctors plays a crucial role in safeguarding the interests of medical professionals. This insurance coverage is tailored to address healthcare practitioners' unique risks and challenges. Here's why Professional Indemnity for Doctors and Medical Practitioners insurance is crucial for you

Financial protection against lawsuits

Doctors operate in an environment where even a minor error can lead to severe consequences, including expensive lawsuits. Professional indemnity insurance for doctors provides financial protection by covering legal costs and compensation arising from allegations of malpractice or negligence.

Monetary cushion

Legal battles can be financially draining, regardless of whether the allegations are true or false. Professional indemnity insurance for doctors ensures you have the financial resources to defend yourself effectively without dipping into your personal assets or savings.

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Who Should Buy Professional Indemnity for Doctors and Medical Practitioners Insurance?

The following people should buy indemnity insurance for doctors:

Medical professionals

Medical professionals, including doctors, nurses, medical technicians, and other caregivers, should buy indemnity insurance for doctors. By purchasing this insurance policy, they can reduce the risks associated with their profession. It also demonstrates their commitment to responsible and ethical practice. Read more

Medical establishments

Medical establishments, encompassing hospitals, clinics, and healthcare facilities, should insist for Professional Indemnity for Doctors and Medical Practitioners to shield themselves from potential liabilities arising from the actions of their employed or affiliated doctors and medical practitioners. In the event of malpractice claims or allegations of negligence against their doctors or professionals, having indemnity insurance offers crucial financial protection. Read more

Apart from the ones mentioned above, indemnity insurance for doctors should also be on the buying radar of medical graduates working as resident doctors or specialist doctors or if you are associated with a hospital, laboratory, or clinic in any way.

Advantages of Professional Indemnity for Doctors and Medical Practitioners Insurance

Here are the benefits of professional indemnity insurance for doctors and medical professionals:

1

Comprehensive coverage

A Professional Indemnity for Doctors and Medical Practitioners insurance plan offers comprehensive coverage. It protects you from various risks that you may encounter in your work. It includes financial support for legal expenses, and compensation for damages arising out of bodily Injury and/or death of any patient.

2

Financial security

A Professional Indemnity for Doctors and Medical Practitioners insurance policy provides invaluable financial security to medical professionals. It covers doctors from potential financial losses arising from allegations of negligence or malpractice. In the event of a claim, the insurance covers legal fees, compensation payouts, and any associated costs, ensuring that financial implications don't jeopardise your personal assets.

3

Peace of mind

The benefits of professional indemnity insurance extend beyond mere financial protection. It offers reassurance and confidence to you to fulfil your duties.

Features of Professional Indemnity for Doctors and Medical Practitioners Insurance

Indemnity insurance for doctors has features that shield you from various risks. Some of the features of this policy are as follows:

Court fees and litigation settlements

A professional indemnity insurance policy for doctors covers legal litigation expenses, including lawyers' fees and court fees. It helps you preserve your financial stability and professional reputation.

Retroactive coverage

It's an essential aspect of indemnity insurance for doctors. It offers coverage for claims from incidents before the start of the policy (if the claims are reported for the first time after the start of the policy) .

When you buy this policy, go through the terms and conditions to know the features in detail.

What is Covered Under a Professional Indemnity for Doctors and Medical Practitioners Insurance?

Losses arising due to unintentional omissions and errors

A doctor's professional indemnity insurance shields you from the consequences of unintentional errors or omissions that might occur during your practice. ... Be it a misdiagnosis, a procedural error, or an overlooked detail in patient care, the consequences can be devastating for you and the patient. That's where Professional Indemnity for Doctors and Medical Practitioners insurance steps in, providing financial protection and legal support during claims or lawsuits. Read more

Cost of defending in court

Doctor's professional indemnity insurance can be your lifeline if any legal challenges arise during your practice. One of the vital features of this insurance is its coverage of the costs associated with defending yourself in court. Be it facing allegations of medical negligence or any other legal dispute related to your professional duties, having this insurance means you're not alone in the courtroom. It provides you with the financial backup you need to secure expert legal representation and mount a robust defence. Read more

Compensation for claims arising due to bodily injury or death

Indemnity insurance coverage offers compensation for claims arising from bodily injury or death caused by errors. Be it a ... surgical error or medication mistake, the repercussions can be devastating for all parties involved.A Professional Indemnity for Doctors and Medical Practitioners insurance policy helps you pay the compensation awarded by the court to the aggrieved party, relieving much stress. With it, you are shielded from potentially crippling legal and financial ramifications. This underscores the commitment to prioritise patient well-being and safety. Read more

How to buy doctor’s professional indemnity insurance from ICICI Lombard?

Buying indemnity insurance for doctors from ICICI Lombard is easy. You can purchase the policy online in a few easy steps.

  • click here Fill out the form on the web page, including your name, mobile number, and pincode. Click on ‘Proceed to Buy’
  • Follow the subsequent steps as directed, make the payment, and you’re done

Buying the policy online is as easy as it gets. You can do so at your convenience 24X7.

How to buy doctor’s professional indemnity insurance from ICICI Lombard?

Frequently Asked Questions - doctor’s professional
indemnity insurance

  • General
  • Cover
  • Premium
  • Claims
  • Policy

Is it a Legal Requirement to Have Professional Indemnity Insurance?

While it's not a legal requirement, buying a doctor's professional indemnity insurance is recommended. It provides you with a safety net in case of legal liabilities arising in your practice.

What is the difference between public liability and professional indemnity insurance?

While public liability insurance provides coverage if your business can cause damage or injury to third parties and property, professional indemnity insurance offers coverage when any incident happens to an individual due to your professional advice.

What is professional negligence?

Error, omission or an un-intentional negligence by a medical practitioner during diagnosis or treatment of the patient, which results in bodily injury, illness, sickness, adversities or death of the patient.

What is PI for doctor’s indemnity insurance?

Professional Indemnity for Medical Practitioner is an insurance policy which covers Doctors for legal fees incurred and damages paid (If awarded by the court) for claims or demands raised by third parties (patients or their kin) alleging professional negligence. This Policy will also cover Legal Liability arising against them because of their staff.

How to opt for sum assured value?

Sum assured is referred to the limit of Indemnity. This limit is fixed per accident and per policy period which is called Any One Accident (AOA) limit and Any One Year (AOY) limit respectively and will be offered and reccomended as Ratio 1:1 only. Sum insured is mostly dependent on factors related Doctor Specialisation and city /type of customer’s doctor is offering services to. Limit of Liability can be from INR 500,000 to INR 50,000,000. Insured need to select and finalise the sum insured he is willing to opt for.

What is difference between public liability and professional indemnity insurance?

Both these Policies are totally different, Public liability policy are Premises Specific risk and and cover third party bodily injury /Property damage claims arising out of accidents and/or incidents emanating from the insured premises, from their business Operations. However Professional Indemnity is not specific to risk location and will cover claim arising due to Error, omission or negligence in treatment given by medical practitioner which results in bodily injury or death of the patient. Public liability Policy will exclude claims pertaining to Professional negligence.

Who should take doctor professional indemnity policy?

Any qualified medical practitioner (such as Physician, Surgeon, Radiologist, Dentist, Anaesthetists, Gynaecologist, Paediatrician, etc.) who is rendering services to patients can consider to buy this policy.

What does the policy cover?

Our Professional Indemnity for Medical Practitioner Policy protects you against:

  • Legal liability including defence costs (costs, fees, expenses) incurred while investigation.
  • cost of representation.
  • compensation for Claims arising out of bodily injury or death caused by error.
  • omission
  • negligence while rendering the professional services.

What does the policy not cover?

  • Punitive & Exemplary Damages
  • Fines and Penalties
  • Pure Financial Losses
  • Any Criminal Act, Violation of any law / ordinance
  • Services while under influence of intoxicants / Narcotics
  • Liability arising out of Pure Cosmesis procedures

What is the premium for a doctor's professional indemnity insurance?

The premium for a doctor's professional indemnity insurance depends on various factors, including the sum insured, your specialty, the size of the clinical establishment, etc. Compare different policies and choose the one that best fits your needs.

What is the claims process for indemnity applicable under the policy?

Our Professional Indemnity for Medical Practitioner Policy protects you against:

Claim Information:
On mail
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LOR Request:
List of requirements to be share by the sales team
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Submission of internal reports:
To be submitted by insured
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Investigation Reports:
Final claim amount to be shared with final investigation report
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Seeking Documents:
DV to be signed by insured
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Remittance:
Payment of claim amount

When can a claim get rejected?

  • Violation of any laws, rules and regulations
  • Performing services under influence of alcohol or toxic substances
  • Claims reported in current policy but arising out of procedures or treatments performed before retroactive date
  • Non-disclosure of any material facts like claims history
  • Proven intentional negligence

What is the limit of indemnity applicable under the policy?

No, policy start date will be as payment date in our banking records.

How to apply professional indemnity insurance?

Eligibility - Any individual who holds a qualification to practice the respective medical specialisation can apply for this policy who is having license to practice in India.

Why do doctors need indemnity insurance?

For a patient, his doctor is someone who promises good health by putting him on the right fitness condition when a medical emergency lands. Unfortunately, human error cannot be eliminated and doctors are exposed to the risk of claims from clients who have suffered loss due to neglect, error or omission. In today’s litigious world, claims can pose a significant threat to the financial security for a medical practitioner.

Is medical indemnity compulsory?

In India, this policy is not compulsory but it is highly recommended to have this policy which acts as a safety net if legal liability arises on you.

Is there any limit of professional indemnity that I need?

The Limit of Indemnity (Sum insured) can be decided according to your medical specialisation and type of customer’s segment doctor is offering services to.

What is the duration of the policy?

Duration of the policy is one year i.e. 12 months, which needs to be renewed every year for continuous risk cover.

Product Product Code UIN no.
Professional Indemnity Policy for Doctors and Medical Practitioners 4021 IRDAN115RP0008V01200203
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