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Professional Indemnity Insurance for Medical Practitioners

Table of Content

What is Professional Indemnity Insurance for Medical Practitioners?

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. Medical Indemnity Insurance for doctors is specifically designed to provide coverage against accountabilities arising out of any omission or error committed while offering services to their respective clients. This policy is eligible for a medical practitioner such as a surgeon, physician, pathologist, cardiologist, etc.

Why is Professional Indemnity Insurance for Medical Practitioners Necessary?

Protection against legal risks

You may be a newly graduated professional or an experienced medical specialist or surgeon. It may not be an error but you may still be alleged. However competent and honest you and your business are, you can never tell when you will be unlucky. This policy will keep you and your business protected against huge legal expenses in case someone makes a claim against you.

Peace of Mind

This policy is specially designed for the risks faced by medical practitioners when it comes to their services. It will help you run your practice smoothly, as you won’t need to worry about expensive lawsuits.

Features of Professional Indemnity Insurance for Medical Practitioners

Professional Negligence

This policy provides indemnity against claims arising out of bodily injury / death or legal suits of any patient caused by or alleged to have been caused by error, omission or negligence in professional service by Doctors and Medical Practitioners.

Forensic Costs

It will cover all costs, fees and expenses (defence costs) incurred during the investigation.

Legal costs and expenses

This policy protects you against any legal liability for things like payment of defence costs, and legal fees and settlement compensation if a patient files a case against you.

Why buy Professional Indemnity Insurance for Medical Practitioners from Raghnall?

One Point of Contact

No need to coordinate with multiple points of contact and third parties. With Raghnall, you only need to stay in touch with us and no one else.

Product Expertise

At Raghnall, we have specialized underwriters and product experts who take time to understand your business and offer the coverages suitable to your needs.

Best Deals

As a fully independent broker we customize coverage catering to your needs and provide the best price for most comprehensive coverage.

Who should buy Professional Indemnity Insurance for Medical Practitioners?

Medical Practitioners

This policy is specially built for medical practitioners who are: a medical graduate working as a resident doctor, a practising medical professional, a specialist in a specialised field, working with a hospital or have their own practices.

Factors to be considered before purchasing Professional Indemnity Insurance for Medical Practitioners

Pick the right Limit of Liability

Make sure that you pick the right sum insured for your policy. Choose a policy that allows you to customize your sum insured based on the nature of your business and the risks you face.

Complete Coverage

Make sure that you look for the professional indemnity insurance policy that gives you maximum coverage for all the risks to your business and all its activities.

Claims Process

Claims are one of the most important parts of insurance, so look for a company that has easy to make claims and also a simple settlement process, as it can save you and your business a lot of hassle.

Frequently Asked Questions

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.

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.

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

AOA:AOY defines maximum limit of one single claim in a policy. A 1:1 ratio means that you are eligible to claim the entire policy limit in a single claim as well. As a result, AOA:AOY ratio as 1:1 will have a slightly higher premium than that for an AOA:AOY of 1:2.

Some of the major exclusions under this policy are: Criminal acts Acts committed under Influence of intoxicants / narcotics Weight reduction treatments Plastic surgery HIV Aids Noncompliance with statutory provisions Radioactivity Cosmetic plastic surgery, hair transplants, punch grafts, flap rotations etc.

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

​The premium will be calculated based on the below factors: - • Risk group of doctors • Limit of indemnity selected • Ratio of indemnity limit • Medical qualification/specialization

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.