Professional Indemnity Insurance for Doctors
Get Comprehensive Coverage with up to 80% Savings on Premiums
- All sources of legal notices covered
- Freedom to choose a lawyer of your choice
- Medico legal lawyer fee
- Out-of-court settlement
What is Professional Indemnity Insurance for Doctors?
Professional indemnity is the financial protection plan that provides cover to doctors against professional risks such as medical negligence, errors and omissions, etc. It covers various costs like pre-litigation, legal fees, court charges, investigation costs, etc.
As a doctor, it is a very responsible job and every day you are in a high-risk environment. Even if you are the most skilled and well-trained doctor, there would still be a chance that you will face unexpected complications or errors. In this type of situation, if a patient is dissatisfied or harmed, patients or their families may file lawsuits seeking compensation. In such instances, Professional Indemnity Insurance for doctors will work like a shield and cover your defence costs and compensation amount.
Why is it necessary for doctors to have professional indemnity insurance?
According to a survey by the Indian Medical Association (IMA), a staggering 75% of doctors in India face legal action due to alleged medical negligence. This alarming statistic highlights the growing concern about medical negligence in the country, where healthcare professionals are increasingly being held liable for adverse outcomes, sometimes even in cases of unavoidable complications.
Benefits of professional indemnity insurance for doctors
- All sources of legal notices are covered
- Loss of third-party documents.
- Practice is covered anywhere in India
- Online Consultation
- Claims arising out of bodily injury or death caused by error, omission, or negligence.
- Freedom to choose a lawyer of your choice
- Breach of confidentiality
- Medico-legal lawyer fee
- Out-of-court settlement up to the sum assured
- Multiple cases are covered until the sum assured is not exhausted.
- Policy Ratio 1:1
- Covers nurses, qualified assistants, and technicians employed by the doctor
- All sources of legal notices are covered
- Loss of third-party documents.
- Practice is covered anywhere in India
- Online Consultation
- Freedom to choose a lawyer of your choice
- Claims arising out of bodily injury or death caused by error, omission, or negligence.
- Breach of confidentiality
- Medico-legal lawyer fee
- Out-of-court settlement up to the sum assured
- Multiple cases are covered until the sum assured is not exhausted.
- Policy Ratio 1:1
- Covers nurses, qualified assistants, and technicians employed by the doctor
Common Exclusions - Doctors Professional Indemnity Insurance
- Fines and penalties
- Pure financial loss
- Punitive & exemplary damages
- Intentional/criminal acts
- Electromagnetic radiation exclusion
- Human T-Cell Lymphotropic Virus type III (HTLV-III), Lymphadenopathy Associated Virus (LAV), or the mutants.
Note: Please refer to policy wordings for more detailed information.
Types of Policy Ratios - Professional Indemnity Insurance for Doctors
The policy ratio indicates the limit of your indemnity. It refers to the maximum amount that the insurance company can pay as a claim amount at one go. This limit is denoted in terms of any one accident (AOA) and any one year (AOY).
There are 4 types of policy ratios:
| Limit of Indemnity | Meaning |
| 1:1 | This means if you select a sum assured of Rs 1 Crore then you can raise the claim up to Rs 1 Crore as many times as you want to claim until your coverage gets exhausted. |
| 1:2 | But if 1:2 is selected then you are able to claim half of the sum assured means in 1 crore coverage you can claim a maximum of Rs 50 lakh at one go. |
| 1:3 | In 1:3 policy ratio, you can claim one-third of the sum assured. Example: If you have opted for 1 Crore Sum insured then you can claim 33.33 Lakh in one go. |
| 1:4 | The policy enables raising of claim up to one-fourth of the sum assured in a 1:4 ratio. Example: If you have opted for Rs. 1 Crore coverage amount then you can raise claim amount up to Rs. 25 lakh in one go. |
How to buy professional Indemnity Insurance for doctors from LiableCover?
You can buy professional indemnity cover in just a few clicks:
- Click on the 'Get Your Policy Now' button below and fill out the form
- Our team will get in touch with you soon and help you finalize the best plan for you
- Compare and buy the plan that best suits you
Market vs LiableCover
| Key Benefits | Others | LiableCover |
|---|---|---|
| Coverage for All Sources of Legal Notice | Up to Supreme Court Only | Covered All Sources |
| Medico-legal Lawyer Fees | Fees Restrictions | ✔️ |
| Out-of-court Settlement | Up to 5 Lakhs | Up to Sum Insured |
| Tele-consultation Cases | ❌ | ✔️ |
| Freedom to Choose Your Own Lawyer | ✔️ | ✔️ |
| Unauthorized Digital Transactions | ❌ | Available |
| Data Restoration Due to Cyber Attack | ❌ | Available |
| Cyber Bullying & Loss of Reputation | ❌ | Available |
| Smart Home Cover | ❌ | Available |
| Social Media_Media Liability | ❌ | Available |
How to decide on the correct coverage for my professional indemnity policy for doctors?
You need to choose the coverage according to your risk factors. For example, if you are a consultant with low risk, you can opt for lower coverage. However, if your risk is high — like being a surgeon or offering cosmetic treatments — then you should select higher coverage. A range of 2 crore to 5 crore is the best option for you.
How to choose the right doctor's professional indemnity?
You need to focus on some points before purchasing professional indemnity insurance for doctors:
- Cover of the scoop – you need to check the policy wording to determine the type of coverage provided by the insurance, such as legal notice sources, limits on lawyer fees, court fees, and coverage areas including worldwide or nationwide.
- Limits – You need to carefully check whether there are any expense and amount limits in lawyer fees, compensation amounts, settlement amounts, and claim numbers in a year.
- Policy ratios – In the market, there are 4 types of policy ratios offered: 1:1, 1:2, 1:3, 1:4. The first ‘1’ represents the coverage amount, and the second ‘:1’, ‘:2’, ‘:3’, ‘:4’ signify the limit of the claim amount that you can take in every claim.
- Exclusions – You can request the policy wording from your insurer and carefully review the exclusions. Verify if any procedures are excluded from those you are performing.
Frequently Asked Questions
FAQs
Not all professions require it, but for doctors, it is mandatory to have professional indemnity insurance in many countries. But it is still not mandatory in India.
The duration of a professional indemnity policy is one year.
A retroactive date defines the start of coverage in an insurance policy.
