Indemnity Insurance - Professional Indemnity Insurance for Doctors (2024)

Professional indemnity insurance for doctors is a type of liability insurance that covers doctors against legal claims arising from their professional services. It protects doctors from the costs of defending themselves in court, paying compensation to patients, or settling out of court. It also covers errors, omissions, negligence, malpractice, breach of confidentiality, and loss of documents related to their practice.

Features and benefits of Professional Indemnity Insurance Policy

• Customisable amount: Getcoverage up to Rs. 1 crore with indemnity insurance for doctors based on the size of your practice, identifiable risks, etc.
• Best-in-market premiums:Keep your policy affordable with premiums starting at Rs. 9,440 for Rs. 50 lakh coverage.

What is covered under an Indemnity Insurance Policy for Doctors?

An Indemnity Insurance Policy for Doctors covers the legal liability of medical professionals arising from errors, omissions, or negligence in their services. It also covers the defense costs, compensation to patients, breach of confidentiality, and loss of documents related to their practice.

• Exhaustive coverage
  Stay financially protected against a wide range of professional risks and legal liabilities

1. Defence costs
2. Third-party damages
3. Breach of confidentiality
4. Libel and slander
5. Loss of documents
6. Claims arising out of professional services
7. Damages for loss arising out of a professional incident that takes place in the coverage territory during the policy period

• Dedicated claims team
  Get in touch with your relationship manager via call or mail anytime you need to claim insurance.

• Speedy claims redressal
  Have the settlement amount confirmed within 30 days of receipt of the details/ documents as per policy terms and conditions.

• Easy claims process
  Get your claim in 3 easy steps: Claim intimation, document submission, and claim settlement.

Professional indemnity insurance (PI insurance) for doctors does not cover the following:

• Medical treatment given for weight loss, plastic surgery, genetic damage, and conditions associated with AIDS
• Criminal acts, penalties, fines, punitive, and exemplary damages
• Intentional non-compliance, wilful neglect, deliberate act
• Loss of goodwill
• Medical practice done under the influence of alcohol or narcotics
• Losses arising due to an act of war/ terrorism/ invasion
• Losses arising due to fraudulent claims or contractual liability
• Claims based upon/ or losses/ liability arising due to any actual or alleged unfair competition
• Losses arising due to insolvency or bankruptcy

• Only individual doctors canapply.
• Applicant to have nil claims in the past.

1. Immediate claim intimation
   Give the customer experience team an immediate written notice with all the available details through the liability insuranceclaims form.
2. Document submission
   Submit documents relating to the claim viz., claim form, incidence report, documents/ details concerning the reported claim, etc., considering the nature of the reported claim.

   Our claims team will advise on the exact list of requirements based upon the nature of the claim intimated.
   
   Note: The above list of requirements is indicative, and the exact list can be confirmed after knowing the cause and incidence of loss.

3. Claim settlement
   Once your claim is assessed and scrutinised, the settlement amount will be confirmed within 30 days of receipt of all the details/ documents as per policy terms and conditions.

Contact the customer experience team through:

• Toll-free number: 1800-209-5858
• Email:bagichelp@bajajallianz.co.in
• Customer service website
• Mailing address: Bajaj Allianz General Insurance Co. Ltd. - Bajaj Allianz House, Airport Road, Yerwada Pune- 411006

As a medical practitioner, if you face allegations of malpractice, negligence, misdiagnosis, incorrect treatment, etc., a pi insurance policy will provide coverage to protect your finances.The purpose of professional indemnity insurance is to safeguard doctors from professional risks such as legal defence costs, claims for compensation, injury, damage borne by a third party, or breach of confidentiality, amongst others.

When patients’ expectations of compensation are significant, and the costs associated with litigation are high, professional indemnity insurance protects your finances as a doctor. By investing in this policy, you canensure that your finances are protected and carry on your business smoothly without suffering from cash flow constraints.

As a rough estimate, you can assume 0.2% to 1% of the sum insured to be the premium amount you will have to pay. With Bajaj Finance, you can get professional indemnity insurance of up to Rs. 1 crore with affordable premiums starting as low as Rs. 9,440.

However, to arrive at a figure, the insurer will consider factors such as the sum insured, the revenue of the medical practitioner or establishment, the professional record of the prospective policyholder, and the speciality of the medical professional. For instance, as compared to a general physician, specialists such as cardiologists or gynaecologists are more likely to encounter greater risks at a higher frequency. This impacts the premium charged.

The size of the establishment, equipment, skill levels of the support staff such as nurses, limits of the indemnity selected, and the ratio of the limitations are also considered to determine the premium.

Lastly, ifyou are renewing your policy, remember that the number of claims you have made in the past will have a bearing on the premium. The number of claims and the claim amounts help insurers determine what is to be expected and adjust the premium accordingly.