All About Professional Indemnity – Part 1

Being a doctor in India is like being Mt. Everest in the Himalayas, a peak kissing the sky. Yet with heights come the challenges of thin air and dense forest covered with ice blankets. Doctors indeed being the Mt. Everest need shields to protect them from the damage. The shield here is Professional Indemnity. The professional indemnity definition is nothing complex but liability insurance, it protects the professionals and businesses from different types of risks. Due to the risk, the professional party might have to compensate the client when they are entitled to it. Nevertheless, the question might hit “When is professional indemnity required?” there can be different types of factors against which professional indemnity is required, such as:

• Financial Risks  | •Legal Risks  | •Professional Risks
•Reputation Risks |  •Unforeseen Risks |  •False Allegation

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How much Professional Indemnity do you need?
Now that you have the shield to safeguard you from all the risks, the question arises: How big of a shield should I have? The very basic question is, “How much professional indemnity do we need?”
The amount of professional indemnity insurance that a doctor should have depends on several factors,
• Type of Medical practice
• Number of patients
• Types of procedures performed

What Does the Professional Indemnity Cover?
A legal liability is like an iron trap, a single step in it might lose one’s legs. However, professional indemnity can safeguard you from the iron trap of legal liability. Any damages that a client faces due to the negligence, omission, or error of the doctor or any staff in the direct direction of the doctor, might lead to legal liability and compensation. Other than this a doctor might also face false allegations by a client which will hamper the doctor’s reputation which takes years of hard work.
This also includes:
• Bodily injury or Death: A doctor might face heavy compensation, which will be covered.
• Legal Fees: Defending a case comes with heavy fees, which have to be paid to the lawyer.
• Other Costs: Legal costs such as official document drafting, or investigating processes.

How Long Does Professional Indemnity Last?

——————————–Continued in Part 2 of Blog———————————————

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Dr. Veerendra Darakh