SAFEGUARDING THE HEALING HANDS: Professional Indemnity for Dentists in India

[Policy Era]

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

(Click here to get protected from all the risks https://www.policyera.com/products/professional-indemnity-insurance/)

How much Professional Indemnity do we 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?
The type of policy is the criteria that decides the duration of the professional indemnity for doctors.
• Retroactive Coverage: This policy offers retroactive coverage, ensuring protection for incidents before the policy start date.
• Claims-Made Policy: This policy covers claims made during the policy period, regardless of when the alleged incident occurred. Continuous renewal is essential to maintain coverage.
• Occurrence-Based Policy: This policy covers incidents that occurred during the policy period, even if the claim is made after the policy has expired.
The duration of the professional indemnity for doctors varies. The policy team always helps the doctors carefully review and understand the duration and limitations of coverage.

Is Professional Liability the Same as Professional Indemnity?

Although the terms ‘Professional Liability’ and ‘Professional Indemnity’ have often been exchanged without being noticed, they have a subtle difference:

·      Professional Liability:

This term is used for any legal responsibility that arises due to the professional services, together with indemnity claims.

·      Professional Indemnity:

This term denotes specific insurance, which is designed to protect against claims of breach of duty, negligence, or malpractice.

In addition, professional indemnity is a subset of professional liability insurance, constituted for specific professions like law and medicine.

How to Calculate Professional Indemnity Insurance

Professional indemnity insurance for doctors in India can be calculated following several steps. Insurance premiums depend upon many factors, such as income, risk, specialty, and coverage need.

·      Risk

Identifying the risk involved with the specialty is very important. As the high-risk specialty is directly proportional to the higher coverage limits.

·      Income

The annual income should be used as a baseline, the coverage amount of 2-3 times your income is a general guideline.

·      Coverage need

It is always suggested to distinguish between individual or group coverage, understanding what is covered such as legal cost, compensation claims, etc, and excluded is also important.

If a dentist requires coverage of ₹1 crore:

o   Base premium: ₹50,000 (at a 0.5% rate)

o   Riders (eg, legal expense rider): ₹5,000

o   GST (18%): ₹9,900

o   Total Annual Premium: ₹64,900

Consulting an insurance advisor can help you calculate your professional insurance.

Now that you are aware of the insurance the question might arise that “Why is Professional Indemnity Cover Crucial?” Let us overlook.

Why is Professional Indemnity Cover Crucial?

·      Legal Protection: This helps to shield yourself from the financial burden of malpractice lawsuits.

·      Patient Trust: The insurance reflects your professional standards and sense of accountability.

·      Career Longevity: This insurance safeguards your practice and reputation, ensuring the smooth continuity in your professional career.

Professional Indemnity for Dentists: A Necessity

The litigation environment has increased in the present scenario which has increased the necessity of professional indemnity for dentists. The insurance reflects the professional standards of a doctor and makes it clear how much the doctor has a sense of accountability for the actions. By being the one taking this insurance, the dentists have peace of mind, allowing them to focus on the patient’s care.

Why Choose Policy Era?

Policy Era has always been a trusted partner in safeguarding doctors. Let us see why Policy Era is the best choice:

·      Consultation

Policy Era provides you with the best consultation which simplifies the policies with transparent terms.

·      Comparison

Policy Era gives you all the comparisons so that it can be easy for you to look forward to what is best for you.

·      Coverage

Policy Era has comprehensive plans constituted to meet the unique needs of our clients.

Secure your career and professional standards with Policy Era today so that you can focus on your tomorrow.

        

Mr. Milind Chilhate
Head - Customer Experience
Contact: +91 70450 21897
E-mail: milind.chilhate@policyera.com
Website: www.policyera.com

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