Malpractice insurance: Why You Need This Type of Insurance in India?

Medical malpractice insurance covers are aimed at protecting medical practitioners from financial losses arising while rendering professional services. Being a kind of a professional indemnity insurance plan, it extends coverage against negligence claims of a patient.

Hence, it is imperative for medical practitioners to have an idea about this insurance. First and foremost, one should be aware of why one requires this insurance in the first place.

Why a doctor requires malpractice insurance in India?

In the present-day scenario, the condition of doctors has become more complex. Besides the health of patients, doctors or medical practitioners need to be concerned about multiple external risks linked with commercial units.

2 primary reasons solidifying the importance of malpractice insurance for doctors are:

  • Protection against uncertainties and litigation

In the healthcare sector, medical outcomes arising out of individual cases are difficult to predict and control. Medical negligence can take place during treatment, diagnosis or as a part of the advice offered for treating an illness.

Unfavourable outcomes turn out to be emotionally draining for patients and their families. The patient party often attributes the negative outcome to the negligence of a doctor. This leads to litigation and demands for a compensation. The lawsuit typically claims financial losses suffered because of intentional errors, neglect, and omissions during treatment. The courts often make a decision in favour of patients. This forms a major risk for doctors.

  • Protection against lawsuits

Doctors are required to hire lawyers for defending themselves in such suits, irrespective of whether they win or lose cases. This can prove to be an expensive and time-consuming affair.

A medical malpractice insurance is applicable for the case of lawsuits filed by patients against a medical practitioner. Now that the reason for acquiring this insurance is clear, one should be aware of other vital aspects related to this insurance policy.

What risks are covering in a malpractice insurance plan?

The coverage under medical malpractice insurance extends to the below-mentioned professional risks for medical practitioners:

  • Financial damages arising from third-party claims
  • Cost of defence associated with the litigation
  • Claims leading to a lawsuit against services rendered
  • Financial losses incurred because of misrepresentation, reputation damage, defamation, etc.
  • Losses sustained because of a breach of confidentiality

Individuals in the healthcare industry can claim these damages incurred within coverage territory and during the insurance policy period.

Benefits of a malpractice insurance plan

Illustrated below are some of the key benefits of a malpractice insurance plan:

  1. Affordable premiums

Medical professionals can opt for a malpractice insurance cover against a premium payment. Opting for a reputed financial institution for this insurance cover would allow an individual to enjoy a substantially affordable premium inclusive of GST.

  1. Assured high amount

A medical malpractice insurance plan is a type of professional indemnity insurance cover for medical practitioners. The sum assured for these covers is of high value for covering legal liabilities of malpractice claims.

Besides this policy, a loan for doctors is also equally important for individuals searching for how to open hospital. A loan for doctors is specially curated for helping medical practitioners in fulfilling the financial requirements and assisting them towards meeting their personal and professional goals. Hence, there are several reasons to take a business loan for doctors.

Also Read: Here’s How A Working Capital Loan Can Help To Grow Your Business

Some reputed financial institutions even extend pre-approved offers for doctors. These prove to be helpful in simplifying and accelerating a lending process. Pre-approved offers are extending on multiple financial products like business loans, credit cards, etc. Applicants can check their pre-approved offers by providing a few details, such as their name and contact number. By now, you are certainly aware of the various vital aspects of medical malpractice insurance in India. Opt for coverage for staying financially protected from a number of claims. If you go for a reputed financial institution, you can follow some hassle-free steps by submitting the required documents for a fast-tracked claim redressal. Being a medical professional, you can also consider taking a loan for doctors apart from this insurance policy.