Doctors, Here are 4 Key Insurance Policies for You!
Published On 02 Dec 2019 By Yamini Sharma
4 Insurance Policies Ideal for Every Doctor Out There
It is said that God cannot be everywhere, so He sent doctors with excellence and selflessness.
Be it in India or any other part of the world, doctors are given massive importance. After all, they take away all our pain and worries.
Being a doctor is not an easy task. One has to compromise a lot on their time, health, family life and what not. On top of that, they always feel burdened with the pressure of doing the best of their abilities to resolve people’s mental and physical health issues, without letting the stressful condition occur again. However, there’s more to it.
A doctor also has to keep themselves prepared for multiple external risks that are associated with commercial units. Not to forget, doctors have to deal with accountability issues that patients in most parts of the country have started raising. In other words, patients are becoming less respectful and demanding more accountability, thereby increasing the level of problems and risks for the doctors.
Here are a few insurance policies that every doctor should have on their part to deal with the risks:
Professional Indemnity Insurance
Fighting legal cases is one of the biggest concerns for the doctors. We all are aware of the fact that medical outcomes for individual cases are not that easy to predict or control. However, whenever there is a negative outcome, it is immediately linked with doctor’s negligence. Litigation and compensation demand from patients get too much for doctors to handle, especially when courts have a reputation of deciding in favor of patients. Whether the doctors lose or win, it gets important for them to hire lawyers to defend themselves in these suits.
Professional indemnity insurance plays a significant role in protecting doctors from claims of patients that are linked with negligence, omissions, or errors. This specific insurance covers defence costs incurred during the investigation period as well as expenses related to representation and compensation, if any, awarded by the court.
Personal Accident Insurance
Yet another insurance policy that’s becoming of great importance for doctors is personal accident insurance. Of immense help in protecting doctors from physical assault incidents, personal accident insurance provides superior protection from accidental injuries and disabilities. With cases of doctors being verbally as well as physically assaulted by the relatives of the patients, it is becoming extensively important for doctors to start buying personal accident insurance and protect themselves from physical assaults, resulting in injuries and disabilities.
Property Liability Insurance
Property liability insurance is an insurance type doctors should invest in so that they can safeguard the buildings that they own or their business property and inventory against physical loss or damage. Let’s take the example of a fire hazard. In such a case, there are minimal chances of expensive equipment and other assets being saved from any kind of damage. In order to cover damages to assets owned, it is important for doctors to secure themselves against risks of such types.
Public Liability Insurance
Those new to the concept of public liability insurance, learn that it is an insurance type that is specifically designed to provide protection to you against your legal liability to pay compensation for injury or damage suffered by third party, occurred because of accidents occurring in your premises and resulting from your normal business operations. Public liability insurance holds massive importance for doctors so that they can safeguard themselves from numerous litigation cases involving injuries and property damage to others, while at their premises. Therefore, if whether you are a doctor working as a contractor or running your own practice, make it a point to invest in public liability insurance to cover various risks.
The four significant insurance policies, namely professional indemnity insurance, personal accident insurance, property liability insurance, and public liability insurance, when put together, save the doctors from a series of troubles.
There are multiple medical associations that understand the importance of insurance policies like such in making their members’ practice more secure. Needless to say, professionally run hospitals invest in these products beforehand.
Having said that, if you are a doctor, whether establishing your name in the field or already famous for your superior services, make it a point to consider investing in professional indemnity insurance, personal accident insurance, property liability insurance, and public liability insurance to avoid risks from becoming a massive disaster situation for you.
This is an informative article. InsuranceDekho does not provide professional indemnity insurance, personal accident insurance, property liability insurance, and public liability insurance.
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