The number of cases where doctors are being accused of medical negligence is sharply increasing with time in India. Due to this, doctors are beginning to face financial liabilities during the course of their practice. Such cases might arise due to medical negligence or misunderstandings. If you are in the medical profession, you may be aware of the risks of lawsuits arising out of medical errors.

As a doctor, you would never want to harm a patient deliberately, but to always save his or her life. However, you are human and are bound to commit mistakes. If a patient suffers an injury or dies while you are treating him, things may turn ugly and you will be held liable for the failure and loss. In the worst case, their family may file a court case against you for medical negligence.

The legal fees involved will definitely create a financial burden.  Further, the related costs impact your finances and have the potential to wipe out your savings. Hence it is good for you to invest in professional liability insurance meant for doctors, to be on the safe side.

A doctor’s liability insurance policy will cover you against financial liabilities or losses arising from acts of negligence, omission, or errors. These liabilities could be in the form of compensation for injury caused or the death of a patient. The policy also covers the cost of investigations, the charges of appointing a lawyer, or other legal fees; hence, providing all-round financial protection to you.

What Does Professional Liability Insurance Cover?

• Financial damages for the losses caused to a patient as a result of unintentional neglect
• Unintentional errors and omissions by the doctors or his staff members
• Legal defence costs arising out of legal claims

Hospitals, individual physicians, and even nursing or other non-technical staff can get covered under doctor’s liability insurance to avoid any financial setback due to medical negligence or errors.

Buying professional liability insurance comes with several advantages to prevent any hindrance in your medical practice. These advantages are as follows:

Overall expenses, be it legal or compensation-related, can be hefty and are usually difficult to anticipate. As you treat your patient medically complications beyond your expectations may arise. For instance, paying a large amount as legal fees or compensation to an injured patient can burn a hole in your pocket.

As a doctor, you want to prolong your medical practice and grow with time. To accomplish this, for instance, you may have planned to go for higher studies or training in a specialised medical field after a few years of medical practice.

A lawsuit arising out of medical negligence against you can become a hurdle to your plans. Dealing with legal proceedings might drain all your savings and block the path to the plans of success you’ve made in your life.

With an active professional liability insurance, you do not have to pay for the legal claims out of your pocket. The insurance policy will take care of it all and ensure you can develop a stable and enriching career in your medical field.

With a medical liability insurance in place, you can afford to hire a good lawyer and get the best legal support possible in case a patient sues you alleging malpractice. It increases your chances of winning the case and helps you minimize personal losses. As a result, the situation has lower chances of harming your good reputation.

Some insurers also provide you with the legal advice and support to defend yourself. In some cases, they will take on the obligation to fight the case on your behalf.

Changing complexities in the health-care industry have increased the risk of lawsuits filed by patients against medical professionals. This can have a significant impact on your practice and you should be more attentive to the potential dangers to you and your career. You can secure yourself and your medical practice by choosing the most suitable liability insurance plan. In case you find it challenging to select the right coverages or the right policy, ask for help from a reputable insurance broking firm like SecureNow.