What is Indemnity Insurance

Owing to social media platforms and increased awareness, it has now become easier for people to file complaints against doctors and seek redressal. While this is a positive development on the whole, it has also led to an increase in cases where doctors are wrongfully accused.Besides, in a situation where you’re charged with improper consultation or advice, tackling the legal liability can be both financially and mentally challenging.

Moreover, as of 2019, a board of six senior medical officers who investigated 102 cases of medical negligence from a total of 112 found only 15%, that is 16 cases, to be genuine. So, to ensure that you remain protected against such allegations, it is advisable to opt for indemnity insurance. But before you choose a policy for yourself, understand what is indemnity insurance and what it covers.

What is professional indemnity insurance?

A professional indemnity insurance or an indemnity cover is basically an insurance policy that is offered to doctors. It safeguards you in the event that a recipient of your services files a lawsuit against you owing to perceived malpractice, misdiagnosis, negligence, injury or death.

For instance, Professional Indemnity Insurance for Doctors offered by Bajaj Finserv provides coverage for misdiagnosis, prescribing incorrect medicine dosage, surgery-related procedures, incorrect treatment and even libel and slander. You can purchase this policy at a premium of Rs.9,440 or at Rs.12,980 and get coverage of up to Rs.50 lakh and Rs.1 crore respectively.

Inclusions and benefits of Professional Indemnity Insurance for Doctors

  • The policy offers coverage against third-party damages, loss of documents, defence costs, breach of confidentiality, libel and slander and any other claims arising out of professional services.
  • You can enjoy quick settlement too. The claim amount is confirmed within 30 days of receiving all the necessary documents and details.
  • You can enjoy the services of a dedicated customer support team. Simply get in touch with your relationship manager through an email or a phone call for quick claim settlement.

Exclusions of Professional Indemnity Insurance for Doctors

The policy does not cover any loss or damage due medical treatment prescribed for weight loss, genetic damages, plastic surgery or conditions associated with diseases like AIDS. Additionally, criminal acts or associated fines and penalties aren’t covered, nor are deliberate acts of negligence and intentional non-compliance.

Likewise, losses due to fraudulent claims, acts of terrorism, war or invasion, bankruptcy, and unfair competition aren’t included. Before you apply for this policy, be sure to view the entire list of inclusions and exclusions.

Making a claim when you opt for Bajaj Finserv’s Professional Indemnity Insurance for Doctors

There are 3 simple steps that you must follow to make a claim. They are as follows:
  • Provide a written notice to the customer experience team mentioning all the available details. You can contact the team via the toll-free number 1800 209 5858, by sending an email on bagichelp@bajajallianz.co.in or mailing the claim details to Bajaj Allianz General Insurance Co. Ltd. - Bajaj Allianz House, Airport Road, Yerwada Pune- 411006
  • Submit the duly filled claim form along with the incidence report and other supporting documents. The list of documents will be provided by the customer experience team upon reviewing the nature of the claim.
  • The settlement amount will be confirmed within 30 days from the date of verifying all your details and receiving all the required documents.
It is extremely beneficial to opt for Professional Indemnity Insurance for Doctors from Bajaj Finserv as it offers comprehensive protection to you at a nominal cost. Once you check your eligibility for this policy, simply fill an online form to get the application process started.