Attention doctors! You need insurance to cover medical errors
₹30 lakh in compensation. Fortunately, the doctor had professional indemnity (PI) insurance, which provided crucial financial support during the legal dispute. "The doctor was our client.
Our legal team helped the doctor prepare all the necessary legal documents required to be submitted to the insurance company for the settlement of the claim. The doctor chose to engage his own lawyer to negotiate the claimed amount, successfully reducing it from ₹30 lakh to ₹15 lakh," says Deepankar Mahajan, chief executive, CoverYou, a Gurgaon-based insure-tech firm. In severe cases, claims can reach exorbitant amounts.
For instance, the Supreme Court awarded ₹5.96 crore, the highest ever, in compensation for Anuradha Saha, a US-based psychologist who died due to medical negligence during her visit to India. With interest, the total compensation reached ₹11 crore. While large hospitals often mandate PI insurance for their practitioners, independent doctors might overlook its importance.
Even those who purchase it may not fully grasp the policy's features. PI insurance covers financial costs for hospitals, doctors, nurses, or other medical practitioners sued for bodily injury or death caused by error, omission, or negligence. "In many jurisdictions PI Insurance is mandatory for doctors to procure and maintain their medical licence.
Not only financial protection, but this insurance also provides them peace of mind, boosting their confidence to have safer practice," says Mahajan of CoverYou. The sum insured, or limit of indemnity, is available once per policy year and depends on factors such as specialization, experience, and patient profile. Premiums are paid annually, and policies include a 'compulsory excess' clause, requiring the
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