According to a recent report presented by IBEF, the healthcare industry in India is expected to grow beyond Rs.8 lakh crore up in the years to come, from Rs.4 lakh crore in the financial year 2017.
The huge demand for medical assistance in the country has led to such substantial investment opportunities in healthcare.
Nonetheless, potential risks following investment are inevitable that every professional or investor may fear. For such cases, availing a professional liability insurance policy beforehand will be beneficial.
Because of this reason, gross direct premium income about health insurance grew 18.2% year on year to Rs.24,864 crore as of September 2019.
With professionals constantly being challenged in their arena to cure patients against the chronic disease, it is no news if a mishap or human error takes place during the treatment.
Such incidents may result in scenarios of a financial setback for professionals as they are often charged with legal accusations and may have to pay a hefty sum to the patient or their bereaved family.
To acquire financial coverage against such unforeseen incidents, errors & omissions insurance policy is beneficial for professionals. Apart from financial assistance, such policies help professionals in multiple other ways.
Benefits Of Professional Liability Insurance Policy
Prepares For Unpredictable RisksDoctors practising their medical pursuits may have to face below-mentioned risks if they don’t have a professional indemnity insurance policy in place.
- Negligence in treatment,
- Incorrect dosage of medicine,
- Surgery related errors,
- Recommending the wrong course of treatment, etc.
Whatsoever be the reason, the chances of facing legal proceedings are higher and may end up against a professional as they would need to pay hefty compensation to clients. With such insurance, doctors will be prepared should they meet any unforeseen risks.
Keeps Assets Safe
There can be instances wherein the client files a legal case for severe charges against the medical professional. In such cases, the compensation to be paid could be so high that it can make them sell or mortgage their assets, which can be prevented with an errors & omissions policy.
Doesn’t Let Professionals Stop Practising
Since legal suits can cost a fortune, individuals may end up paying for it from their business capital, which will eventually make it difficult for them to continue practising. However, acquiring professional liability insurance will make sure their medical practice remains operational without hindrance.
Provide Monetary Assistance For Legal Costs
Cases involving legal proceedings will need to be looked after well for increased chances of winning in the court trial. Hence, the cost of hiring a reputed lawyer and meeting other legal costs will be easier for professionals that use such insurance.
Moreover, not every medical professional utilise their savings in starting up a medical unit. In most cases, business professionals prefer arranging investment funds by availing a business loan for doctors from reputed financial institutions for the business setup and operations. These provide them with necessary finding and are easy to avail.
Non-banking financial companies like Bajaj Finserv makes the loan application procedure simpler by facilitating existing customers with pre-approved offers.
Even though capital investment is easy to avail by professionals, they need to repay the loan amount within time to maintain a healthy credit profile. And, having to face any such unforeseen incidents can put a borrower in a financially unstable position that can affect their loan repayment capability.
Having an insurance policy will help physicians cope up the unforeseen financial losses with ease. Subsequently, knowing what professional indemnity insurance is and why should doctor’s care help them acquire necessary assistance should they need it. With such insurance policy in place, doctors will be able to evade the investment risks and protect themselves from the financial perils.
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