India houses one of the largest pool of self-employed professionals, with over 51% (according to research conducted in 2013) of the total number of the workforce working at self-employment basis.
These primarily consist of
people hailing from several industries, including engineers, chartered
accountants, and doctors, who mostly continue this as casual work.
individuals often face several career-related risks, for example, doctors,
often face cases of medical negligence filed by the patient’s family.
Studies conducted by the
Indian Medical Association also shows that over 75% of the doctors in India
face some form of violence at work.
Such issues often incur
because of the lack of understanding of various technical details related to a
case, a patient’s expectation not being met, as well as because of cases of
error due to the negligence of other workers.
Cases of unwilling or
intended negligence can cause severe financial distress. Not only the accused
have attended court, but he or she might also have to pay a lump sum
compensation to the patient, which can further increase the monetary burden.
It is the primary reason
why plans like indemnity insurance for doctors have become popular in
Indemnity plans are
tailor-made insurance policies that financially protects an insured individual
against risks incurred in the professional sector. It covers against any
third-party financial loss, injury or bodily harm, and even death.
Indemnity insurance for
doctors is a must-have policy, especially because of the increasing number of
medical lawsuits across India.
A 2016 study shows that
there has been almost 400% increase in the number of cases filed in consumer
court, out of which only 10% to 15% are genuine.
Despite that fact, a
lawsuit can cause loss of income, and incur several other costs most patient
parties expect substantial monetary compensation against the lawsuit. Indemnity
insurance policies cover against such unforeseen financial expenses.
Most insurance aggregators
offer high coverage, which can go up to Rs.1 crore, with such plans.
Prospective customers can
also determine a coverage sum according to their budget, the size of their
practice, the identifiable risks associated with their profession.
Let’s take a look at some
of the most common liabilities covered under indemnity insurance for doctors.
Any legal liability
associated with defending oneself in the court of law is covered under this
policy. This include costs incurred for hiring a lawyer along with other
The insured individual is
protected against any expense incurred while paying for third party damage.
This can include compensation paid against bodily injury or harm.
witnessed because of the breach of confidential information is usually
considered under such policies.
These can include medical
records and any such private documents. Such plans also financially cover
against any loss sustained if such valuable documents are lost.
Other than that, indemnity
insurance policies include claims for loss arising for professional services
and incidents which takes place inside the pre-defined coverage area.
policies usually offer quick redressal of claims, ensuring steady financial
support at times of need.
A customer only has to
follow through simple steps like claim intimation, document submission before
settling with the claim amount.
Moreover, most insurance
aggregators place dedicated customer support teams, which further addresses the
claim process and ensures minimum financial liability.
Recovering from such a financial setback
policies are designed to cushion most financial setback, and the easy
availability of credits like a loan for doctors is likely to bridge any
monetary shortcoming that an individual might face.
These types of
professional loans are made keeping the unique need of such professionals in
One can select from a suite of four different types of credits viz.
business loan, personal loan, loan against property, and home loan for doctors.
Almost every reputed financial institution, including NBFCs like Bajaj
Finserv, offer such credits to eligible applicants.
Indemnity insurance has
become a mainstay for professionals, especially ones whose work involves
several different types of risks.
The extensive coverage makes these policies ideal for any unforeseen expenses one might face during their career.
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