If you're a doctor practising in India, having a solid professional indemnity insurance for doctors is a must. Medical practice involves risk, and even with the best care, legal claims can arise. That's where indemnity insurance steps in. It helps protect you from the financial impact of legal actions and settlements due to negligence or errors. But before you buy one, it is important to ask the right questions.

Questions you should ask about indemnity insurance

Here are some key questions you should ask your insurance company before purchasing an indemnity policy and their answers:

• What exactly does the policy cover? Understand if your professional indemnity policy for doctors includes coverage for legal costs, settlements and out-of-court expenses. Some policies might exclude specific procedures or types of claims.
• Are there any exclusions or conditions? Always ask what’s not covered. For example, does it cover cosmetic procedures or overseas treatment? Some policies have exclusions based on specialisations.
• What is the claim process like? Knowing the steps involved can make your life easier when you need to file a claim. Ask about documentation, timelines and if they offer legal support.
• How much coverage do I need? Coverage depends on your specialisation and the risk involved. Higher-risk specialisations, like surgery, may need a higher cover amount.
• Is the policy occurrence-based or claims-made? This can impact your coverage. Claims-made insurance policies only cover claims made during the policy term, whereas occurrence-based policies cover incidents that happened while the policy was active, even if the claim is filed later.
• Is retroactive cover included? If you’ve had an indemnity policy before, retroactive cover ensures you’re protected for past treatments.
• Are there additional benefits? Some policies may offer value-added services like risk management support, legal consultation, or renewal discounts.
• What is the premium and how often does it change? Understand the premium payment structure and factors that might increase it.

Conclusion

Choosing the right indemnity insurance for doctors isn’t just about picking the cheapest plan. It is about understanding what you’re getting and how it protects your practice. Always review your options, clarify doubts and get your queries answered before you buy a professional indemnity insurance policy. After all, it is not just about the money, it is about your reputation and peace of mind.

Disclaimer: The information provided in this blog is for educational and informational purposes only. It is advised to verify the currency and relevance of the data and information before taking any major steps. Please read the sales brochure / policy wordings carefully for detailed information about on risk factors, terms, conditions and exclusions. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.