What are the benefits of professional indemnity insurance?
Dr KK Aggarwal & Advocate Ira Gupta, 25 September 2020
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Benefits of professional indemnity insurance are as follows:
- It is beneficial not only to the doctors or hospital but also to the patients and their dependents because the insurance company takes care of the compensation.
- Retroactive Benefit: This means that the insured will be covered for any professional act or omission occurring during the period of insurance.
- It would take care of the amount of damages against third party.
- The scheme will also compensate on the principle of “no fault liability to give some relief in the case of death or permanent disablement of the patient.
- The company will also pay the defence costs, which have a direct relevance to the claim.
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