Factors to Consider While Selecting DPI Insurance

A doctor's professional indemnity insurance offers financial coverage in case of medical negligence on part of the doctor. For example, a doctor may make a mistake while performing his duty. Hence, in order to safeguard his financial position arising from legal costs due to negligence, he might need DPI insurance. The claim for such insurance can help cover the financial and reputational costs for a doctor. Therefore, the policyholder must give reasonable consideration before buying DPI insurance.

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Let Us Discuss the Following Aspects Before Buying DPI Insurance.

  1. Coverage Recommendation

    The basic coverage for DPI insurance offered by insurance providers is generally similar. However, some insurers may provide some value-added benefits to enhance insurance coverage. So, while selecting the doctor’s professional indemnity insurance, a policyholder must choose the company offering more features and coverage benefits. For instance, in some cases, the insurer may provide legal support and also appoint lawyers in case of certain claims.

  2. Price or Premium of the Policy

    It is always recommended to weigh the price and benefits before buying an insurance policy. The low premium may typically cover fewer benefits and vice versa. Many insurers may offer additional benefits or features for a higher premium. So, while selecting DPI insurance, one should opt for maximum coverage offered at a lower cost.

  3. Documentation for DPI Insurance

    One should buy doctor professional indemnity insurance from a renowned insurer. For example, while buying DPI insurance, the insurance document has a list of terms and conditions attached. The document must state the speciality (for doctors) a policyholder holds and performs, the inclusion and exclusions of the policy, premium rates etc. If the DPI insurance is being purchased by a doctor for his team, the number of staff must be mentioned in the document. Typically, an insurance company will ask the policyholder about the workplace and the total number of staff he manages.

  4. Experience of the Insurer with the Settlement of DPI Insurance's Claim

    Before buying a doctor’s professional indemnity insurance, the policyholder must check the insurance claim record of the insurer. In addition, it is equally important to check the process of settlement the insurer follows to provide the coverage in the least possible time. A policyholder should also enquire about the situations and circumstances the insurance company has handled in order to settle a similar claim. This will help the insured to understand the efficiency and expertise of the insurance provider.

  5. Can a Hospital Get Indemnified under DPI Insurance?

    It must be noted that if a doctor (policyholder) has purchased DPI insurance, the policyholder cannot impose liability on the insurer to provide coverage if a lawsuit has been filed against the hospital. On 18th Dec 2022, Justice DY Chandrachud passed an order and held that due to the negligence of a doctor, he could not impose joint and several liabilities on the insurer to indemnify the hospital. DPI is exclusively meant for a doctor who is insured under the policy.

Conclusion

DPI insurance is the most crucial policy a doctor should buy. In the medical profession, negligence and mistakes can occur while performing duties. Hence, one must purchase a doctor's professional indemnity insurance to avoid the repercussion he may face.

Written By: PolicyBazaar - Updated: 04 January 2023