Some insurance companies like TATA AIG, HDFC Ergo, National Insurance Co. Ltd., ICICI Lombard and New India Assurance Co. Ltd. are providing Professional Indemnity Insurance to professionals. This cover helps professional to reduce the financial damage if the damage is caused to the victim is not intentional or willful neglect.
This type of insurance is designed to help insured against any claim that may be inforced against him or his company. Mr. Pavanjit Singh Dhingra, CEO – Prudent Insurance Broker said that this type of policy ensures their and their professional survival should they have to pay the claim.
Mr. Rajeev Sinha – reporter at Economic Times said that with the introduction of progressed technologies, the work of professional, though becoming convenient is increasing their stress. This stress in turn is giving rise to the negligence, and in case of doctors, at times end up taking life of the patient either due to wrong opinion or due to wrong treatment.
However, cases of slackness is not only limited to medical profession, but is also affecting BPOs, Law firms, IT companies etc and those who provides advice and services to people who can be sued for negligence.
In today’s world it is easy to bring mismanagement into public eye due to rising consumer awareness and consumer friendly behavior of court and this type of insurance will help professional avert their downfall.
