Though cases of medical negligence are on the rise in India, over 33.39% of medical practitioners are largely unaware of the percussions of medico-legal charges.
Any medical negligence in the form of an inaccurate diagnosis, wrong treatment or medical advice has the risk of attracting litigation.
Therefore, medical professionals should make it a point to safeguard their professional interest at all costs with the help of an effective risk management undertaking.
Subsequently, they should opt for suitable professional indemnity insurance for doctors. As such policies help create financial refuge and also help to protect their reputation in the medical industry.
Nevertheless, to scout the best insurance policy, individuals need to consider a few things in advance.
The best indemnity insurance for doctors
Currently, different insurance policies in the market are extending exemplary benefits to doctors and proving useful during medico-legal cases.
However, to choose the best professional indemnity insurance for doctors, they also need to look at the additional offerings and terms for claiming them among others.
To elaborate, ideal professional indemnity insurance for doctors tends to facilitate doctors’ financial planning and comes with these features and benefits –
1. Substantial financial assistance
Depending on the size of the practice and the potential risks faced by a medical practitioner, they should opt for an insurance policy that extends sufficient financial coverage.
Since legal proceedings tend to be expensive have a substantial financial backing would prove beneficial.
Conversely, if the financial coverage falls short, medical professionals can avail a loan for doctors from leading financial institutions like Bajaj Finserv.
Doing so, they would not only be able to meet their legal obligations but would also be successful in keeping their practice running actively.
2. Affordable premium
The most competitive indemnity insurance plans for doctors come at reasonable premiums, making the entire process less cumbersome financially.
Also, the fact that the doctors’ loan interest rate charged by them is affordable further comes in handy for managing finances effectively.
3. Extensive coverage
Besides offering financial coverage to meet third-party damages, feasible professional indemnity insurance for doctors offers extensive coverage against other liabilities.
For example – it helps cover expenses related resulting from legal consultation, breach of contract, loss of documents, libel and slander among others.
4. Easy to claim
Further, medical professionals should make it a point to look for insurance policies that come with an easy claim process.
For instance, the documentation and settlement process should be quick and simple to avail swift redressal. Consequently, it will help resolve the situation quickly and would enable quick resumption of medical practice.
5. Quick settlement
Competitive professional indemnity insurance for doctors would come with a swift settlement process.
Make sure to figure out the associated terms and conditions for fulfilling the same smoothly to keep the entire process quick and uninterrupted.
To sum it up, keep all these pointers in mind while scouting for the best professional indemnity insurance cover for doctors.
Regardless, to understand better why these pointers play a significant role in the first place, make it a point to learn what is professional indemnity insurance and why should you care in detail.
Things to consider
There are several risks that doctors may have if they do not have a professional loan. Nevertheless, they need to ensure a few things while scouting the market for a suitable indemnity plan –
- Eligibility – Usually, lifestyle-oriented cosmetic surgeons are not deemed eligible for professional indemnity insurance for doctors.
- Exclusions – In general, any wilful neglect or criminal act is not covered. Make sure to learn about the others for better judgment.
- Documents for the claim – Different institutions may ask for a different set of documents. Consequently, make sure to keep all important claim-related documents in handy.
Lastly, while going through the most preferred professional indemnity insurance for doctors, make sure to check the above-discussed pointers. Doing so, you would avail of the best policy and will be prepared for any kind of occupational hazard.