Things to know before buying a professional indemnity insurance policy for doctors

Things to know before buying a professional indemnity insurance policy for doctors

Professional indemnity insurance policy protects medical professionals against liabilities arising from service and advice. Although this insurance policy isn’t a legal mandate, yet its wide-spread coverage has gained acceptance and popularity in the Indian healthcare industry.

What does this insurance policy cover?

Unsatisfied with a service or any unforeseen medical mishap can lead to patients filing lawsuits against the medical professionals. An indemnity insurance policy can legally and financially cover the medical professionals from –

  1. Misplaced data: Suppose you own a clinic where an employee mistakenly misplaced essential paperwork or documents of the clients. With a professional indemnity insurance plan, you can get coverage from legal tussles in case the patient files a lawsuit.
  2. Intellectual property: In case where one mistakenly infringed copyright or trademark owned by an individual or businesses.
  3. Offence: Instances where an individual used or produced a material that offended the business proceedings of an organisation.
  4. Deceit: If an employee of your clinic has been charged with theft and forgery.

Besides this, not all professional indemnity insurance policies cover every unforeseen scenario. Hence, conduct a detailed study before buying a doctor’s indemnity insurance to check which plan offers the maximum coverage.

Here are some pointers to help you choose the most suitable option –

1. Assess your budget

An indemnity policy comes with much higher premiums than your regular insurance plans. As this insurance scheme provides a more wide-spread coverage, hence look for the most cost-effective plan that offers a decent value for money.

Furthermore, medical professionals have limited scope to plan their finances in case of such situations, considering their demanding job profiles. Litigations can require a sudden lump sum of funds or even a large pool funds if the case lingers at court. Such short-term or long-term financial assistance can be met with customised credits for medical professionals such as Loans for Doctors from lenders like Bajaj Finserv. They offer these advances against easy to meet eligibility criteria and minimum documentation requirements.

They also bring you pre-approved offers that make procuring loans quick and hassle-free. These pre-approved offers are applicable on unsecured credits like personal loans, business loans and secured advances such as home loans among numerous other financial products. You can check out your pre-approved offer by sharing a few necessary details like your name and contact number.

Moreover, you could also avail such credit to invest in modern technology like mHealth. It bridges the gap between patients residing in the remote corners of the country with professional medical practitioners by fostering treatment online.

The substantial loan amount can also be utilised to invest in the latest medical use of nanotechnology in India. This not only broadens the spectrum of healthcare in the country but also proves more useful than traditional medical practices.

2. Choose the right insurance plan

With numerous insurance policies available in the market, indemnity insurance must be considered as a value product rather than an intangible cost. There are many protection covers for one to choose from – so choosing the best professional indemnity insurance policy for doctors is critical.

Opt for a comprehensive indemnity policy that has developed over the past years to provide high-value coverage. Also, check the possible rate of incidents that might occur along with legal contracts and requirement, read the fine print.

All in all, you need to choose professional indemnity insurance that is not just suitable for its particulars but also offers hassle-free coverage as well.