Mistakes to Avoid When Purchasing Professional Indemnity Insurance for Doctors
In the fast-paced world of healthcare, protecting doctors with Professional Indemnity Insurance is paramount. However, navigating this complex coverage can lead to critical mistakes. In this article, we will discuss the mistake and how to avoid these mistakes when purchasing professional indemnity insurance for doctors.
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Mistakes to Avoid When Purchasing Professional Indemnity Insurance for Doctors
Sufficient Coverage
The doctor's professional indemnity insurance offers different kinds of coverage to the policyholder. However, it is the human tendency to opt for coverage that costs less premium. Such practice might prove disastrous.
Professional Indemnity Premium Calculator
This coverage is only for following professionals:
In order to save some amount on the premium, the doctor may opt for coverage that would not be enough. In such a case, the insurance company cannot be held liable for the negligence which has been made outside the purview of coverage.
It is the right initiative to buy professional indemnity insurance. However, it is important to purchase the right insurance plan that provides enough coverage.
Deductible Limit
A deductible is an amount that is expected to be paid to the insured before the insurer pays the remaining portion. For example, if a doctor purchases insurance for the coverage of INR 10,00,000 and chooses 40% as the deductible, then at the time of claim, the insured shall be obliged to pay the 40% i.e, INR 4,00,000 and then claim the rest amount from the insurance company.
The policyholder must learn about the deductible and choose it wisely. Due to a lack of knowledge about deductibles, the policyholder may be liable to pay a substantial amount of the claim. Therefore, knowledge of such terms is important in order to avoid these mistakes when purchasing professional indemnity insurance for doctors.
Claim Settlement Ratio
The doctors while purchasing the indemnity policy should inquire about the settlement ratio of the insurance company. The policyholder should pay attention to the claims that the insurance company has settled. The more settled claims, the higher the chance that claim for the policyholder shall be settled by the company.
Conclusion
Professional indemnity for doctors is offered by several insurance companies. However, such insurance policies are tricky. It might be complex for an individual purchasing this policy for the first time. Therefore, the policyholder should completely understand the terms and cover of the professional indemnity for doctors to avoid mistakes.
Written By: PolicyBazaar - Updated: 17 November 2023
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3.5 April 12, 2023
Bhavesh
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Howrah
3.8 March 31, 2023
Bhuvan
Online Purchasing
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Madurai
4.3 March 13, 2023
Atif
Impressive Features
I had an excellent experience while buying Personal Indemnity Insurance. It was quick and easy to get a quote online and the premiums were quite affordable. The policy covers all the essential aspects, and the customer service team was responsive and supportive. I feel much more confident in my work knowing that I have this coverage
Agra
3.8 March 01, 2023
Tejas
Helped To Secure Confidential Data Of Company
As a Owner I had a high risk of loss of confidential data. Then my colleague suggested me go for PI Insurance at PolicyBazaar. So I visited their website and contacted the team. They answered all my queries, and when I got satisfied with the plan, I made a purchase. Thanks, PolicyBazaar.
Nashik
4.3 February 17, 2023
Ankita
Covers Legal Expenses
There was a party that made a claim against us for professional negligence by one of our employees. Thanks to PolicyBazaar which helped me protect our financial position and helped us during the claim process that covered our Legal expenses and Settlement cost. Highly Recommend this.
Allahabad
4.3 February 05, 2023
Monika
Covers The Risks
I bought Professional Indemnity Insurance from PolicyBazaar, as I was looking for insurance that could mitigate my risk associated with several professional services. Thanks to PolicyBazaar. It was worth buying. Highly Recommend it.
Jamshedpur
4.3 January 24, 2023
Riya
Helps Me To Focus On My Work
I was always concerned about my organization in order to safeguard against potential liabilities and unforeseen circumstances that could arise from professional negligence. So I bought PI Insurance at Policybazaar and found it good as it helped me to focus on my work without worrying about financial repercussions. So thanks to PolicyBazaar.
Vadodara
3.8 January 08, 2023
Shreya
Amazing Deals
I bought Professional Indemnity Insurance from the PolicyBazaar website and found it suitable for my business. I run a small company. I got terrific Deals at PolicyBazaar. It was an excellent Purchase. Thankyou PolicyBazaar.
Ludhiana
4.3 December 14, 2022
Doctor Vishal
Covers Professional Negligence
As a Doctor, I was searching for Professional Indemnity Insurance that could provide me coverage against claims for Negligence in my services. Then I visit PolicyBazaar Website. There I came across several benefits. So I made the purchase there. Thanks, PolicyBazaar.
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