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.

Read more
Get ₹10 Lac Cover starting at ₹873*

Get right expert advice

Hassle free policy

Speedy Claims

Spend Less Save More!! Check Our All-Speciality Rate Chart

Fast-track your search with instant quotes from top insurers

Get Customized Professional Indemnity Plans Instantly

Step 1/2

Get Customized Professional Indemnity Plans Instantly

You are -
secure-icon We don't spam
Get Updates on WhatsApp
View Plans

Get Customized Professional Indemnity Plans Instantly

Step 2/2
Fast-track your search with instant quotes from top insurers
Expert advice

Buy right

Instant policy

Quick & Hassle free

Dedicated team

Speedy Claims

Spend Less Save More!! Check Our All-Speciality Rate Chart

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:

  • Doctor/Medical Practitioner
  • General Physician
  • ₹20Lacs
  • ₹25Lacs
  • ₹30Lacs
  • ₹35Lacs
  • ₹40Lacs
  • ₹50Lacs
  • ₹75Lacs
  • ₹1Crore
  • ₹2Crore
  • ₹3Crore
Read More

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 insurance of indemnity. 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.

Explore Types of Professional Indemnity Insurance

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: 26 April 2024
Professional Indemnity Insurance Companies

Now help your friend get Business Insurance

Your referral is greatly appreciated!

Our team will reach out to your friend soon to help with their business insurance requirements.

Professional Indemnity Insurance Articles
Becoming a doctor in India is not just about prestige and earning respect. It also means taking on the important...Read more
31 Oct 2023 by Policybazaar 1957 Views
A doctor performs several risk-associated tasks. He needs to cure different kinds of diseases affecting patients...Read more
27 Apr 2023 by Policybazaar 3558 Views
Indemnity clauses are an essential component of contracts, helping to define the allocation of financial...Read more
25 Oct 2023 by Policybazaar 991 Views
Professionals such as lawyers, chartered accountants, doctors, engineers, etc. are susceptible to several kinds of...Read more
29 May 2023 by Policybazaar 2197 Views
Medical malpractice claims have been on the rise over the years. Several doctors have been sued on the grounds of...Read more
19 Apr 2023 by Policybazaar 980 Views
Choosing the right lawyer is crucial when dealing with the...Read more
03 Apr 2024 by Policybazaar 155 Views
The healthcare industry is a dynamic force constantly reshaping...Read more
29 Mar 2024 by Policybazaar 106 Views
In the complicated world of contracts, unforeseen circumstances...Read more
29 Mar 2024 by Policybazaar 209 Views
Financial planning for doctors requires a nuanced approach...Read more
29 Mar 2024 by Policybazaar 201 Views
Making mistakes is an inevitable part of any profession...Read more
19 Mar 2024 by Policybazaar 132 Views
Policybazaar for Business - Professional Indemnity Insurance - Customer Reviews
View all
4/5
Based on 21 reviews
4
out of 5
Based on 21 reviews
0 users
15 users
6 users
0 users
0 users
4.5 April 24, 2023
Harshit
Helpful Purchase
Profesiona Indemnity Insurance has been a game-changer for my consultancy business. It has given me the confidence to take on new projects and expand my services, knowing that I have robust coverage in place.PolicyBazaar has been fantastic in answering my questions and tailoring the policy to my specific needs.Thanks PolicyBazaar.
Pune
3.5 April 12, 2023
Bhavesh
Amazing Deals
I recently purchased Professional Indeminty Insurance from PolicyBazaar and the claims process is smooth, and has always been prompt in resolving any issues or concerns I've had. I appreciate the reliability and professionalism they exhibit.
Howrah
3.8 March 31, 2023
Bhuvan
Online Purchasing
Profesional Indemnity Insurance has been a lifesaver for my business. It offers comprehensive protection against any claims that may arise from errors or negligence on my part. The claims process was straightforward, and they handled everything efficiently. I highly value the peace of mind this insurance provides and would recommend it to any professional.
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.
Kochi