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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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
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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.

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.

Professional Indemnity Insurance Companies
Disclaimer: Above mentioned insurers are arranged in alphabetical order. Policybazaar.com does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

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Policybazaar for Business - Professional Indemnity Insurance - Customer Reviews
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4.5 April 24, 2023
Harshit
Helpful Purchase
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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
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Tejas
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4.3 February 17, 2023
Ankita
Covers Legal Expenses
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4.3 February 05, 2023
Monika
Covers The Risks
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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.
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3.8 January 08, 2023
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Ludhiana
4.3 December 14, 2022
Doctor Vishal
Covers Professional Negligence
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Kochi