11 Things to Ask Your Insurance Agent about Professional Indemnity Insurance

1. Does Professional Indemnity Insurance Cover BUMS, BAMS & BHMS Doctors?

   Yes, doctors with a BUMS degree (Bachelor in Unani Medicine and Surgery), BAMS degree (Bachelor in Ayurvedic Medicine and Surgery) and BHMS degree (Bachelor in Homeopathic Medicine and Surgery) can purchase and get coverage under Professional indemnity insurance.

   Apart from this, doctors with MBBS degree (Bachelor of Medicine and Bachelor of Surgery) and BDS degree (Bachelor of Dental Surgery) can purchase and get coverage under the professional indemnity insurance.

2. What is the Frequency of Premium Payment under Professional Indemnity Insurance Policy for Doctors?

   Professional indemnity insurance policy is an yearly policy and the doctor purchasing this policy have to make yearly premium payment to stay covered under the insurance plan. It is necessary to renew the policy before the expiration date so that the policy does not lapse.

3. Does the Premium Vary According to Specialisation of Doctors?

   Yes, the premium varies as per the amount of risk involved in a particular specialisation of a doctor. For example, the premium of the policy purchased by a General Physician will be lesser than the premium of the policy purchased by a Surgeon because the amount of risk involved in a Surgeon’s career is considered more than the amount of risk involved in the General Physician’s career.

4. Does Professional Indemnity Insurance Provide Coverage Out of India?

   No, professional indemnity insurance does not provide coverage to the insured doctor out of India.

5. Does the Insured Doctor Get Coverage for Claim Arising Out of Online Consultation?

   Yes, the doctor indemnity insurance policy provides coverage for a claim arising after a consultation that was done online. For example, if a doctor consulted a patient online on a video call and due to some health relate complication the patient chooses to sue the doctor then the insurance policy will provide specified coverage in the policy copy to the doctor.

6. What is Covered and What is Not Covered?

   Ask the insurance agent what the policy covered and not covered under the insurance policy. Usually the coverage provided by the insurer is same. However, it is important to learn about inclusions and exclusions of the policy. 

7. Does Coverage Vary with Sum Insured Limit?

   It depends upon the doctor to opt for a certain amount of sum insured whether it is of Rs. 20 Lakhs or Rs. 1 crore. At the time of claim, the coverage will remain the same in both policies but the amount of sum insured will vary according to the opted sum insured.

8. What is Limit of Indemnity?

   In professional indemnity insurance, there is limit of indemnity that is an important information to know about. Apart from this, ask the agent about the AOA and AOY limits as well. These are related to the amount of compensation you will receive when you raise a claim. 

   Usually the limit of indemnity works in the 1:1 ratio. 1:1 ratio refers to the point where the insured can take the coverage amount up to the extent of sum insured in one go.
   For example, If the insured has opted for the sum insured amount of Rs. 20 Lakhs then at the time of claim, he/she can get up to Rs. 20 Lakhs.

9. What is a Deductible Amount?

   Deductibles in insurance refer to predetermined amounts that policyholders are responsible for paying before their coverage takes effect. For example, if your policy has a deductible of ₹1000 and you submit a ₹2,000 claim, you'll be required to cover the initial ₹1000, with the insurance company handling the remaining ₹1,000.

10. What is a Retro-Active Date?

    Retro-active date refers to the day your policy gets active. It is an important concept to learn about so ask the agent about this date in detail as it can help you get coverage for an incident that took place in the previous tenure of a policy and triggered a claim in the ongoing tenure of the policy.

11. How is the Customer Support Service of the Company?

    In uncertain situations, a trustworthy support system is crucial. Assessing the quality of customer support and services is the key to finding a dependable partner in overcoming challenges. Prior to making a decision, inquire with your insurance agent about the nature of their customer support and services to ensure they align with your needs.

Conclusion

Choosing the right professional indemnity insurance is a crucial decision for any doctor, and a thoughtful conversation with your insurance agent is key. Ensure you clarify essential aspects such as coverage for specific degrees, premium payment frequency, specialization-based premium variations, coverage limitations, and the scope of online consultation protection. Familiarize yourself with policy inclusions and exclusions, sum insured limits, indemnity ratios, deductibles, and retro-active dates. Additionally, don't forget to gauge the customer support quality of the insurance company. By asking these questions, you empower yourself to make an informed decision and secure a reliable partner in navigating the complexities of professional practice.