For medical practitioners, respect and experience are earned over years of hard work and dedication. In this litigious world, however, a single mistake or blunder can sufficiently ruin their careers along with the hard-earned respect.

Pathologists, surgeons, consultants, physicians, dentists and other doctors may, at times, face allegations of inaccurate treatment, misdiagnosis, medical negligence, erroneous treatment, etc. A professional indemnity insurance for doctors here provides them with sturdy financial protection against legal claims by patients or their families.

5 important tips to avail professional indemnity insurance policy for doctors 

1. Know the eligibility criteria before purchasing  

You can get an indemnity insurance policy cover for doctors only after fulfilling the eligibility criteria. As these parameters are simple, applicants must be individual doctors and have a history of zero claims in the past.

Medical practitioners with BDS, BHMS, MBBS, BPT, MD, MS, MPT and other higher degree holders are qualified to buy; however, they must not have any claim history. Here, lifestyle-related cosmetic surgeons are excluded.

2. Know the scope of coverage beforehand

Not every damage or loss that you encounter is covered under an insurance policy. Some of the things covered under these policies are libel and slander, loss of documents, defence costs, third party damages, etc. Check out the scope of coverage properly before applying and know how to choose the best professional indemnity insurance policy for doctors. This will make you claim its benefits without any hassle.

3. Know the exclusions of the insurance policy     

It is equally essential to know what is not covered by an indemnity insurance policy besides its inclusions. Some of the common exclusions include:

• Fines, penalties, punitive, exemplary damages and criminal act
• Loss of goodwill
• Medical treatment provided for AIDS-related conditions, plastic surgery, genetic damages and weight loss
• Losses incurred by activities of invasion, terrorism and war
• Deliberate act, wilful negligence or intentional non-compliance
• Losses incurred owing to bankruptcy or insolvency
• Medical treatment provided under the influence of narcotics and alcohol
• Liability or losses owing to alleged or actual unfair competition
• Losses incurred due to contractual liability or fraudulent claims

Check out everything about an indemnity insurance plan for doctors, including the financial company’s terms and conditions beforehand.

4. Know the premium charges being offered 

When purchasing a professional indemnity insurance policy for doctors, individuals need to realistically assess the amount they can comfortably pay as a premium throughout the tenor. Note that stringent budget, tough economic conditions and unpredictable situations make it quite difficult to gauge the amount of litigation and other charges associated precisely. It is even tough to guess the money a patient’s family shall claim regarding the issue.

Hence, check out the coverage amount along with its premium charges considering the above-mentioned factors. India’s reputed financial companies, who primarily offer doctor loans, bring exclusive indemnity insurance policy with coverage of up to Rs.1 crore. Affordable premiums inclusive of GST starting from Rs.9,440 only.

5. Know the process of claim redressal 

Imagine you have purchased an indemnity insurance plan for doctors and paid premiums on time. However, the claim redressal process is too complicated with no assistance from the financial company.

To avoid such experiences, enquire about their claim redressal process. Leading lenders offer a speedy and simple process, as below:

Step 1: Notify the company     

Make sure you inform the company immediately as you discover the loss or damage caused. Provide the customer service team or executives with a written notice along with every detail available like personal details of the person insured, particulars of occurrence and its consequence, information regarding previous losses, if any, etc.

Step 2: Submit necessary documents 

Initiate the process by submitting essential documents, such as incidence reports, claim forms, papers related to the claim, etc. The final list depends on the cause of damage, its extent and the type of claim requested.

Step 3: Quick claim settlement 

All the documents will go for verification and evaluation. Once scrutinized, you will receive confirmation of the settlement amount within 30 days starting from the date of document submission.

Check out the 7 risks doctors have if they don’t have a professional indemnity insurance cover. Nowadays, prominent NBFCs like Bajaj Finserv provide these insurance policy covers at affordable rates. The company also offers doctor loans for consolidating debts, setting up a hospital, investing in medical equipment and more. While eligible borrowers can apply via the online application form, existing customers can opt for pre-approved offers.

Pre-approved offers make the loan availing process easier and faster. Such schemes are available on a range of financial products like personal loans, business loans, professional loans, etc. Provide some basic details to check your pre-approved offers online.

With a professional indemnity insurance policy for doctors as a safety net, manage your unsatisfied customers and the negative outcomes of lawsuits malpractice effortlessly.