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.
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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.
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.
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