There is a shortfall in the overall population of doctors in India. According to the Economic Survey (2019-2020), the doctor population ratio in India is 1:1456. It is much lower than the WHO recommendation of 1: 1000. This creates a professional burden on the doctors leading to errors, risking their professional lives. In that case, one can select professional liability coverage to secure against professional errors arising out of negligence, misdiagnosis etc.
But, applicants must consider the following factors before availing of professional liability insurance:
- Select a reputed insurance company
Before availing of professional liability coverage from an insurer, check its licences and other registration. Check its clientele feedback and ask for recommendations from the closest colleagues. It is important to conduct due research to avoid any additional complications.
- Check the professional indemnity insurance coverage
Professional indemnity coverage differs from each policy. For instance, basic professional insurance covers damage due to a third party and legal costs. At the same time, a professional indemnity insurance policy for doctors provides them with sturdy financial protection against legal claims by patients or their families.
Hence, assess your professional risks and select that fits your requirement. Basic professional insurance may not extend coverage beyond the third party damage. But advanced professional indemnity insurance will offer coverage for employee negligence as well.
- Study the professional credibility of the insurer
It is essential to check the past cases that the insurer handled. It gives a fair idea about the credibility of an insurance provider. It is based on their capability in handling the critical situation and subsequent response. Also, check if an insurance provider is keen to take you through the complete protocol in advance. It will allow one to make an informed decision before availing of professional liability coverage.
- Perform a cost benefit analysis
Professional indemnity insurance is expensive compared to other insurance plans. Its cost depends on each insurer. On average, the insurer considers few factors, such as a medical practitioner’s revenue, professional record of the policyholder etc. But check whether the coverage plan is of higher value to substantiate the cost. That means insurance must deliver optimum protection that extends beyond one’s investment in its premiums. One can also select doctor loans offered at nominal interest rates to continue the medical practice without any financial interruptions.
- Check for flexibility
Select an insurance provider that offers the following flexibility:
- Permits to increase or decrease the premium in the middle of the tenor.
- Whether the procedure of availing of professional liability coverage is hassle-free. Few selected financial institutions like Bajaj Finserv extend pre-approved offers that expedite the application process. Such offers are available in different financial products making it easier for borrowers to avail of a loan. One can check their pre-approved offers by submitting their name and contact details.
- Minimal documentation for a streamlined loan application procedure and more.
Ask the insurance provider the following question or others for a hassle-free experience.
- Check what the policy does not cover
An individual must check what their professional liability coverage does not cover. It includes misdiagnosis, medical negligence, ill-treatment etc. Additionally, the deliberate acts of negligence, a medical practice performed under the alcoholic influence etc., are not covered under professional indemnity insurance.
Thus, to know how to choose the best professional indemnity insurance policy for doctors, here are the 6 factors that one must consider before choosing. Besides keeping all these pointers in mind, take a look below at how to apply for the same.
How to apply for professional liability coverage online?
Many NBFCs offer online applications of professional indemnity insurance to ensure contactless services. Here’s a stepwise guide that a willing borrower must follow for a successful application procedure:
Step 1: Visit the official website of your preferred financial institution
Step 2: Enter your professional and personal details. This includes your name, contact number, residential address etc.
Step 3: Select the convenient policy option
Step 4: End the application process with the payment
After complete identity and document verification, the financial institution will issue the policy.
It is crucial to know the risks doctors have if they don’t have a professional indemnity insurance cover. In 2021, a hospital and two of its doctors in Gurgaon were reported for alleged medical negligence.
Besides this, several other cases made headlines over the years. Therefore, one cannot stress enough the importance of professional liability coverage.
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