With the rising count of medical negligence cases in India, doctors often have to deal with massive amounts of compensation. One of the most crucial and necessary aspects of being a doctor today is having a professional indemnity insurance. It’s essential to make sure that you, as a doctor, have the right protection against legal defence costs arising from a lawsuit.
Doctors perform an invaluable duty to cure people. But, unfortunately, some people may file false allegations of medical negligence against you. Having a professional indemnity insurance for doctors can protect you from going bankrupt, losing your practice as well as your personal assets.
Knowing about professional indemnity insurance is half the job done. You might not know how to choose the right policy. This is where an insurance advisor or broker plays a vital role.
Here are a few reasons why you must consult an insurance broker before buying professional liability insurance for doctors:
Has Deep Knowledge
Insurance brokers deal with a wide range of products. They are qualified to recommend the right policy that suits your needs. Also, they have significant experience of working with other doctors who have been faced with financial losses, hence they can guide you through the specifics of indemnity insurance claims. You can even expect faster and more personalized support.
Because they work with several insurance companies, they tend to have a broader understanding of the companies’ offerings. Moreover, they present to you unbiased advice, as they do not belong to a particular insurance brand themselves.
While helping you out, they will assess your professional needs and recommend the best professional indemnity insurance with sufficient coverage.
Brings Cost-Effective Options
Insurance brokers have access to a selection of indemnity insurance policies from some of the best insurers. They would perhaps have collaborated with those insurers who do not sell directly to the public.
After assessing your individual insurance needs, they can help you find the right coverage at a cost that fits within your budget. They ensure that you do not have to pay more money to buy professional indemnity insurance for doctors than you should. Their primary responsibility is to serve your best interests and provide you with the best policy for protection against medical negligence cases.
Offers Claim Support
Filing a claim to the insurer against a medical malpractice lawsuit is a challenging process. You may need to put considerable time and effort in dealing with it. However, having an insurance advisor by your side makes things easier.
Whenever you need to raise a claim, the advisor can help you prepare documents to follow-up with the insurer, so you don’t have to worry. He has the right experience and skills to deal with the claims process, thus helping you avoid any risk to your personal assets and professional reputation.
Not just that, you can ask for quick claim support through the process. Take the case of SecureNow, a reputable insurance broking firm. It is known to offer claim support and help push your case with the insurance companies on your behalf.
Clarify About Policy Exclusions
As a doctor, it is crucial for you to know about the inclusions of a professional indemnity insurance policy. But alongside, knowing what it does not cover is equally important.
Another benefit of buying the policy from an insurance broker is transparency about the policy’s terms and conditions along with exclusions. They help you understand the situations in which professional indemnity insurance won’t work, such as intentional damage or operating under the influence of alcohol etc. If you have any doubts related to the policy you want to buy, you can get them cleared too.
Being a doctor, you must insure yourself against medical negligence. This is because the compensation arising out of such claims can make you bankrupt and even disrupt your practice. The right professional indemnity insurance chosen with the help of an insurance broker gives peace of mind.