Oftentimes, inadequate or incorrect medical diagnoses or services can lead medical professionals to incur a substantial loss. It can land the individual providing the service in trouble if the client chooses to take legal action seeking compensation. This is where the requirement of professional indemnity insurance arises.
Few smart aspects of professional indemnity insurance
Medical practitioners or individuals setting up a hospital must be aware of the vital aspects of this insurance. Listed below are some interesting aspects:
Fast redressal of claims
The amount of settlement is confirmed within 30 days of receipt of every document or detail according to the terms and conditions of the policy.
Hassle-free claim procedure
Individuals opting for this insurance policy from a reputed financial institution can receive their claim through a simple and hassle-free 3-step procedure. The various steps involved in it include:
- Claim intimation
- Document submission
- Claim settlement
Attractive market premiums
Reputed financial institutions offer attractive premiums that can make an insurance policy affordable.
Dedicated customer support
Leading insurance providers have a dedicated claims team who ensure that the procedure for claims is convenient and quick for the individuals. The doctors can contact their relationship manager through mail or over the phone.
Wide coverage against legal liability
Individuals can receive liability coverage against an exhaustive range of professional risks. These include the following:
- Libel and slander
- Breach of confidentiality
- Third-party damages
- Defence costs
- Loss of documents
- Claims related to professional services
- Damages for loss related to a professional incident that occurs during the policy period in the coverage territory
Adequate coverage to suit all needs
Indemnity insurance for doctors provides substantial coverage. Doctors can choose the amount of coverage depending on budget, identifiable risks, and practice size.
Besides being aware of the various features of a professional indemnity insurance policy, one should remember the areas that this policy does not cover. This includes loss of goodwill, wilful neglect, intentional non-compliance and deliberate act. It also includes medical treatment offered for plastic surgery, genetic damages, conditions related to AIDS, and loss of weight.
Medical professionals must check out the eligibility criteria with the concerned financial institution before applying for professional indemnity insurance. Just like a professional indemnity insurance policy, medical practitioners can also enjoy the benefits of financial products such as a loan for doctors to secure their financial stability.
Choosing a reputed financial institution for this loan would enable them to enjoy several benefits. This includes facilities for Flexi loans, part-prepayment and accessing the account online.
These advances are available in secured and unsecured forms and offer borrowers a substantial sum to help grow their practice and meet a host of personal and professional financial requirements.
Through the part-prepayment facility, doctors can opt to part-prepay their loans without any additional charges. However, the prepaid amount should be more than three equated monthly instalments. The Flexi loan facility enables individuals to withdraw the total amount or a portion of it according to their convenience.
They can pay only the interest as EMI and go on to part-prepay or foreclose the loan during the tenor anytime. Furthermore, doctors can manage their loan account online through dedicated customer portals designed by financial institutions.
Eligible applicants can also take advantage of pre-approved offers extended by the reputed financial institutions like Bajaj Finserv. These help in accelerating the lending process and make it hassle-free. Pre-approved offers are extended on multiple financial products like loans against property, home loans, business loans, and more. Potential borrowers can check their pre-approved offer by providing some details such as their name and contact number.
With knowledge about the smart aspects of a professional indemnity insurance policy and loans for doctors, medical professionals can foster both professional and personal financial stability. Consider checking out various financial institutions to choose the best professional indemnity insurance policy available.