Buying a Doctor’s Indemnity Insurance? Be sure to consult an insurance broker
The number of medical negligence cases and accusations of malpractice against doctors has been increasing by the day in the country. Even the amount of compensation being sought is touching lakhs and crores. Therefore, it is natural for medical professionals to live in perpetual fear of lawsuits.
For instance, a critically ill patient passes away during the recovery period. The family can accuse the doctor of negligence and file a lawsuit. This is despite the patient getting the best of treatment.
Dealing with such cases is not an easy task for doctors. Hence, it becomes necessary for medical professionals to safeguard themselves against such accusations and subsequent losses.
Indemnity insurance provides coverage from legal expenses and the compensation amount.
However, a person who is new to the medical field may lack the knowledge to choose the right professional indemnity insurance policy. This is where an insurance broker can be of much help.
Let’s look at the reasons why you must consult an insurance broker before buying a Doctors’ Professional Indemnity Insurance (DPI) policy:
You lack knowledge about DPI
Some insurance policies can be challenging to understand. An insurance broker will guide you through the details of a plan and determine the kind of cover you need. This way, you can make sure you are adequately protected.
The other advantage is that insurance broking firms have established track records, experience, and resources that a policyholder needs to make an informed decision.
You may end up paying extra
While buying an indemnity insurance policy, it is crucial to gain sufficient knowledge to able to choose the right coverage. Insurance brokers deal with a wide range of products and so they have extensive knowledge about the sector.
Moreover, they can give you several options to compare and choose the one that is within your budget. Insurance brokers or agents can help you weigh coverage options and bundle plans with cost-effective features. Brokers are also effective in negotiating with insurers, to your advantage.
You know little about making claims
Being a medical professional you may lack knowledge about indemnity insurance policies and how to file a claim. Insurance brokers also provide full support in handling claims and do not leave the insured to sort claims on their own. They often have a team of experienced professionals who understand the ins and outs of the claims process.
The brokers maintain a strong relationship with insurance companies. So, they also follow up with the insurer on your behalf until the claim is settled.
You forget renewals!
Often time doctors are busy and forget renewal dates. That can have severe consequences in doctors’ professional indemnity. Your retroactive date gets reset. And, claims from incidents during the period you were not insured will not be covered.
A broker will frequently remind you about renewals and make sure you renew your insurance on time.
You don’t know enough about coverage limits
Choosing the right level of indemnity insurance can be tricky. Insurance brokers can help you avoid possible confusion and stress while buying a doctor’s indemnity insurance. Their team will also assist you in understanding the inclusions and exclusions. This way, you will get to know more about choosing the coverage that is right for your profession.
SecureNow, being a good insurance broker, can help you get expert advice for the better functioning of your indemnity insurance cover. We also provide risk management tips to help you avoid financial setbacks. Contact us at email@example.com to avail of these benefits and one of our representatives will connect with you shortly.