Do different insurers offer different pricing for a doctor’s professional indemnity? A professional indemnity insurance policy for doctors is meant to cover doctors against third-party liabilities that arise in case of errors or omissions. If due to the treatments given by doctors, the patient suffers adverse physiological damages, or if the patient is not satisfied with the treatment, doctors might face a lawsuit. Such lawsuits, for wrongful treatments or errors and omissions, can result in a considerable financial outflow. If doctors are not protected against such outflows, their personal financial estate might come under the scanner. Thus, a doctor’s liability insurance policy finds importance in medical practices and is invested in by doctors and hospitals alike.
The premium charged under a surgeon liability policy depends on a lot of factors. These factors depend on the coverage availed and the probability of a claim. Moreover, every insurance company follows its own pricing policy. As such, when you compare professional indemnity insurance, with the same coverage benefits, you would find the premium varying across insurance companies. So, the premium of the doctor’s liability insurance policy is dependent on the insurance company as well.
Additional Read: What is the right price to pay for DPI cover?
However, despite the premium charged by an insurance company, you can negotiate the rate with the insurer. Negotiation of the premium of surgeon liability policy can be done on the following parameters –
- The sum insured
The premium of the doctor’s liability insurance policy is directly dependent on the sum insured that you choose. The higher the amount of coverage, the higher would be the premium payable and vice-versa. So, by choosing a suitable amount of sum insured for the policy, you can negotiate the premium payable.
- The coverage benefits
Insurance companies might add-on some policy extensions when selling the policy. Moreover, the inbuilt coverage benefits also vary across companies. When buying surgeon liability policy you should check the coverage benefits offered by different companies. Make sure that the coverage is aligned with your needs. You can trim down unnecessary coverage benefits and opt for those extensions that you need. This would help in bringing down the premium considerably.
- The discounts
Insurance companies allow different types of premium discounts to make their policies attractive to customers. You can negotiate the available discounts and get a reduced premium on the professional indemnity insurance policy.
Furthermore, you should always compare before buying. Comparing allows you to find the quotes of different insurance companies. You can compare the quotes vis-à-vis the coverage offered by different companies and then choose the best insurer which offers the best deal on the policy.
Do different insurers offer different pricing for a doctor’s professional indemnity?
Buying through SecureNow
SecureNow is an online marketplace that allows you to compare the premium quotes of different insurance companies. You can check the coverage benefits and the premium charged by different insurers. Then, you can compare the policies, negotiate the premium rate and choose the best professional indemnity insurance policy. SecureNow would help you understand the nuances of the coverage and also help you find the best policy with the most competitive premium rate. You can also take SecureNow’s help to negotiate the premium with the insurance company to get the best deal.
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