A doctor’s professional insurance policy provides cover against third-party settlements and legal costs in case of a lawsuit. In this article, we will share information on how to negotiate the best price when buying a doctor’s professional indemnity insurance.
The premium is calculated on the basis of the following factors:
Sum insured
Firstly, the sum insured directly impacts the premium.
Doctor’s specialty
Statistics show specialists are more prone to liability claims than other doctors. Hence, the premium rises as per the risk of the specialty.
Hospital size
The next factor is the hospital’s size. The larger the hospital is, the higher the premium, and vice-versa.
Indemnity limit
The indemnity limit is expressed as Any One Accident: Any One Year (AOA: AOY). If the ratio is high, there is a drop in the claim payable and the premium.
Add-ons selected
Moreover, if one goes for the policy add-ons, the premium tends to be higher.
Discounts available
Insurance companies provide discounts to reduce the premium.
Additional Read: How much Does Doctor’s Professional Indemnity Insurance Cost?
Negotiating the best premium
Here’s how you can negotiate the best price for your doctor’s professional indemnity insurance –
- You can hunt for available discounts and ask the company to reduce the premium.
- You can choose the most optimal sum insured and avoid over-insurance. This, in turn, will help you avail the best premium.
- Deductibles lower the claim liability of the insurer and thus reduce the premium.
- Choose only those add-ons that are needed for your practice. This way you don’t pay high premiums.
However, one must compare quotes from different insurers. Find the insurer offering the best premium and use the above-mentioned tips to get the best price.
It is equally important to get an insurer who provides the best support in handling a claim. For instance, some have a panel of lawyers to take up your case, and are paid directly by the insurer.
How does SecureNow help?
SecureNow allows you to compare and find the best quote. We search for insurers offering the ideal coverage benefits. We let you negotiate the price and provide support throughout the claim process.
About The Author
Saloni Mishra
MBA Insurance Management
With an illustrious career in the insurance sector, Saloni is a distinguished writer specializing in articles concerning doctor professional indemnity policies for SecureNow. Leveraging 12 years of hands-on experience, she understands the intricate nuances of professional indemnity insurance tailored specifically for medical professionals. Her articles offer invaluable insights into the significance of doctor professional indemnity coverage, addressing the unique risks and challenges healthcare practitioners face. Renowned for their expertise and attention to detail, Saloni is committed to providing readers with informative and actionable content that empowers them to make informed decisions regarding their insurance needs.
