How to negotiate best pricing for a Doctor’s Professional Indemnity Insurance?
A doctor’s professional insurance policy provides cover against third-party settlements and legal costs in case of a lawsuit.
The premium is calculated on the basis of the following factors:
Firstly, the sum insured directly impacts the premium.
Statistics show specialists are more prone to liability claims than other doctors. Hence, the premium rises as per the risk of the speciality.
The next factor is the hospital’s size. The larger the hospital is, the higher is the premium and vice-versa.
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.
Moreover, if one goes for the policy add-ons, the premium tends to be higher.
Insurance companies provide discounts to reduce the premium.
Additional Read: How much Doctor’s Professional Indemnity Insurance Costs?
Negotiating the best premium
Here’s how you can negotiate best pricing 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 of 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 SecureNow helps?
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.