In a country like India, with 50+ insurance companies when it comes to buying a property insurance, it is about trusting an insurer with your hard-earned money. Choosing a right policy for your hospital can be a challenging task, given the multiplicity of products available in the market. Buying an hospital property insurance policy is not easy as buyers get confused with definitions, conditions, coverages, exclusions, endorsements and policy wordings. Policy buyers do have a lot of doubts while choosing the right insurer for hospital property.
So, if you keep following key aspects in mind, you can actually choose the right insurer for buying the property and medical equipment insurance policy for your hospital or diagnostic clinic quite easily
1. Benefit structure:
You should choose a partner which is flexible to offer you the benefit structure of your choice. All claims in the policy will be settled in adherence to the benefit structure defined in the policy. Hence if you have to decide between two providers, the first one offering you only restricted cover vs the second offering you the customised cover of your choice, you should undoubtedly choose the latter one.
2.Claim Settlement Ratio of insurer for Hospital Property:
Most people do not give enough thought to what would happen if the insurer makes it difficult for you to obtain the money that you have painstakingly put aside. This is the reason why you must check out the claim settlement ratio, that is expressed in percentage terms. The higher the ratio, the more trustworthy the insurer is. A claim settlement ratio of more than 85% is a good claim settlement ratio and implies that the insurer is trustworthy. But insurance companies having a high CSR of more than 90-95% is a better option.
3. Premium Charged by insurer for Hospital Property:
While comparing the premium rates of property and equipment insurance for hospitals or labs do not ignore coverage benefits. Instead, compare premiums vis-à-vis the coverage offered. This will help you choose a company that provides the most competitive premium without compromising on coverage. A good idea is to use SecureNow’s online calculator
that is easily accessible, to calculate the quote online and check what all coverages are being offered under the policy
4.Service Quality:
This is also an important factor while choosing an insurance company. You must take a call based on the kind of attitude the insurers have towards potential customers like yourself. To assess the quality of service the insurance company offers, ascertain their service standards. One important service aspect is how speedily and accurately the insurer issues policy and passes endorsements. The right insurer would have a track record of speedy resolutions and efficient service, both when you buy the policy as well as at renewals or when settling claims.
5. Ease of doing business:
Understand how you can interact with an insurance company. Interactions may include:
· Online Purchase of Policy
· Timely Policy renewal
· Convenient Underwriting Procedure
· Reporting of Issues, if any, 24*7 to the centralised email ID
Additional Read: Hospital Property and Medical Equipment Insurance Coverage
Secure Now understands the dilemma of buyers and hence makes buying medical equipment insurance policy as convenient as never before. Secure Now looks after all your requirements as it works with all the insurers to determine the best price for a comprehensive cover. You can buy insurance for your hospital property or labs medical equipment in no time by just reaching to the SECURENOW website.
About The Author
Shivani
MBA Insurance and Risk
She has a passion for property insurance and a wealth of experience in the field, Shivani has been a valuable contributor to SecureNow for the past six years. As a seasoned writer, they specialize in crafting insightful articles and engaging blogs that educate and inform readers about the intricacies of property insurance. She brings a unique blend of expertise and practical knowledge to their writing, drawing from her extensive background in the insurance industry. Having worked in various capacities within the sector, she deeply understands the challenges and opportunities facing property owners and insurers alike.
