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5 Benefits of a Medical Malpractice Insurance Plan

Insurance coverage is considered as one of the vital financial decisions for professionals. Its benefits, however, remain unnoticed until an unforeseen financial liability arises due to a professional hazard. Medical malpractice insurance policies are professional indemnity or liability insurance plans for healthcare professionals. It offers financial coverage to healthcare professionals against patients or third-party whose legal claims against negligence or treatment errors, omissions, etc. result in a financial liability.

Moreover, these insurance policies also provide coverage to doctors via compensations arising out of a patient’s death. Therefore, in the present day, when the number of patients to file lawsuits against healthcare providers is increasing, they should consider purchasing these coverage plans. Here are some benefits of a malpractice insurance plan to look for.

Benefits of medical malpractice or indemnity insurance plans

  • Malpractice coverage for doctors

While practicing medicine, it is always preferable to consider the odds. Therefore, medical professionals need to be prepared for any unforeseen events like malpractice claims. It can be charged against any personal healthcare provider. A malpractice insurance plan can thus cover all financial liabilities arising out of legal defense or claim amounts imposed.

  • Fast and organized handling of claims

Another important benefit of a malpractice liability insurance policy is its claim handling management. Understanding the need for a prompt claim settlement, insurance providers facilitate an organized claim handling and settlement.

Once you have made a claim and provided the necessary documents supporting such a claim. Once the coverage assessment is complete, the claim is processed in a short while to provide compensation to the insured professional at the earliest.

Also, with the help of these insurance plans, policyholders can hire expert claim representatives who can defend the insured by utilizing witnesses, counsel, etc.

  • Coverage against a range of professional risks

Availing such policies, medical professionals can enjoy coverage against a range of risks arising out of their practice discharge.

They can include – 

  • Damage via a third party
  • Libel or slander
  • Confidentiality breach
  • Document loss
  • Legal claims against services discharged
  • Cost of defense
  • Losses or damage due to professional incidents within the defined territory

With these benefits and more, malpractice liability insurance plans are must-have financial coverage for a doctor’s practice.

Alongside this, they are also easy to avail of and affordable. Check out the application process involved.

The application process for malpractice insurance plans

In India, several reputed insurance providers offer such medical malpractice insurance policies at affordable premiums with various benefits. Therefore, doctors need to know what to look for and how to choose the best professional indemnity insurance policy for them.

  • Eligibility criteria

When purchasing these professional coverage plans, individuals need to meet some qualification measures. 

  1. Only individual doctors are eligible to buy medical indemnity insurance policies.
  2. Also, applicants must not hold any previous claim records.

Once these criteria are met, doctors can compare the premium amount and risk coverage to select the best insurance policy for them. Also, these insurance plans come with an easy claim process. In case of any unforeseen events covered under this plan, doctors can contact the customer support team of their insurer with a written notice and necessary documents to raise a claim.

Further, healthcare professionals can consider availing professional loans in India to strengthen their practice via updated services. These advances, provided by lenders like Bajaj Finserv, come with minimal documentation and high loan value for financing suitability.

Moreover, this financier also provides pre-approved offers that can assist borrowers in obtaining credits in the fastest way possible. Individuals can find these offers on a range of financial products like personal loans, business loans, etc. They can look for their pre-approved offer by submitting their name and contact number.

In conclusion, a medical malpractice insurance plan covers all the unpredictable expenses of punitive damages, medical and legal damages, and protects healthcare professionals financially. Therefore, they should consider purchasing such covers to avoid several risks doctors have if they do not have a professional indemnity insurance plan. 

Ankita Sharma is a reputed financial expert and blogger who is well versed in financial market trends. I have worked with various banks and NBFCs, helping them achieve exponential growth.

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