What is professional liability insurance?
Professional liability insurance offers financial coverage to medical professionals against claims associated with errors and omissions when providing professional services. It is also popular as errors and omissions insurance; it provides professional liability coverage for any third-party claims arising due to misdiagnosis, negligence, incorrect treatment, and many others.
Bajaj Finserv extends a doctor liability insurance policy with up to Rs. 1 crore coverage to save medical professionals from such troubles. It will provide coverage for a host of professional liabilities.
Professional indemnity insurance coverage for doctors:
- Misdiagnosis of illness
- Errors, omissions, negligence in surgery
- Negligence in treatment (unintentional or otherwise)
- Improper treatment advice
- Errors in prescribing dosage
Professional liability insurance coverage for doctors is useful in third-party or patient claims due to any financial loss, injury or death arising from the issues.
Features of a professional indemnity liability insurance for doctors
Bajaj Finserv Professional Indemnity Insurance plan offers comprehensive financial coverage of up to Rs. 1 crore. Professionals can select the coverage amount depending on their practice size, budget and associated risk.
Bajaj Finserv Professionals Indemnity Insurance plan of up to Rs. 50 lakh is available against a premium of Rs. 9,440. However, to receive coverage of up to Rs. 1 crore, one needs to pay a premium of Rs. 12,980.
All-round coverage against different risks
Besides the financial losses arising out of practice related incidents, medical professionals can also claim medical liability insurance policy in case of the following incidents:
- Cost of defence due to court proceedings
- Loss of valuable documents
- Expenses of filling a case of defamation, slander, etc., post proven guilty
- Breach of confidentiality
- Losses arising from third-party claims
With Bajaj Finserv, you can now enjoy minimum time in professional liability insurance claim redressal. Once you submit the required paperwork in order and comply with the terms and conditions of the policy, you will receive a settlement in 30 days.
The process to claim the coverage amount
Follow the below-mentioned steps to make a claim for your professional liability insurance coverage.
- 1 Provide initial intimation of claim in writing with essential details
- 2 Submit the required documents like an incident report, record of claim report, etc.
- 3 Get the insurance settlement amount after paying deductibles
Depending on their previous claims history, individual medical practitioners can get professional liability insurance from Bajaj Finserv. Bajaj Finserv offers this insurance policy to medical professionals qualifying under MBBS, BPT, BHMS, BAMS, BDS, MD, MDS, MS, and MPT. For applicants with a history of previous claims, the categorisation is based on the opted limit.