Though the medical profession is one of the most respected occupations, it has its share of occupational risks and hazards. More often than not, doctors are subjected to accusations of mistreatment and malpractices by patients and their relatives.
As a result, they often have to go through legal proceedings or pay for settlement fees. This is why doctors should avail a coverage plan like a professional liability insurance policy to be able to cover for unwarranted obligations successfully. Other peripheries of the practice also bring in financial risks. So, they should also become familiar with other insurance policies suitable for them to choose the best one that provides maximum coverage to their practice.
Some popular insurance policies for doctors include the following. A personal accident insurance policy helps to cover for the cost of treating injuries or damage due to workplace accidents or as a result of physical assaults from a third party. As for a professional indemnity insurance policy, it helps account for expenses arising due to patients’ claim of supposed negligence or omissions. Also, it helps to pay for the cost of availing legal assistance as a result of such claims.
Next, a commercial property insurance policy comes in handy to pay for the loss or damage to property like – equipment, medical supplies, clinic, etc. Healthcare professionals might also avail a loan for doctor if they need to install additional medical equipment in practice. Medical professionals can also opt for a public liability insurance plan that allows doctors to pay for third-party liability and compensation with ease.
Additionally, an overhead expense insurance policy can prove useful in paying overhead expenses like rent, salary, utility bills, etc. when the doctor is temporarily out of practice due to illness or disability. Before selecting an insurance plan, you must also consider all inclusions and exclusions to make an informed decision.