Professional indemnity insurance policies financially protect doctors from any legal repercussions arising from adverse patient care. Such insurance plans provide extensive coverage to meet legal charges if deteriorating patient health is not a direct outcome of the doctor’s negligence.
Claims can also be made by medical professionals to meet legal expenses imposed due to breach of confidentiality agreement or defamation.
Nonetheless, before availing professional indemnity insurance policy, doctors should decide whether AOY or AOA plan is most suited for them. While AOA provides extensive coverage for only one insurable incident, AOY can be used to meet legal repercussions from multiple such cases over a year.
Indemnity insurance plans are extended by major financial institutions having high claim settlement ratio at nominal premium payments, respectively, diminishing financial burden of medical practitioners respectively.
Such insurance plans, coupled with professional loans for doctors, can help medical professionals better plan their finances minus any obligations. Credits obtained against such loans can be used to launch a start-up or expand an existing business.
Medical professionals also have access to unsecured advances such as personal loans at attractive interest rates, custom made to meet all associated private expenses. Credits requiring collateral in the form of home loans and loans against property are also extended to doctors all across the country.
Also, possessing an insurance plan preserves the reputation of doctors by allowing them to meet huge legal expenses incurred to reach the final verdict.