Liability Health Insurance, also known as medical professional liability insurance or medical malpractice insurance protects the licensed healthcare professionals like physicians, dentists, and nurses from liabilities related to illicit practices causing bodily injury, property damage, and medical expenses. This insurance also covers the cost of defending lawsuits related to such claims. There are various types of liability insurance plans that can help you protect your business and individuals from risks including negligence and injury. In this blog post, we shall discuss five things you must know before purchasing a Liability Health Insurance.
While buying a liability insurance plan, make sure that your plan covers basic conditions such as the death of the third-party, Property damage of the third party, bodily damage caused to the third party, and permanent health disabilities caused to the patient. Your insurance plan is worth buying if all these factors are included in it.
Apart from knowing about all the coverage of your plan, make sure you don't miss any important thing that is not covered by your insurance. Your plan may not cover the damage to your vehicle or property. Also, keep in mind that the policy shall not be claimed twice or more times in a year and therefore it is recommended that the third party files the claim with all the bills and incidents related to the accident to oblige the terms and conditions of the policy.
If the business entity is found responsible for the injury to the third party, the insurancecompany will pay to the third party. Personal injury coverage includes segregation, discrimination, or harassment. The coverage also includes bodily Injuries like mental anguish, humiliation, mental injury, and shock which are caused because of physical injury. The policy may also cover the liability exposure against various kinds of business operations and the medical expenses incurred while treating the third party.
You can also select other liability policies according to the type of business. Some of the policies include Medical Malpractice Liability, Professional indemnity, Product liability insurance, and Public Liability Insurance. Select the plan which is most suitable for your business and give maximum coverage and protection.
The third-party is always recommended to be aware of the location and the party that has to be approached to file the insurance claim. According to the Motor Vehicles Act, 1988, the third-party needs to approach the tribunal that is in the acumen of the mishap such as the residence of the owner of the vehicle. Make sure that the location matches the residence address of the driver or the injured person.
Before selecting a liability health insurance policy make sure that the plan covers all the risk factors which can prove hazardous to the business. It is important to understand all the costs which will be borne by the insurance company along with the conditions where you will be responsible for the damage. All these factors will help you make the right decision and select the perfect plan for your business.
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