7 Small Business Loan Myths Busted

7 Small Business Loan Myths Busted

Embarking on a business venture is not easy. Though a hard-hitting business idea is one of the prime requirements, what matters most is sticking to it, in the face of all odds. “Amid intense competition for limited financial resources, particularly small business loans, certain ventures fail to survive,” says Anil Banerjee, chief loan officer of a reputed NBFC.

As these businesses toil hard to figure out the best financing options for themselves, certain myths in the small business loan market can act as a dampener. This article attempts to raise curtains on the existing myths that can derail a successful venture.

Myth 1: Denial of Loan if Rejected by Banks

Though banks are one of the most important sources of lending for small businesses, of late, NBFCs have become a bankable source of funding for SMEs. “Cornering of bank credit by large corporate houses has propelled the demand for funding from NBFCs. Post the 2008 financial crisis, banks have tightened up their lending standards, making it very difficult for small businesses to survive their screening,” quips Anil.

RBI estimates show that of the total Rs. 26 lakh crore requirements of funds for the SMEs, banks have provided only 40%. This approach has given rise to an alternate class of lenders who give small businesses more financing options than ever before.

We, at Bajaj Finserv, fund small businesses without holding them to the same rigid scrutiny as traditional banks. Companies can avail loans up to Rs. 30 lakh at competitive small business loan interest rates.

Myth 2: Need to Put Assets On the Line

Small businesses not only differ from their bigger counterparts in terms of assets. Most often, they run from a single location and have little to offer as collateral. In such a scenario, crucial business operations may suffer due to lack of funds. Such a bottleneck is injurious to the health of small businesses as well the Indian economy.

We, at Bajaj Finserv, offer loans without any collateral. Moreover, since there is no appraisal of value of the assets, loan processing is much faster.

Myth 3: A Perfect Credit Score is Necessary

Banks give a lot of weight to a business’s credit score while lending. However, they are no longer the only source of funding options available today. Alternate lenders also consider other parameters such as:

  • Financial situation of a business, including cash flow
  • Experience of the managerial team
  • Business plan

However, it is true that a good credit score enhances small business loan eligibility criteria and helps the business get the best possible rates.

Myth 4: It’s Risky to Approach Online Lenders

Proper research on the part of the borrower can mitigate the risk of online fraud. “Digital prudence can fetch a much better deal than available elsewhere else. The online world is an ocean where businesses can find and compare various loan options,” says Anil.

We offer the facility of online account access that enables businesses to know loan details and documentation anytime, anywhere.

Myth 5: It Takes a Long Time to Get a Business Loan

Thanks to digitization of the lending process, the days of long wait for funds are over. “Borrowers approaching PSU banks have to deal with antiquated technology that delays the loan process. Alternate lenders have taken the entire process online. This has cut down cumbersome paperwork, resulting in faster disbursal of loans,” points out Anil.

We, at Bajaj Finserv, offer a seamless and digital process of online loan approval where businesses can fund their dream projects with the click of a few buttons.

Also Read : How You Can Avoid A Burnout While Running Your Small Business

Myth 6: Disapproval of High Amount of Loan

Note that doubts kill more dreams than failure. “Funds should never be the roadblocks in a business venture. With so many options available, the question shouldn’t be how much, but how quick,” opines Anil.

Proper documentation coupled with the attractiveness of a business plan is good enough to secure a high amount of loan. While banks may set rigid screening standards and criteria before lending, we offer loans as high as Rs. 30 lakh that enterprises can use to:

  • Fund expansion
  • Buy machinery
  • Invest in product development

Myth 7: Interest Rate is the Most Important Factor

Yes, the interest rate is one of the most important factors to consider while opting for small business loans. “It is also one of the easiest ways to get duped,” cautions Anil. He elaborates, “Through low-interest rates, borrowers run the risk of debt traps. Hence, it is vital to conduct thorough background research and take professional help to understand the technicalities of borrowings.”

If small businesses are willing to think out the box and ignore the myths, they will find that there are more borrowing options for them than ever before.

At Bajaj Finserv, we not only offer competitive interest rates but also flexible repayment options that help businesses get the most out of their borrowing exercise.

Apply for Business Loan Online Check your Business Loan Eligibility

What Is Professional Indemnity Insurance & Why Should Doctors Care

What Is Professional Indemnity Insurance & Why Should Doctors Care?

Curing people and treating them from chronic diseases is a noble profession. However, the profession brings along with it serious medical complications. In case of a mishap, doctors face legal consequences of being sued. If the case is lost, they may face a financial setback as the compensation payable to the patient or his bereaved family can be a hefty sum. This is where a professional indemnity policy could come to their rescue.

What is a Professional Indemnity Policy for Doctors?

A professional indemnity policy provides a cover to doctors against financial liabilities or losses arising from acts of negligence, omission or error. These could be in the form of compensation for any injury caused or death of a patient The policy also covers cost of investigations, cost of appointing a lawyer or any other legal costs; hence, providing all-round protection to doctors.

Why is a Professional Indemnity Policy important for Doctors?

With more and more people entering services-based professions, there has been a growing need for a professional indemnity covers. According to press reports, around 98,000 cases of medical negligence are reported annually in India. Doctors are increasingly getting sued for any errors committed and are thereby facing financial losses. They are liable if a patient incurs injury or dies in the process of treatment. Moreover, legal fees and charges further increase the liability. This can strain a doctor’s finances and has the potential to wipe out his life’s savings. The policy protects doctors from false patient allegations and limits their time, money and reputation being at stake.

What Are the Benefits of Professional Indemnity Insurance?

  1. Prepares you for unseen risks

It is difficult to set up a fund with an accurate amount to pay for future compensations. The amount of the legal case may be large or small- and is difficult to anticipate. An indemnity insurance cover helps you to stay prepared for any unscheduled moment.

  1. Keeps your business running

Without a good insurance plan in place, your business might have to pay for the losses incurred from legal suits. The insurance plan prevents this; and, ensures the smooth functioning of your business and job security of your employees.

  1. Keeps your assets safe

You may have to sell or mortgage your professional and/or personal assets to pay the compensation. An indemnity insurance cover acts as a financial backup to fall upon in such risky times.

  1. Pays your legal costs

With a good indemnity plan in place, you can afford to hire a good lawyer and get the best legal support available. This increases your chances of winning the case. It might help you minimize your losses as well as your reputation.

  1. Boosts your confidence

The fear of mistakes shouldn’t come in way of your duties. Professional indemnity insurance helps you approach your professional commitments with more confidence and take greater risks. Without such a cover, you may feel intimidated and be afraid of the consequences at every step thereby reducing your professional output.

Having a good insurance plan relieves you of future contingent losses and makes you confident that you are covered. Bajaj Finserv with its widespread network of 200+ branches, offers you faster services, end-to-end assistance (not only covers your financial and legal charges, but also provides the best lawyers to fight your case) and industry-first benefits such as protection from libel and slander.

Apply for Doctor Loan Online Know More About Doctor Loan

Why Should Doctors Choose Bajaj’s Professional Indemnity Policy

Why Should Doctors Choose Bajaj’s Professional Indemnity Policy?

As the number of medical legal cases being filed is increasing, it is essential for doctors to have professional indemnity insurance. It works as an added layer of protection. It helps safeguard your business assets and wealth in case you are involved in a legal battle. It protects you against claims of misdiagnosis, negligence, incorrect treatment and overdose. At the most basic level, it aids you in paying legal fees and damages to the third party.

Bajaj Finserv’s Professional Indemnity Insurance for Doctors goes above and beyond, offering you the most benefits. Take a look at its highlight features that make it the policy for medical practitioners.

1.   High Coverage Amount

Most importantly, you want the indemnity policy of your choice to provide adequate coverage to your business. You must arrive at an amount based on the size of your practice, the identifiable risks and your budget. Bajaj Finserv’s Indemnity Policy offers coverage from Rs.5 lakh up to Rs.2 crore. For example, a blood transfusion that is taking place at your clinic goes wrong. The negligence results in the patient suffering from Hepatitis B. The patient’s family sues you for Rs.50 lakh because of your oversight. In such cases, the indemnity policy pays for legal costs as well as for damages.

2.   Enhanced Coverage

While most professional indemnity insurance policies cover damage to third party and legal costs and expenses, Bajaj’s policy goes a step further and provides you coverage against:

  • Libel & slander
  • Employee fraud and dishonesty
  • Breach of confidentiality
  • Loss of documents.

Moreover, it assigns a lawyer to your case so that you don’t have to take on the added responsibility.

3.   Organised Claims Procedure

If you are sued, you want your insurance provider to be able to get on to the case immediately. Bajaj Finserv understands the need for such prompt attention and has established a claims procedure. Once you notify them of the claim or circumstance, they perform coverage assessment and come up with a defence strategy. To ensure that the most appropriate strategy is adopted, lawyers and experts are consulted. In fact, this process is discussed with you well in advance. So even before the need arises, you’ll be aware of the measures that you need to take.

4.   Dedicated Resources And Infrastructure

To ensure speedy redressal, Bajaj Finserv has a dedicated claims team in place. They take care of all liability-related claim settlements. Also, Bajaj Finserv has over 200 outlets across the country and has written over 2,000 professional indemnity policies. So, you can be rest assured that you’re taking your practice to the best in the business.

Since Bajaj Finserv offers end-to-end solutions with its Indemnity Insurance for Doctors, it is one of the best professional insurance policies in the market. With high coverage and excellent customer service as its standout features, it truly puts your interests first.

Apply for Doctor Loan Online Know More About Doctor Loan

A quick guide to using the Bajaj Finserv Wallet

A quick guide to using the Bajaj Finserv Wallet

The Bajaj Finserv Wallet is the ultimate solution to simplify the task of managing payments right from your smartphone. It lets you perform a range of tasks such as booking flight tickets, looking for nearby stores, purchasing products on EMI, and more.

Here are a handful of guidelines to help you use the Bajaj Finserv Wallet optimally.

  1. Locate stores and enjoy offers:
    • The Bajaj Finserv Wallet features a section that gives you suggestions of various vendors in your locality and based on your previous choices. The GPS on your smartphone helps the app determine stores that are in your vicinity and accept payment via the app. These stores are across categories such as personal care and fitness, furniture and home accessories, grocery and more.
    • It also gives you access to offers such as cashbacks and discounts from over 2 million stores that are part of the MobiKwik vendor network. Popular vendors offering deals and discounts include Big Bazaar, Evok, and Reliance Fresh.
    • You can also gain from other perks, such as reward points, that are offered by various vendors that are a part of the MobiKwik and Bajaj Finserv network.
  1. Buy products on EMI:

    • You can simply link your EMI card with the Bajaj Finserv Wallet and enjoy limitless purchase of home appliances, apparel, and furniture. Instead of saving up for months and purchasing an item, you can do so immediately, through easy EMI options. All you have to do is visit a Bajaj Finserv partner store to use your digital EMI Card.
    • You can also shop online, from e-commerce websites such as Amazon, Flipkart, Nyka etc. and pay using your Bajaj Finserv Wallet.
    • By linking your Bajaj Finserv EMI Card to the Bajaj Finserv Wallet you can shop on EMI securely and safely. The transparent privacy policy tells you everything you need to know. Moreover, the MobiKwik payment gateway doesn’t save your personal details, thereby protecting them.
  1. Send and receive money instantly:

    • Transferring money used to be a difficult and tedious process. Thanks to the Bajaj Finserv Wallet, this process is simple, seamless, and fast.
    • The transfer feature lets you add a sum of money into your account and then transfer it to another person using their email ID or phone number.
    • This means that no matter who you wish to transfer money to, you can do it using the Bajaj Finserv Wallet, in a matter of minutes.
    • Similarly, the Bajaj Finserv Wallet allows you to receive payments from other people. This could be a transfer from your sibling or payments from customers, if you are a MobiKwik merchant.
    • Simply click on ‘Pay or Transfer’, enter the recipient’s mobile number, name (as stored in your contacts), or their code. You can even save these details to expedite the transfer in the future.
    • Then, you can choose to transfer to their wallet or to their bank account. After this, it is just a matter of filling in the details to complete the transaction.
  1. Use it to make bill payments easy:

    • If you are used to putting off paying everyday bills until the last minute, you’ll really enjoy this feature of the Bajaj Finserv Wallet. You can make a host of online payments without having to visit different website, using this app. You can recharge your mobile phones, pay electricity and phone bills, make insurance payments, pay for gas, and even pay your DTH bill – all through a click on the app.
    • The MobiKwik gateway uses SSL, a secure and safety protocol, to transmit information. This means that all your personal details are encrypted and can’t be accessed by a third party. This ensures the highest level of security when processing payments online. Moreover, only your email ID is stored in the records to allow seamless communication with you.
  1. Buy tickets for travel or entertainment with it:

    • The wallet can be used to enjoy services from over 2 million vendors. So, apart from making payments, you can also use the Bajaj Finserv Wallet to book tickets. You can book bus tickets via this app can get special discounts. With the Wallet app, you can also book tickets on IRCTC, Yatra, and MakeMyTrip, and earn SuperCash. By linking your EMI card to the Wallet you can also book flight tickets on No Cost EMI.
    • You can also indulge in your weekly movie viewing sessions by using this app to book movie tickets at PVR and BookMyShow, and earn SuperCash.
  1. Download it easily:

    • This app is freely available on Google Play Store and Apple App Store. You can easily download and install this application directly on to your smartphone.
    • After you have installed the app, all you have to do is enter your mobile number, enter the OTP received on your registered mobile number, and fill in your birth date. No matter when and where you are, you can transact conveniently.

Be it the comfort of making payments quickly, or the ease of purchasing items on EMI, the Bajaj Finserv Wallet offers it all. It is a must-have for your smartphone and is easy to download and install. What more could you ask for? For more information, click here.

7 ways how the Bajaj Finserv Wallet makes your EMI Card smarter

7 ways how the Bajaj Finserv Wallet makes your EMI Card smarter

The Bajaj Finserv Wallet is a must-have for people who want to simplify their lives. The Wallet uses MobiKwik’s gateway to make online payments and transactions flawlessly fast. It also provides uninterrupted access to Bajaj Finserv’s partner stores, as well as MobiKwik’s entire merchant network. In other words, think of it as your EMI Card with extra power!

Here are various ways in which the Bajaj Finserv Wallet is better than its physical version:

  1. Uninterrupted access to partnered stores:
  • The Bajaj Finserv Wallet is linked to a range of stores that fall under the MobiKwik and Bajaj Finserv network. MobiKwik’s merchant network gives you access to over 2 million stores and Bajaj Finserv’s EMI Network gives you access to over 1 million products on EMI.
  • Examples of these stores include Big Bazaar, Zomato, Archies, Domino’s, BookMyShow, Meru Cabs, and many others.
  • With categories that span household items, gadgets, home appliances, restaurants, medical centres, and more – you can engage with both online and offline stores at your convenience. The app uses GPS to give you suggestions of stores across categories that are in your vicinity.
  1. Exclusive offers for customers:
  • This app lets you enjoy range of incentives on cashless shopping like discounts, deals, and cashbacks.
  • It also gives you perks in the form of vouchers and talktime recharge offers.
  1. High transaction security:
  • The payments you make online are made via MobiKwik’s secure payment portal. This means that you have complete protection from online and offline threats. Think of it as an added layer of protection added to your Bajaj Finserv EMI Card.
  • If you are prone to misplacing items, this is a great tool for you. While a physical card can get misplaced, you won’t have to worry about this when you opt for the app.
  • Also, if you have your EMI Card linked with the Wallet, there is a provision to easily block your card in cases of theft or loss. This helps ensure that your card doesn’t fall into the wrong hands.
  1. All the features of the EMI Card:
  • Once you have linked the EMI Card to your Bajaj Finserv Wallet, you can use it just like you would the physical card. You can buy products on easy EMI securely with this app when you shop at stores that are partnered with Bajaj Finserv.
  • It lets you conveniently view all your EMI details on the Wallet and offers benefits such as quick approvals and zero foreclosure charges.
  1. Simplifies online payments:
  • The Bajaj Finserv Wallet makes utility payments fast and simple. Whether it is buying a chair, paying for groceries, or paying your phone and electricity bill—you can make all these payments within the app itself!
  • The app also lets you transfer funds between wallets easily. All you need is the Email ID and the phone number. This is a feature that is exclusive to only a handful of digital wallets
  1. Has an easy-to-use interface:
  • Unlike the physical card, the single-window view in the app provides you all the details of your EMI Card at a glance. You can see all your loan-related information as well as your transaction history in one place. You don’t have to contact your relationship manager, nor do you have to switch between separate tabs or pages. All you have to do is open the app.
  • It has a simple user interface. This makes depositing money into the account a fast process. All you have to do is enter the amount, your debit/credit card details, and make the payment. The amount is then instantly credited to your account.
  1. Can be installed without a hassle:
  • The Bajaj Finserv Wallet app is compatible with both Android and Apple operating systems. You can easily download and install it from the Google Play Store or App Store without breaking into a sweat.
  • The app runs on your system smoothly and does not need high-end specifications or software requirements.

You can now indulge in shopping on EMI, make bill payments on the go, or transfer money to your friends using the Bajaj Finserv Wallet. It is easier to operate as compared to the physical card and safer too! So install the Bajaj Finserv Wallet on your smartphone to gain from all its benefits.

5 Types of Business Data That Impact Business Funding Ability

5 Types of Business Data That Impact Business Funding Ability

A successful business requires steady cash flow. Inadequate funding has been a major roadblock for businesses in India, according to a recent study by the IBM Institute of Business Value (IBV), which found 65% of venture capitalists blaming lack of funding for the failure of Indian start-ups.

Cash crisis forces businesses to opt for business loans. These loans become essential to address various needs of an organization. Today, the market has many lenders whom enterprises can approach for loans.

“While companies do a lot of homework to zero in on the lender, it requires even greater efforts to set critical business data right before applying for a loan,” points out Dilip Makhija, an independent financial analyst in Mumbai.

He further says, “With cases of bad loans on a rise, lenders have become more cautious while lending and want to be sure about repayment.”

Lenders injecting cash use various formulae to find out business loan eligibility criteria and interest rates. These depend on several data points. Thus, it’s essential to maintain these points for the smooth approval of a loan.

        Revenue 

Revenue helps lenders understand the earning potential of a business. Higher revenue boosts the chances of qualifying for larger loans. We, at Bajaj Finserv, offer loans as high as Rs. 30 lakh at competitive interest rates.

Also Read : 5 Strategies Small Businesses Can Use to Grow Faster

        Balance Sheet

Business loan eligibility criteria depend on a company’s balance sheet. Companies must maintain a complete account of their assets and liabilities as per requirements for smooth approval of loans.

Most lenders take a close look at a company’s fixed assets in the balance sheet. Often used as mortgages, these assets can determine the loan eligibility criteria. Lenders can fall back on these assets in case of non-repayment. However, business loans Bajaj Finserv don’t need any collateral, as we rely on a good credit score to determine eligibility.

        Business Credit Score

Credit score plays a crucial role in the loan approval process. In some cases, it also determines the interest on a business loan as well as its tenor. Paying bills on time, limiting credit usage, using the business’s name in bill payment, and filing annual returns on time goes a long way in boosting the credit score of the business.

        Bank Deposits

Bank deposits reflect the financial health of a business. When cash inflow is higher than outflow, lenders perceive the company to be stable. High cash inflow often makes businesses potential targets for investors and vice versa. Lenders may also use information related to a business’s bank deposits to determine the eligibility and interest rate of any loan that the business owner applies for.

        Social Media

Social media is everywhere. In the digital age, behaviour on social media platforms affects business loans as well. Today, online reputation management has become crucial to qualify for a loan. Lenders watch the activities of a company and its owners on platforms like Facebook, Twitter, LinkedIn, and others to judge their creditworthiness.

Positive interactions with customers on these platforms go a long way in establishing the goodwill of a company, and therefore its potential to retain and acquire customers. On the other hand, negative comments and poor reviews hurt a company’s brand image and its eligibility for a loan.

Maintaining these five crucial data points are key factors in determining whether a business will get the required funds on time. In the changing economic scenario, the timely availability of funding may determine the difference between the success and failure of a venture.

At Bajaj Finserv, we offer a seamless procedure for the processing of the documents required for a business loan. With minimum paperwork, loans up to Rs. 30 lakh, a flexible line of credit facility, and online account access, our Business Loans are designed to help growing businesses succeed.

Apply for Business Loan Online Check your Business Loan Eligibility

EL Oct 03_6-things-that-will-help-you-manage-a-hi-tech-engineering

5 Things That Will Help You Manage A Hi-Tech Engineering Business

A technologically-advanced firm is the product of a clear vision of the end product or service that caters to a niche market. Whether you have a biomedical engineering firm, or a company working with artificial intelligence, to keep your business going strong, pay keen attention to these five aspects:

  • Phase your growth by counting on technological advancements:

A firm whose products hinge on the latest technology has to account for rapid advancements in technology and thrive amongst competition. Thus, having a clear short-term and long-term goal in mind are essential. Consider this: A high-tech firm may start by developing powerful photography drones, but 5 or 7 years down the line, they may want to expand your offerings to produce drones powered by solar energy, gas or nitro-fuel. Keeping this in mind, they can develop a matrix involving the teams required, plan the finance needed and make the marketing strategy in phases. Understand your strengths and build a business that offers products and services sought by the market by doing regular market forecasts and keeping changing consumer needs in mind.

  • Concentrate on R&D

If you are building a product, you don’t have anything to sell until the product is ready. So, nothing else should take priority until such time. As an entrepreneur, you may be pulled into several other directions. Remember to always bring your firm’s core product or service back into focus. If you’re developing GPS drones, you will have to work on everything, right from how the technology comes into play, the battery life of the device and the controls, as well as the packaging and delivery channels that you will use to distribute it. However, the research and development aspects are significantly more important. Once the product is ready, you can shift your focus to other aspects such as sales and marketing. If you don’t have GPS drones that perform flawlessly, all your efforts to ensure that the drones aren’t damaged in transit is in vain.

  • Recruit the best-in-industry personnel and offer competitive salaries:

When it comes to employing staff, it is even more important for you to hire the best person for the job and ensure that you have the necessary departments or team structures to support your key personnel. Since your resources will comprise highly-specialised individuals, ensure that you pay salaries that meet or exceed industry standards to attract them to your company. For example, say your drone manufacturing company needs a skilled team of aeronautical and Unmanned Aerial Systems/Vehicles engineers. But, you also need an R&D department headed by a UAV system test and qualification engineer. Rather than choosing one, ensure that you have both. The staff you hire today are the assets that will help grow your technologically enhanced business, so, provide for an environment, the resources and the salaries that will help them strive for perfection.

  • Prepare for failure by budgeting in enough working capital:

In a high-tech business venture, you need to be prepared for failure. For example, nanomedicine is a high-tech stream that is still in its nascent stages. If you’re developing a needleless injector, it is unlikely that it will achieve perfect results in the first go. Your product will need to undergo a rigorous process of developing, testing and sampling until it is a 100% accurate and safe. Every stage of testing and development needs funding. You will have to go back to the drawing board time and again, until your market offering is the best that it can be. And this is not a needless expense. Learning from your mistakes will help you build better products and services. However, this involves substantial cash flow requirements. So, identify good sources of external funding, be it via a business loan or venture capital or both. This not just when you start your company, but also to fuel its working capital needs month on month. 

  • Get your marketing strategy on point:

Unlike an FMCG product that has a straightforward marketing strategy, your products are niche and will usually cater to a very specific B2B segment. To ensure that your key audience is aware of your products and services, ensure that your marketing plan is comprehensive. Factor in marketing activities such as participating in trade fairs like the International Engineering & Technology Fair, Internet of Things India Expo or TECHINDIA Expo. You may also want to consider getting a feature published in an industry magazine such as Silicon India. Keep in mind that since your marketing strategy is sure to be focused and niche, you will need ample finances to back it up.

Armed with these tips you’re sure to turn your high-tech business into a success. Whether it is to equip your business with the latest machinery and equipment or to pump up its working capital, apply for a Engineers Loan from Bajaj Finserv. With an easy online application process that requires minimal documentation, this loan also features a quick disbursal.

Apply for Engineer Loan Online Check your Engineer Loan Eligibility

7 Risks Doctors Have If They Don’t Have A Professional Indemnity Insurance

7 Risks Doctors Have If They Don’t Have A Professional Indemnity Insurance

Picture this: A father brings his toddler to your paediatric clinic for a routine check-up. You diagnose her condition and prescribe a course of medication. But, the medicine doesn’t suit the toddler, giving her a bad rash and bouts of vomiting. Instead of consulting you again, the father initiates legal proceedings. Before you know it, you’re being accused of negligence and misdiagnosis.

In such situations, your reputation, medical practice and business funds are at stake. To protect your interests, professional indemnity insurance for doctors is essential. It covers you in case of a medico-legal case, provides financial assistance and legal counsel.

Take a look at 7 risks you face if not insured with this policy:

Misdiagnosis

When accused of incorrect or incomplete diagnosis, like the example cited above, you can be liable to pay huge amounts. A professional indemnity insurance policy for doctors will protect you against this eventuality.

Incorrect dosage

Consider this: Instead of prescribing 50mg dosage of a medicine, you prescribed 100mg. Due to this, your patient experienced severe drowsiness and fell asleep for a split-second while driving. Unfortunately, this culminated in an accident. Now, the patient has sued you and demands a compensation for the damage. In such a case, an indemnity policy will help you counter legal charges and/or pay for the damages.

Surgery-Related Procedures

In case you miss a step while performing a surgery or perform the wrong procedures, the patient may sue you and/or the hospital. For example, a sponge or piece of cotton left behind in a patient’s body after the surgery can be fatal. This may need another surgery to remedy the situation. In such cases, the patient can sue you.

Wrong Course Of Treatment

different doctors may have different approaches to treatments. As a dermatologist, you may have administered certain treatments that may have not suited your patient’s skin. He/she might consult another doctor who has a different way of approaching the problem. The patient might put two and two together and sue you for prescribing wrong course of treatment.

Loss of Reputation

When you’re entangled in a legal battle, you stand to lose your business assets as well as reputation. A mention of a lawsuit is often enough to make patients hesitant, regardless of whether it is your fault or not. So, it is important to pre-empt such damages and take necessary corrective measures.  Signing up for an indemnity policy for doctors makes this possible for you.

Libel and Slander

Libel and slander can go a long way in tarnishing your reputation and hampering your business. But, with a professional indemnity policy you will have the funds and the legal counsel to take necessary action.

Employee Fraud And Dishonesty

If you have a physiotherapy centre, it is likely that you have assistants or junior doctors to help you. Imagine this: your assistant recommends and performs an unnecessary procedure so that she can bill the patient a higher amount. But, she ends up dislocating the patient’s bone, making his condition worse. On recovery, the patient can sue you for fraud. Instead of the liability falling on your shoulders, the professional indemnity policy will protect you from such instances of employee fraud and dishonesty.

Investing in professional indemnity insurance for doctors covers you against these risks. With the policy protecting you, you can focus on running your medical practice without worrying about legal hassles.

An excellent policy that covers you from these risks is the Bajaj Finserv Professional Indemnity Policy for Doctors. Apart from enhanced coverage, it also offers access to lawyers to take up your case.

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