Common FAQ’s: Professional Indemnity Insurance

The medical profession is very demanding and at times involves various risks. These risks are involved with the nature of work in the medical field. The medical professionals are exposed to various risks on the field and to cover the interests of these professionals; it’s essential to provide them security in their job so that they can focus their complete attention towards their critical work.

Why are National Boards required to include the option of Professional Indemnity Insurance (PII) for registered health practitioners?

National Boards are required to include Professional Indemnity Insurance as per the National Law. The nature of the work of registered health practitioners puts them at risk of loss, financially and health-wise. The National Scheme extends the function of protection to the practitioners by covering them under Professional Indemnity Insurance.

When is the new standard expected to come into effect?

For further clarity and simplification, the new standards would be applicable along with the registration during the registration period. The alignment of new standards with the registration period would promote the understanding of standards among employers, practitioners, and others. On the overview, there is a lot of similarity between the new standards and the old ones, although there is some variation that the practitioners would be able to understand. This refers that the application of new standards requires a lot of scrutiny before actual application and it cannot happen quickly. The practitioners would be required to understand the new standards in details and maneuver accordingly.

Coverage of new PII standards would include:

  • In early 2016 (TBC) for chiropractic, dental, medical, medical radiation practice, optometry, osteopathy, pharmacy, physiotherapy and podiatry
  • On 1 June 2016 for nursing and midwifery

Scrutiny of Registration Standards

After your selection, you are required to get audited in lieu of the mentioned registration standards, which is in effect during the audit period. For instance, if a candidate is audited during the period of 1st of December 2015 to 30th of November 2016 and the audit is conducted in say, February 2017. In such a case, the standards applicable at that time would be put in effect, not the new ones.

Revised Registration Standards and Their Supporting Evidence

The best available evidence in support of the regulatory work is required to be drawn by the National Boards. In order to make sure that the new standards of registration are strictly “evidence-based,” National Boards has worked in close conjunction with AHPRA. This schema is further aimed at the professional development and ensures effective practice by the professionals. The National Boards also took into consideration the previously laid down standards in order to outline a benchmark for new regulations.

The revised regulations are introduced with the aim to strengthen the insurance function for the medical professionals. Although it might seem a bit complicated in terms of application, it is in fact introduced with the aim to remove any discrepancy in the medical cover function. Medical practitioners can work with better peace of mind with the implementation of the new regulations.

Tego is a provider of medical indemnity insurance for doctors in Australia. Medical Indemnity insurance is a critical component of a strong career. When things go wrong, you need to ensure that you have the best doctors medical indemnity insurance in place. It’s important that you obtain a medical indemnity insurance quote to enable you to compare cover across the different medical indemnity insurers. Contact Tego today to find out the cost of medical indemnity insurance.

By Tego Insurance on Thursday, December 27th, 2018 in General. No Comments

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