Choosing the right medical indemnity insurer is an important decision for any doctor practicing in Australia. With so many options available, it can be difficult to know which insurer is the best fit for your needs. Here are some key factors to consider when selecting a medical indemnity insurer in Australia:
- Coverage: The most important factor to consider when choosing a medical indemnity insurer is the level of coverage provided. Make sure that the insurer covers all the medical services you perform, including telehealth and that the policy complies with the legislation. It is also important to check whether the insurer covers you for claims arising from both past and future incidents.
- Financial stability: It is important to choose an insurer that is financially stable and has a strong track record of paying claims. This will ensure that the insurer will be able to pay out if a claim is made against you.
- Legal representation: A good medical indemnity insurer will provide access to legal representation in the event of a claim. This can be critical in cases where the claim is complex and a specialist medical defence lawyer is required.
- Premiums: The cost of medical indemnity insurance can vary significantly between insurers. It’s important to compare the cost of premiums and ensure that you are getting the best value for money.
- Support and education: Medical indemnity insurance providers often provide education and support to their insured members, helping them to stay informed and meet their legal and regulatory obligations. This can be beneficial for doctors who want to stay up to date with changes in the medical profession and regulations.
- Reputation: It is important to choose an insurer that has a good reputation among the medical community. Reputation is important and you should check the reviews and ratings of the insurance providers.
- Tailored policies: Some medical indemnity insurance providers offer tailored policies for specific specialties or areas of practice. This can be beneficial for doctors with specialised needs.
When comparing medical indemnity insurance policies, it is important to pay attention to the specific terms and conditions of each policy. Here are some key terms to look for when comparing medical indemnity insurance policies:
- Limit of Indemnity: This is the maximum amount that the insurer will pay out in the event of a claim. It is important to choose a policy with a limit of indemnity that is appropriate for your level of risk and potential liability.
- Run-Off Cover: This type of coverage protects doctors for incidents that occurred before the policy was taken out or after the policy expired. It’s important to make sure that your policy includes run-off cover so that you are protected for any claims that may arise after you have retired or changed your profession. There is also the availability of access to the Government Run-Off Cover Scheme for doctors in some circumstances.
- Retroactive Cover: This type of coverage protects doctors for incidents that occurred before the policy was taken out. It’s important to make sure that your policy includes retroactive cover so that you are protected for any claims that may arise from past incidents.
- Defence Costs: This type of coverage will pay for the legal costs of defending a claim, including representation in court. It’s important to make sure that your policy includes defence costs coverage so that you are protected for any legal expenses that may arise from a claim.
- Professional Indemnity: This type of coverage will protect you from claims of negligence, malpractice or breach of professional duty. Make sure that your policy includes professional indemnity coverage so that you are protected for any professional misconduct claims that may arise.
- Public Liability: This type of coverage will protect you from claims of injury or damage caused by you in the course of your professional practice. Make sure that your policy includes public liability coverage so that you are protected for any claims that may arise from injuries or damages caused by you.
- Extent of Coverage: This type of coverage will protect you from claims that may arise from new or emerging technologies or activities such as telemedicine or social media usage. Make sure that your policy includes coverage for new or emerging technologies so that you are protected for any claims that may arise from these activities.
- Claim Excess: Many policies will require the policyholder to pay an excess when a claim is made. It is important to check the amount of the excess and whether it is a fixed amount or a percentage of the claim.
When comparing medical indemnity insurance policies it is important to pay attention to the specific terms and conditions of each policy. Key terms to look for include the limit of indemnity, run-off cover, retroactive cover, defence costs, professional indemnity, public liability, extent of coverage and claim excess. By understanding these key terms, doctors can make an informed decision when selecting a medical indemnity insurance policy that is the best fit for their needs.
Choosing the right medical indemnity insurer is an important decision for any doctor practicing in Australia. By considering factors such as coverage, financial stability, legal representation, premiums, support and education, reputation and tailored policies, doctors can select an insurer that is the best fit for their needs and provide peace of mind in the event of a claim. It is recommended that doctors do their research and compare the different medical indemnity insurers in Australia to ensure they have the right level of coverage for their specific needs.
This publication is general in nature and is not comprehensive or constitutes legal or medical advice. You should seek legal, medical or other professional advice before relying on any content, and practice proper clinical decision making with regard to individual circumstances. Persons implementing any recommendations contained in this publication must exercise their own independent skill or judgment or seek appropriate professional advice relevant to their own particular practice. Compliance with any recommendations will not in any way guarantee discharge of the duty of care owed to patients and others coming into contact with the health professional or practice. Tego Insurance Pty Ltd is not responsible to you or anyone else for any loss suffered in connection with the use of this information.
All content on this page has been written in a generic way, and has not been presented with any knowledge of your personal objectives or financial needs.