Medical and Healthcare professionals truly face distinctive risks for a multitude of reasons, from a patient’s limited mobility to protecting sensitive patient information dealt with on a daily basis. And that’s in addition to the other risks faced, like property damage to your medical business office or loss of business records and patient files.
Medical Practice Insurance
Medical Practice Insurance helps protect your health facility and medical practice in a similar way a homeowner’s insurance policy helps protect personal possessions or your home.
General Liability, Commercial Property and Business Income are essential parts of a medical office or health practice’s insurance policies in Australia. These three help medical and health practitioners in two ways- saving money on their insurance rates and protecting what they have worked so hard to build.
General Liability – will protect your health and medical practice from certain lawsuits alleging property damage and injuries that can occur from your business operations, such as; a patient being injured at your health and medical facility or spa. It can even help cover different types of claims in regards to libel and slander. On the other hand, Business Liability will not cover liabilities that directly arise out of your professional medical and health services that you may provide.
Commercial Property – this form of Medical Practice Insurance helps protect the facility where you do business and the tools you use to conduct your health and medical practice, such as therapy tools, computers, , and specific medical equipment.
Business Income – this type of insurance simply but very importantly helps cover any loss of income if you’re unable to treat your patients because of covered property damage.
Medical Practice Insurance in Australia
Medical Practice Insurance in Australia is one of the most complex areas of general insurance and is often the most misunderstood. There is a raft of legislation which is designed to protect registered healthcare practitioners (and patient’s rights to seek compensation when mistakes occur). Contact a Medical Practice Insurance advisor to find out more.
This publication is general in nature and is not comprehensive or constitute 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.
Eric is the CEO of Tego, an insurance agency offering specialist indemnity insurance solutions for the healthcare and life sciences sectors. His qualifications include a bachelor’s degree in business and law, a master’s degree from UNSW in law and management and an MBA from the AGSM.