When the time comes to renew your medical indemnity insurance, it’s easy to stick with the same insurer. This could be a costly decision, because you might do better by switching. As a consumer, you are well within your rights to shop around. In fact, a regular review of your professional indemnity insurance is the best way to maximise your value for money and ensure you are getting the right coverage.
There are a multitude of reasons you may choose to switch insurers:
- Your circumstances have changed – you’ve moved into a new specialty, added a specialty, or your billings have increased or decreased since last year
- You’re eligible for other discounts – based on your age and history, you may qualify for significant discounts with a new policy
- You want better value – perhaps your current policy worked for you in the past, but is no longer competitively priced
- You want better cover – perhaps your current policy was once marketleading, but new providers have brought innovative features to the market
- You’re paying more than you should – you’ve been claimfree for several years but your rates haven’t budged
- You want better customer service – you’re experiencing poor communication with your insurer and may have had difficulties when making a claim
An insurance broker can offer you transparency and advocacy, saving you time, money and worry. Insurance can be very complicated, and an insurance broker can demystify insurance jargon, help you understand the details of a policy and work out what level of cover you require so that you are properly protected.
The expertise of a broker gives you the benefit
of specialist guidance, genuine choice and a
Using a broker doesn’t necessarily cost more. It may even costs less because they have knowledge of the insurance market and the ability to negotiate competitive premiums on your behalf.
Quick Tips For Switching Insurance:
- Ask your broker to compare policies to find the best value coverage
- Regularly review your insurance coverage and what the competitors are offering
- Check the terms and conditions of your current policy to see if cancellation penalties apply some penalties may not be legally enforceable
- Make sure you understand and comply with the formal cancellation procedures of your policy
- Check how long it will take to have the new policy activated
- Avoid coverage gaps; arrange your new policy before your old one is cancelled
Information provided on this page is of a general nature and has been prepared without taking into account your particular objectives, financial situation or needs.
Before making a decision regarding purchase of an insurance product, we recommend you consider the relevant Product Disclosure Statement and assess whether the selected insurance product is appropriate to your circumstances.
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.