Medical Practice Insurance

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Business & Equipment Insurance for Doctors Medical Practices*

Medical clinics need business insurance, including public liability insurance, as doctors work with members of the public that may be in pain or discomfort entering the clinic and receive medical treatment during a visit, increasing the probability of an accident in medical practices.

Public liability insurance may protect medical practice and surgery owners against damages from claims if patients and suppliers hurt themselves in your clinic. For example, a patient could trip over an equipment trolley and lodge a claim against you.

Medical clinic owners also face risks in relation to the commercial premises they operate from loss or damage of stock and contents, and business interruption.

Fortunately, suitable business insurance for doctors clinics may provide protection against the negative financial impacts that could arise from accidents, property damage, or legal claims caused by your medical clinic business activities.

Doctors’ medical practice business insurance, including product and public liability insurance, may cover property damage, injuries to third parties that are caused by your medical clinic business activities.

By ‘packaging’ their business insurance into a ‘business pack’ doctors and medical practice managers can potentially cover many of the risks their business faces in the one policy.

Many Business Owners are UNSURE if they are COVERED PROPERLY.
We help them find affordable and SUITABLE INSURANCE so they can run their business with CONFIDENCE.*

What Insurance Do I Need as a Doctor working from a medical practice?*

Some of the major types of business insurance covers we may provide to doctors in Australia are explained below and include:

  • Business Insurance Pack
  • Public Liability Insurance
  • Plant and Medical Equipment Insurance
  • Cyber Insurance

Business insurance pack for doctors medical clinics *

Doctors and medical practice managers may be able to combine multiple covers in a single business insurance pack policy.

By ‘packaging’ their business insurance into a ‘business pack’ doctors and medical practice managers can potentially cover many of the risks their business faces in the one policy.

For example, with a doctor’s commercial premises, a business insurance pack may provide cover for buildings and contents if they are accidentally damaged by a defined event, such as fire, storm, impact damage, accidentally damage, vandalism, or malicious damage.

Other typical inclusions for doctors with a business insurance pack are Public Liability Insurance and Product Liability Insurance.

Optional inclusions for doctors with a business insurance pack are General Property, Contents, Stock, Theft, Glass, Money, Business Interruption and Marine Cover.

For example, the replacement of Patient examination table , Medical lights, and Sterilization equipment may be covered in the event of a fire, and loss of profits may be covered under business interruption if caused by a defined event.

Coverage under a business insurance pack for doctors varies depending on the cover options doctors select.

Consider if your medical practice is adequately insured so that your business can resume from where it left off before the accident.

That means being able to rebuild and replace the buildings, equipment, and contents at today’s prices quickly.

Smart Tip: It is important to note when providing information on insured values that premium savings for a partially insured medical clinic won’t make a great contribution to covering any shortfalls if you are underinsured.

Multiple medical clinic locations may be able to be covered on the one business insurance pack policy.

Call 1300 542 573 to talk to a SMART business insurance broker who may be able to assist you in finding suitable cover at an affordable cost.

Plant & Medical Equipment Insurance for medical clinics *

Plant & Equipment Insurance may provide cover for owners of medical clinics that operate equipment such as Computers, Fridges, Patient examination tables, Medical lights, Sterilization equipment, Medical instruments.

Cover may provide doctors with protection for theft, damage, consequential loss, liability, and machinery breakdown.

Cyber Insurance for medical clinics *

Your medical clinic credit card processing system is a target for hackers as is your networked computer system that contains confidential client data.

If you are hacked and incur a data breach you may incur significant tech bills, be open to be sued by frustrated customers, and may be subject to thousands of dollars in government fines.

Help reduce the impact of damages from data hacking with cyber insurance – and keep your medical clinic going.

Why do doctors practices need product and public liability insurance?*

Public Liability Insurance coverage is essential for all medical clinic owners.

In Australia, public liability insurance also typically includes product liability insurance.

People and property on site may be hurt or damaged due to accidents involving your medical clinic business activities.

Protections offered to self-employed doctors by public liability insurance in Australia generally include:

  • Injury to other persons due to your medical clinic activities –Where a doctor’s business activity causes harm to a third-party person. For example, a client is injured when they trip and fall in your medical clinic.
  • Damage to others property due to your medical clinic activities – Where a doctor’s business activity causes damages to a third- party’s property. For example, a doctor may accidently cause damage to a supplier’s van when unloading.
  • Harm to other persons or other persons property due to your medical clinic business’s basic retail products – Where a doctor business’s basic retail products and goods supplied causes harm to a third party -person or a third- party’s property. For example, a travel set or everyday bandages.

Public liability insurance coverage may protect doctors from claims that arise when others allege they are negligent.

A doctor’s public liability policy may provide a defence against the ensuing lawsuit when needed and may pay the damages sought by the injured party.

Public Liability Insurance may provide doctor with protection for slip-and-trip accidents, serious illness or harm caused by products sold to clients.

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What are the costs of Medical Clinic and Equipment Insurance?*

How much does business insurance, including public and products liability insurance, cost for doctors’ practices ?*

Key factors in determining how much business insurance, including public and products liability insurance will cost a doctor’s practice  include:

  • where your business premises are located
  • the value of the property insured
  • the level of security and fire protection
  • age of premises and equipment
  • the size and turnover of your medical clinic
  • number of staff
  • the optional covers selected
  • your claims history
  • the level of cover selected (for example, $5 million, $10 million or $20 million liability).

Our helpful business insurance brokers may be able to help you find suitable and affordable business insurance for your medical clinic on 1300 542 573 

What type of doctors clinics may be covered with business insurance?*

  • General doctors
  • General Practitioners
  • Medical Practices
  • Medical Centre
  • Day Surgeries
  • Allied Health Practitioners
  • Night and Day Clinics
  • Specialist doctors
  • Optometrists

Why should doctors and medical clinic practice managers use an insurance broker in Australia?*

If you are a doctor or medical clinic practice manager deciding on whether to use an insurance broker for your business insurance, it is important to consider that brokers act in the interests of the medical clinic owner.

Direct insurers and agents act for the insurer. This can be important; especially if you need to claim.

Brokers can help doctors or medical clinic practice managers by sourcing competitive quotes on policy inception, negotiate with the insurance companies to prevent or limit increases on renewal, remarket your policy to other suitable insurance companies where appropriate, talk to underwriters about policy wordings, industry classifications and terms, talk to insurance assessors during the claims process and repairers where necessary.

How do I get a doctors medical practice insurance quote?*

Simply TALK to a SMART Business Insurance broker on 1300 542 573 or contact us online for suitable and affordable business insurance quotes for your medical clinic.