Medical Practice Insurance

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.