Not only are there countless business insurance policies, with some being compulsory for all businesses in Australia, there are also many policy providers. Finding the right provider and insurance policy types for your practice will take some research and discussion with your insurance broker so they can understand your business and secure you the right policy.
What Should I Be Covered For?
When taking out insurance policies, you want to ensure that all stakeholders are covered. This means providing cover for your practice, your employees, your customers and yourself.
It’s also important to understand that in Australia, some insurance policies are compulsory by law such as workers’ compensation insurance, no matter which industry you are in. Due to the nature of the medical industry, it’s vital to not only take out a workers’ compensation policy but also additional policies to ensure you have adequate cover for all situations.
Which Insurance Types Do I Need?
When taking out insurance for your medical practice, you should consider the following insurance types:
• Workers’ Compensation Insurance
As mentioned, workers’ compensation insurance is obligatory for all businesses operating in Australia. This provides cover for your workers should they get injured or sick arising from work. The policy will provide your employees with benefits relating to medical expenses, hospital cover, loss of income etc. depending on the severity of the incident.
• Professional Indemnity Insurance
Taking out a professional indemnity insurance policy will cover your partners, employees and yourself should a case be brought against them on an individual basis. This policy type usually covers breaches of confidentiality, negligence, civil liabilities amongst other areas.
This insurance type is extremely vital for smaller practices as the costs associated with cases brought against your employees or yourself can often be so severe it could cripple your business.
• Medical Malpractice Insurance
This is similar to professional indemnity insurance however it usually broadens the scope to not only provide cover for the health professional, but also the practice. Most medical malpractice insurance policies will cover costs associated with a client suing the entity for any errors that have occurred.
Taking out medical malpractice insurance is most important if your medical practice operates under a separate entity, whereas the business is separate from yourself.
• Business/Office Insurance
Every business should take out business/office insurance to protect you and your building from various risks relating to fire, theft, water and property damage. When disaster strikes, you want to have your assets and investments covered so most of the financial hardship you could encounter is primarily covered by your insurance.
• Cyber Insurance
As a medical practice business owner, you’d be aware that you’re often gathering a lot of confidential information about your customers. That’s why it’s so important that any information you have on record is covered under an insurance policy in the event of a cyber-attack.
Cyber insurance is the perfect way to keep your business covered and usually covers fees stemming from data loss, recovery and crisis management.
How Will the Right Insurance Policies Benefit My Business?
By taking out the right insurance policies for your business, you’ll gain a range of benefits including:
• Flexibility
Find the right insurer and you will be able to modify your policy to match your medical practice, no matter what unique services you may provide. This will give you the flexibility to ensure you have adequate cover for all aspects of your business, no matter what problems arise.
• Customer satisfaction
When a customer visits your medical practice and receives your services, they want to know they’re covered in the case of negligence or if any mistakes are made. Being insured will improve customer satisfaction and encourage more people to feel safe and covered using your services.
• You’ll Be Covered
Overall, if you don’t have adequate insurance for your business, one small incident or mistake could spell disaster for your medical practice. Being covered allows you to rest assured no matter what has occurred, you’ll be financially stable.
Where Can I Find the Right Insurance?
There are thousands of insurance policy providers on the market, each with their own range of inclusions and exclusions. This can make it hard for you to find the right one to suit your medical practice.
The specialised team at Phoenix Insurance Brokers Pty Ltd will get to know your business and find the right policy for your company. If you’re looking for the right insurance policy for your medical practice, contact the experienced Phoenix Insurance Brokers Pty Ltd team today.
