Medical Practice Insurance
If you are a medical or allied health practice, it’s crucial that you have the right insurance in place to ensure your business is properly protected. Even if your medical practitioners have their own professional indemnity insurance, you also need to make sure that your operating practice and trading entity is also safe from any legal liability that may come about. Not to mention any losses or damage that could occur to your practice’s assets.
At Pender Insurance, we understand that medical, allied and rehabilitation practices have specific industry risks and we can assist them with obtaining appropriate insurance that meets your requirements at a cost you can afford.
Medical Practice Insurance Coverage
Some of the risks that can be protected by a sound medical practice insurance program include:
Medical Malpractice Insurance – Will protect the practice from such risks as professional negligence, errors and omissions, breaches of duty, fraud, fines and penalties which it could become exposed to as a result of a practitioner’s treatment or advice.
Public and Products Liability Insurance – Protection from legal liability stemming from third party personal injury or property damage which may come about due to your practice’s activities. For example, a patient may slip and fall and injure themselves in the medical or healthcare practice.
Management Liability Insurance – Owners and operators of medical practices also have management responsibilities for their day to day operations. Failing to meet these obligations can be costly and time consuming. A good Management Liability insurance policy will provide protection is for breaches of directors’ duties, employment practice legal liability such as unfair dismissal or discrimination, employee theft of money, as well as statutory fines and penalties from regulatory bodies such as ASIC, the ATO or Workcover.
Cyber Insurance – Is vital to a medical practice as it provides financial protection from the hefty expenses and fines caused by breaches in privacy from cyber-attacks. Unauthorised access to patient records is an offence with expensive ramifications. Cyber Insurance also covers IT expenses associated with repairing systems, and even loss of profits a medical practice could suffer from a cyber incident
Property and Stock Insurance – will cover the replacement of the physical assets in the medical practice if a fire or peril was to occur. Most practices have expensive equipment and fit outs and even stock. With the right insurance policy in place, this can all be reinstated in a timely manner if disaster was to strike.
Mobile Equipment Insurance – Is designed specifically to cover valuable equipment that leaves medical or healthcare practice.
Machinery Breakdown Insurance – Will provide cover repair costs, replacement costs and even loss of profits if a key piece of medical machinery breaks down.
If you would like to a high quality and affordable insurance package to protect for your medical or allied healthcare practice, call us to discuss how we can help.
Find out more about Medical Practice Insurance today and give our friendly staff a call.