Best Medical Indemnity Insurance To Protect You
Working in healthcare can be tremendously fulfilling and rewarding, however, the industry comes with a vast range of different risks. Many medical specialists are well aware of the fact that they may be liable for any kind of errors or negligence that they commit will providing their services. The Australian public places a tremendous amount of trust with medical professionals, and because of this, a complex range of legislation protecting patients has emerged. Hence, anyone working in the healthcare industry should be scrupulous in the choices that they make regarding medical indemnity insurance.
Secure The Future Of Your Medical Practice
Medical indemnity insurance is critical to ensuring that any medical practice, whether big or small, is able to withstand any legal proceedings which may occur. Many popular practices, especially those in Sydney and Melbourne, see a very high number of patients on a day to day basis. Generally, the larger the number of patients a given practice sees, the higher the chance for potential future legal action.
Lots of medical professionals make the wrong assumption that it’s usually only through major procedures that they perform that they are most likely to be prone to legal action. However, many lawsuits in Australia involve minor or small procedures and services that have turned out to have caused patients harm or inconvenience. There is no assurance that because the lawsuit arose from a small procedure that the potential financial consequences will be smaller. Medical professionals must be vigilant in ensuring that they have the cover to protect them and their practice from all types of potential claims.
Standard Features Of Medical Indemnity Insurance Policies
Medical indemnity cover is required by law in Australia. This means that all professionals, whether they are still an intern in a hospital or an owner of a practice, must take out this type of cover. All indemnity arrangements will include many clauses about the services and practices which a professional may be covered for. It is critical that these clauses are paid a great deal of attention to ensure that a specialist knows precisely what services they can provide while still being covered.
The most common aspect of Australian indemnity policies is the fact that they cover all civil claims with protection of up to $20,000,000. This baseline level of cover will ensure that all professionals will have protection against the most common types of claims that are pursued against themselves or the practices that they represent.
However, baseline indemnity doesn’t provide cover for such things as non-civil claims that can include coronial inquests as well as disciplinary investigations. These types of occurrences are much rarer than common patient lawsuits, however, can have just as much of an impact financially on a professional and their practice.
Popular policies taken out as of late include lots of useful features that make navigating the indemnity policy much easier for specialists. A favourite feature that has become implemented in many policies is a 24-hour legal hotline which can provide instantaneous legal counselling to policyholders. Lots of medical professionals often have many questions regarding the legal ramifications of actions that they have undertaken, by having access to such a hotline, they will be able to have all of their questions answered immediately at their convenience.
For specialists that have run practices in the past, the option for retroactive protection is often available with specific indemnity policies. This means that actions undertaken in prior practices will also be covered in the present, even if the prior practice currently ceases to exist. This provides great peace of mind to specialists that want to ensure that their past services will be adequately protected through their insurance policy.
Medical Specialties Covered By Medical Indemnity Cover
Differing medical specialities have different risks regarding their vulnerability to legal proceedings. For example, cardiology and orthopaedics have much higher rates of lawsuits than specialities such as radiology. Thankfully, most Australian medical indemnity providers are able to cover all of the recognised medical specialities that are practised within the country.
However, it is crucial that distinctions are still made between each speciality that is covered by a given indemnity policy. Within each speciality, the insurance provider will have a strict set of clauses and policies regarding how and if protection will be provided. These clauses may be drastically different from one speciality to another. Because of this, professionals must be cautious in making assumptions about their cover, especially when it comes to coverage provided to fields other than their own.
Contact Us Today For Tailored Medical Indemnity Insurance Advice
Medical indemnity insurance is increasingly complex when compared to other types of professional insurance policies available in Australia. Any medical professional that wants to ensure that they will be protected from all possible forms of legal action should contact us for tailored advice and recommendations. We are able to help a wide range of different Australian medical specialists in finding the perfect policy for them and their practice. We pride ourselves on going through all of the fine details of varying policies available to make sure that our clients find the most suitable cover on the market. Give us a call today for an obligation free quote!