A Business Insurance policy can provide valuable financial protection for a Doctor’s medical practice. These policies have a wide range of coverage options for both property related damage and can also protect against some financial liability risks. Common covers that can be offered in a business insurance policy include, but are not limited to the following :
- Business Building (if owned)
- Business Contents such as desks and fit-outs
- Public and product liability cover. Accidents can happen in any medical business. If a patient or client slips on a wet floor or a supplier injures themselves while making a delivery, it could lead to a legal claim for compensation. It can cover compensation you’re legally liable to pay, plus your reasonable legal fees.
- Portable Items
- Business Interruption cover – provided property damage cover is included
- Theft
- Glass. Your practice may have glass windows, glass doors or glass display cases which face the risk of accidental breakage.
- Machinery Breakdown
- Tax Audit
- Cyber insurance (this cover may need to be bought on its own via what is referred to as a “stand-alone” policy.
Care must be taken when a medical practice buys a business insurance policy to ensure the ownership structures of the business aligns with the coverage arranged. Furthermore, any practitioners that work with the medical practice as “contractors” need special consideration. Examples of claims made by medical practices under a business policy could include :
- Property damage due to water damage or fire
- Accidental damage to property such as portable medical equipment and mobile phones
- Accidental damage to computers or printers and other clinical equipment
- Public Liability Insurance
Business Insurance policies are available from a range of insurers such as Vero, AIG and others and are commonly arranged by brokers like Experien General Insurance Services. The coverage offered by each insurer can be found in their Product Disclosure Statement (PDS) or policy wording and any notations on any policy schedule. The PDS must be read carefully before buying insurance to note the risks, benefits and costs of the coverage.
Each business will have different needs based on their personal circumstances. The information above is general in nature and doesn’t allow for specific needs.
Experien General Insurance Services acts as a broker for many different insurers and can liase with them on behalf of Medical Practice owners to arrange coverage and maintain coverage. If you would like a review of your business insurance please don’t hesitate to contact us at any time. 30 Oct 2024. General insurance services are provided by Experien General Insurance Services Pty Ltd ABN 77 151 269 279 AFS Licence No. 430190 (EGIS) trading as Experien Insurance Services. EGIS arranges insurance and is not an insurer.
