Protect Your Practice With The Right Insurances

Of all the mechanisms you need to have in place to run a successful business, an insurance program that can alleviate and protect you from any risks that your business could face is paramount.

You should always consider sourcing your insurance through an adviser who is licensed to provide personal rather than general advice. Personal advice takes into consideration your individual circumstances and provides advice accordingly.

As a starting point, the following insurances should be considered:

Business Insurance

Offered in a packaged product that allows you to select from different policies that include:

• Property Damage — Buildings & Contents repair or replacement
• Business Interruption — Protects revenue when you are unable to trade due to an insured event, such as a fire or a storm that damages your premises
• Public Liability — Covers your legal liability if someone suffers a physical or financial loss as a result of your actions such as a slip and fall
• Theft/Money/Glass Cover
• Electronic Equipment/Machinery Breakdown — Covers specialised equipment that can be expensive to replace (revenue-generating equipment can also be covered under Business Interruption insurance)

Practice Indemnity Insurance

Similar to Medical Indemnity, except it protects the practice entity and staff. This is often assumed to be covered by an individual's Indemnity, however, it cannot be assumed for today’s business structures and should be included in a practice's regular insurance reviews.

Management Liability

This protects Directors and Officers from wrongful acts, employee practice liability (unfair dismissal, bullying and harassment), and statutory liability (WHS breach).

Cyber Insurance

Practices are one of the most targeted businesses for a cyber-attack due to the sensitive information held within them. Cyber insurance provides cover for business interruption (to protect revenue if the business can’t trade), breaches of privacy and associated costs, extortion, and incident response with forensic and legal support.

Don't leave your practice underinsured or over-exposed when it comes to your policy cover. If you wait until it's time to claim it may be too late.

Interested in having your practice or personal insurance packages reviewed so you can get some personal advice? Speak to one of our Insurance Advisers today about an assessment.