Running a medical practice comes with a range of challenges and an ever-present exposure to risks. These risks threaten your financial security and practice viability.
At any one time, Medical Practices and Practitioners can face a number of potential liabilities, which may have significant financial and reputational consequences. These include everything from malpractice claims to property damage and even theft.
It's critical to have a well-thought-out risk management strategy as underinsurance can place your Practice at risk. Let's take a look at the three key areas that need your focus now:
Premium increases – Do you know what you are paying for? When was your last Practice review?
Insurance costs are escalating; now more than ever it’s important to understand policies in place and what your Practice is covered for. In over 50% of reviews, we complete for Practices we uncover over insurance; there may be better ways to manage your policies and alignment to your specific Practice needs.
Data breaches and Cyber Attacks are happening – Do you understand what your Cyber Insurance covers?
Cyber insurance is the fastest growing claims type within Australia. In today's digital world, healthcare businesses are increasingly vulnerable to data breaches and cyberattacks. Cyber Liability Insurance helps cover the costs associated with data breaches, including legal expenses, notification and credit monitoring services and potential liability for compromised patient information.
Practice Systems, Practice Processes and Patient Treatment – When was the last time you reviewed your Professional Indemnity Insurance needs?
Medical practices are at risk of being sued by patients if they believe a healthcare professional has provided substandard care or has been negligent in their treatment, resulting in harm or injury. This cover helps to protect healthcare professionals from claims related to errors, omissions, or negligence in providing their services. It can cover legal defence costs, settlements, and judgments.
So, are you at risk or do you have the right cover?
If you are unsure and want guidance in navigating your insurance needs speak to one of our advisors today on 1800 988 522 or contact us via generalinsurance@cutcher.com.au
Andrew is the Director of Cutcher & Neale’s General Insurance division. He has been an advisor in the industry for over 20 years ensuring his clients have the best value and personalised coverage possible.
Andrew has worked in many areas of insurance, including domestic and international brokering. His specialties cover personal and business insurance, medical professionals, residential and commercial real estate, sports, and construction.
