Experien General Insurance Services is a nationwide insurance brokerage firm helping hundreds of doctors, dentists and other businesses to arrange insurance for their practice or business. We save you time and canvas the market on your behalf to secure the best cover from a range of insurers.
What is Business Insurance?
Business Insurance protects you and your business from financial loss from risks such as fire, theft and property damage. Coverage can be arranged to protect from physical loss and liabilities arising.
If you are an existing client and need to lodge a claim after hours
Click here to get the after hours telephone number to lodge a claim after hours based on your insurer.
Business insurance coverage options
There are many optional components to choose to include in any business insurance policy. We help you understand and navigate the range of options.
What can business insurance cover?
Property Damage (Required Section)
- Damage to internal or external property : Example: Fire or storm
Optional Sections (if you have property damage)
- Theft : Example: If something is stolen from the premises
- Glass : Example: Glass doors smashed
- Breakdown of Machinery : Example: Fridge or dental chair breaks down
- Breakdown of Electronic Equipment : Example: X-ray machine breaks down
- Computer Breakdown : Example: Breakdown of computer server
- Restoration of Computer Data : Example: Rewriting of business computer records after a breakdown
- Deterioration of Stock : Example: Medicine fridge breaks – covers the medicine
- Money : Example: Petty cash stolen
- Portable and Valuable Items : Example: Lost laptop
- Management Liability : Example: Covers defense costs and representation expenses (e.g. wrongful dismissal claims)
- Business Interruption :Example: Fire shuts down the business
- Public Legal Liability : Example: Patient falls and hurts themselves in your practice
- Tax Audit Insurance : Example: You get audited by the ATO
Additional information
- Property Insurance: covers your building and contents against loss or damage by fire, earthquake, storm, and accidental damage.
- Business Interruption Insurance: pays your business’ loss in income as a direct result of a property loss or damage and other specified events. A detailed document giving extra general information on this category of insurance can be found here.
- Liability Insurance: insures you against third party claims arising from personal injury or property damage to others as a result of your normal business activities (excluding professional duties insured under your professional indemnity insurance or medical malpractice insurance).
- Burglary and Theft Insurance: pays you for loss of your contents or money as a result of a burglary or theft by a third party.
- Machinery breakdown insurance: insure’s the repair or replacement costs of specified machinery following a breakdown, loss or damage due to a number of specified events
Cyber Insurance
What would you do if your patient’s medical records were hacked and you were required to pay a ransom -or have them shared with the public? The threat of cyber-attacks is a growing concern for businesses, and medical practices are not exempt. In response to this emerging threat, insurers have developed cyber event products that can offer valuable protection. Many businesses don’t have this cover but should consider it.
Cyber insurance is arranged via a separate product and costs usually start from around $1,500 per annum. EGIS can help obtain a quote for your practice.
Common mistakes made with Business Insurance include:
- not insuring a fit-out separately.
- assuming that glass its covered under property damage.
- not covering machinery breakdown.
- selecting an insurer that doesn’t cover damages from a flood.
Benefits of engaging Experien to manage your Business Insurance
- Access to your own broker to assist with all matters including claims.
- We can arrange an insurer with a claims team that specialises in medical and dental practices and understands the equipment and unique features.
- We may be able to get cheaper premiums with equal or greater cover.
- We can assist you with information that may avoid costly mistakes by:
– avoiding gaps in your cover e.g. business interruption.
– assisting you to review if you are under or over insured.
– noting interested parties on the policy. - Obligation free meetings are generally provided with no additional costs on top of your insurance premium
Want to read more about Business Insurance For Doctors, Dentists and Vets ?
Click on the articles below to find out more :
Client Testimonial For Business Insurance
- Testimonial From A Dental Practitioner with a Business Insurance Claim following a burst pipe from the floor above dental practice – read here
Articles explaining how business insurance works
- Insurance Products For a Medical, Dental or Veterinarian Business. This article outlines the broad range of commercial insurance products available for medical, dental, and veterinary businesses. The article highlights the importance of understanding policy wording and selecting appropriate coverage options, which may vary across insurers. It also stresses the need to review limitations such as exclusions, waiting periods and deductibles. Read the full article here.
- Business Insurance For Doctors. This article discusses the value of business insurance for doctors, detailing coverage options such as property damage, public liability, theft, and business interruption. It explains how these policies can protect medical practices from financial losses due to accidents, equipment breakdowns, and legal claims. Special attention is given to the importance of aligning insurance coverage with business ownership structures and considering separate coverage for contractors. Experien General Insurance Services acts as a broker to help doctors navigate these options and maintain appropriate coverage. Read the details here
- Business Insurance For Dentists. This article analyses common claims made by dental practices and identifies leading causes such as water damage, equipment failure, and theft. It underscores the importance of having comprehensive business insurance to cover property damage and liability risks. The article also notes that Experien General Insurance Services can assist dental practice owners in obtaining coverage from various insurers. The article can be read here.
- Business Insurance Tips When Setting Up a New Dental Practice. This article provides five key tips for setting up business insurance when launching a new dental practice. Tips include securing quality business interruption coverage, ensuring property values reflect fit-out costs, considering machinery and equipment insurance, evaluating cyber insurance, and checking for potential double coverage in public liability insurance. Read more here.
Other coverage types associated with business insurance
The articles below collectively explain the roles and differences between Public Liability Insurance, Product Liability Insurance, Professional Indemnity Insurance, and Management Liability Insurance. Public Liability Insurance covers third-party injuries or property damage that occur due to negligence during business operations. Examples include a patient slipping on a wet floor in a clinic or a visitor being injured on the premises. It is often required by landlords or business contracts and is essential for both practice owners and contractors. Contractors may need separate coverage if not included under the practice’s policy. Product Liability Insurance covers harm caused by defective products after they’ve been sold or distributed. It is typically bundled with public liability insurance but serves a distinct purpose. Professional Indemnity Insurance protects professionals against claims arising from errors or omissions in the services they provide. Examples include a dentist performing faulty treatment or a doctor being sued for clinical negligence. It covers legal defense costs and compensation payouts. It is mandatory for registered practitioners and distinct from public liability, which does not cover professional errors. Management Liability Insurance protects the business and its directors/officers from risks related to mismanagement, misconduct, or breaches of legislation. Coverage may include Directors and Officers Liability, Employment Practices Liability (e.g., wrongful dismissal, harassment), Statutory Liability (e.g., WorkSafe investigations), Crime Protection (e.g., employee fraud), and Tax Audit costs. It is often confused with professional indemnity but focuses on business governance rather than clinical services. Each type has exclusions and limitations, and many practices require a combination of these policies for full protection. Bundled options may be available, but careful review of the Product Disclosure Statement (PDS) is essential.
- What is the difference between Public Liability Insurance, Product Liability Insurance and Professional Indemnity Insurance ? Click here
- Public Liability Insurance For Dentists. Read here
- Understanding Management Liability In A Medical Practice. Click to read more
- Article on Public liability insurance for medical and dental contractors – read here
- What is public liability insurance and who needs to have it ? Read more
- What’s the difference between Management Liability Insurance and Professional Indemnity Insurance for doctors and dentists ? This article discusses further
Articles On Business Interruption Insurance
- Understanding business interruption insurance for medical or dental practices. This article briefly discusses note what may be covered and what might be excluded.
- One factor that you need to choose when applying for, or renewing business interruption cover, is what is often referred to as the policy “Indemnity Period”. Broadly, this is how long the policy owner can claim the benefits. This article briefly covers this topic. Read here : Medical Business Interruption Insurance
- Research conducted by a large Australian insurer shows that many businesses do not have business interruption cover. This is not surprising when the research also shows that just over one in five business owners say they only have a vague idea of what it covers. Read more here : Business Interruption Insurance For Doctors, Vets and Dentists
- A large Australian insurer conducted a survey of nearly 500 small businesses found that one in four would not survive if they had to close their doors for three months. Read more about this and more on business interruption cover here : Business Interruption Insurance
Article on business insurance costs
- This article discusses factors such what you do or sell, where you operate your business and your prior claims history that can affect how much you pay for your business insurance policy.4 Factors That Affect How Much You’ll Pay For Business Insurance
Miscellaneous articles on other business insurance topics
- Water damage is a leading cause of property loss in businesses, often exceeding fire-related claims, with incidents stemming from burst pipes, roof leaks, and equipment failures. The article highlights real-world examples where water damage led large losses and prolonged business interruptions. To mitigate such risks, it recommends proactive strategies including leak detection systems, regular inspections, staff training, and emergency response planning. It also emphasizes the importance of reviewing insurance coverage to ensure adequate protection. Read the full article here
- The next article underscores the growing threat of cyber-attacks on medical practices and the importance of cyber insurance, which can protect businesses from financial loss due to data breaches and ransomware. Experien General Insurance Services can help you arrange cyber insurance, typically starting at around a few thousand dollars annually, to safeguard against such risks. Access the full text here.
- In another article, we highlight the importance of understanding earthquake coverage within business insurance policies for dental and medical practices, especially in light of recent seismic activity in Australia. It notes that coverage can vary significantly between insurers, with some policies including high excesses—such as $20,000—for earthquake-related claims. Practice owners are advised to carefully review their Product Disclosure Statements and seek professional advice to ensure they are adequately protected. Read here about Earthquake Cover On Business Insurance For Dental And Medical Practices
We can obtain quotes from several insurers for you and help you arrange cover. Contact us here.
The information above has been prepared by Experien General Insurance Services. This information is General in nature and does not take into account your relevant investment objectives, financial situation and needs. You should assess, or seek the help of your Adviser to assess, whether this information is appropriate to your individual objectives, financial situation and needs before making an financial decision on the basis of this information. You should consider the Product Disclosure Statement (PDS) issued by an insurer when deciding whether or not to acquire or to continue to hold an insurance product.
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