There are 5 providers of medical indemnity insurance for doctors in Australia.
In our experience, the price difference from one insurer to another can sometimes be relatively large for the same practitioner.
Each insurer will determine their price for a doctor based on a range of factors, which may change from time to time. For example, they may take into account the specialty of the doctor, their past claims (if any), their claims experience in the sector the doctor is working, their age, the amount of work the doctor does (usually measured by their private sector billings) and several others.
It is possible to compare pricing and features across insurers and it is possible to change insurers. Some insurers may charge a penalty if you move insurers at a date different to your policy anniversary and some do not. All insurers offer what is called “retroactive cover” which is to protect you from past incidents, that you did not know about, when you first join an insurer. But it is also recommended that, if you move to a new insurer, that they offer what is commonly called “Extended Continuity Of Cover”.
Some insurers may offer a first year discount in pricing or even a multi year initial discount in pricing.
If you are interested in a review of your medical indemnity insurance cover, and want to explore if you can obtain a cheaper price, then contact us for a no obligation review by clicking here.
