Most doctors in Australia, when they first start working in private practice, are able to access what is commonly referred to as a “starting in private practice discount”. This is a tiered discount that usually runs over 4 or 5 years. In the first year of private practice, the price paid is typically discounted by, say 80%. And then the discount may fall to 60% in the second year and by 20% per annum thereafter. Each insurer has a different approach and different scales.
But it does mean that your premiums will jump by a large percentage amount each year because, not only is the scale unwinding, but your annual billings may be rising also as your practice grows. And you also accumulate more past years of work which means your “retroactive risk of claim” will increase.
The prices that each of the 5 insurers in the medical indemnity insurance industry will charge can vary widely across each insurer based on a range of factors. And the features can also differ from insurer to insurer. And some insurers claim to offer better service or support than others.
Why not let Experien General Insurance Services do the heavy lifting for you and help you to find the most suitable insurer for you ? We generally are no more expensive than dealing directly with an insurer and you get additional support and services. Contact us here if you would like a no obligations and complimentary review.
