A professional indemnity insurance policy for a doctor can be defined by some as a contract of insurance that provides financial protection (to the extent set out in an insurance contract issued by a licensed General Insurer) to both medical practitioners and patients in circumstances where a patient sustains an injury (or adverse outcome) caused by medical misadventure, malpractice, negligence or an otherwise unlawful act.
This cover is commonly referred to as Individual Medical Indemnity Insurance and may also be referred to as Medical Malpractice Insurance or Practitioner Medical Indemnity Insurance.
Difference between an individual doctor’s professional indemnity policy and practice medical indemnity insurance
In the scope of Private Practice, a doctor’s professional indemnity insurance policy should not be confused with what is often referred to a Entity Malpractice Insurance cover or Practice Medical Indemnity Insurance cover.
A Practice Medical Indemnity Insurance policy can cover the legal costs of defending the practice’s legal trading entity and some of its employees (eg administration staff) against allegations and complaints, as well as compensation for patient loss or injury.
A medical practice can be named as a defendant in legal proceedings, sometimes in addition to, and sometimes instead of, the Doctor(s) who provided the care to the patient. This can happen when, for example a patient has been seen by 2 or more of doctors over time, or a locum, and it is unclear which (if any) of them has been negligent. Another example may be where the patient’s injury was a result of the actions or advice of a practice staff member and not an individual practitioner.
Obtaining or reviewing individual or practice medical indemnity insurance cover
Have you considered using a broker like Experien General Insurance Services to help you arrange and manage your medical indemnity insurance premium ? Contact us to find out how we help many doctors across Australia.
It can be confusing to navigate the various options and approaches of each insurer. To find out more, or to get support, contact us below.
General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness. Always read the Product Disclosure Document of an insurer before considering whether to take a policy of insurance. General insurance services are provided by Experien General Insurance Services Pty Ltd ABN 77 151 269 279 AFS Licence No. 430190 (EGIS) trading as Experien Insurance Services. EGIS is a broker and is not an insurer.
