Insurance for Medical Centres
Medical Insurance
Insurance for Medical Centres
Medical Insurances
Tops Risks for a Medical Centre
Top Risks that a Medical Centre, Hospital, Day Surgery, General Practice faces and how Insurance plays a vital part in their sucess
Medical Malpractice
Medical Malpractice Insurance is designed to protect businesses such as day hospitals, clinics, medical practices and centres. It can protect the employees, including administrative staff. This is different to Medical Indemnity, which is designed to protect the individual practicing doctor.
Claims of malpractice and misconduct can be severe for Medical Centres.
Claims against Medical Centres can arise from incidents such as
- Errors/Incorrect advice and recommendations
- Breach of professional duty
- Negligence
These incidents can results in patients suffering from physical injuries, or financial loss which could be catastrophic to the Medical Centre.
A Medical Malpractice Insurance policy can protect the Centre from these claims by providing legal advice when such incidents occur. An appropriate policy will pay the legal and defence costs to defend your practice in the event a malpractice claim was brought against you.
Public Liability Claims/Slip & Fall
Public Liability Insurance claims for personal injury could be brought against your practice if a client, or third party was to enter your business and injury themselves. Due to the amount of patients that you have flowing through daily, there could be a greater exposure. Ensuring that items are put away, and that slip hazards are identified and mititaged early is crucial to minimising Public Liability claims. In the event of such incident, a Public Liability Insurance can pay for the legal and defence costs to defend you. In the case that you’re found negligent, your insurer will pay the claim for damages/compensation.
Business Package
A Business Package Insurance can protect the building, contents, and stock from events such as storm, fire, flood, water damage and other events from damage.
Other covers available under a Business Package policy are:
- Machinery & Electronic Breakdown
- Glass Cover
- Business Interruption after an event
Management Liability
There may be increased exposure to claims of alleged wrongful acts, especially in the medical industry where this is a higher occurence government or regulatory scrutiny.
- Discrimination and sexual harassment claims from employees
- OH&S Penaltities
- Tax Audit Costs
A Management Liability policy can protect the directors and officers of the company from claims a result of their decisions or actions.
Physical Theft
Theft is an exposure that a medical centre could face.
Items that could be stolen are:
- Cash
- Medical goods including drugs
- Tools & Equipment
- Private Medical Records & Patient Information Stolen
Tools and equipment may be expensive to replace and businesses could experience supply chain delays in replacing these items especially if they are acquired from overseas.
Items stolen without forcible entry, and without proof could be harder to obtain cover for so ensuring that items are securely stored is essential.
Cyber Insurance
Medical Cenres have a large exposure due to the sensitive medical history of their clients in which is stored in their IT system/cloud.
Cyber Incidents that could happen are:
- Data breach
- Cyber Attacks
- Encryption of data
- Ransomware
Not just limited to Medical Centres, but the below will increase anyones risk of being attacked:
- Lack of password protection
- Not up to date antivirus software/firewalls
- Lack of end-to-end encryption
- Older computers and equipment
- Staff not being trained in cyber security
A cyber insurance policy can provide protection and reimbursement for the costs associated after an attack, including the costs to mitigate reputational harm.
Fines and Penalities such as breaching privacy laws and failing to notify can also be covered under a cyber insurance policy.
Medical Indemnity Insurance For Practicing Doctors
Medical Indemnity Insurance is compulsary for Doctors in Australia. A Medical Indemnity policy is designed to protect the individual doctor for claims of actual, or alleged malpractice.
How Morgan Insurance Brokers can help
Morgan Insurance Brokers are experienced in the medical industry and can provide tailored insurance programs that will protect Medical Centres, and individual doctors from the risks they face in their day to day business.
Morgan Insurance Brokers has access to a large panel of approved insurers for that offer comprehensive covers for your Business Insurance, Medical Malpractice Insurance, and Medical Indemnity Insurance.
Other covers can also be discussed, such as Cyber Insurance, Management Liability Insurance, Motor Vehicle insurance and also Workers Compensation.
Get in Touch
Talk today with our team to find the best insurance plan that will suit your needs.
Get in Touch
Talk today with our team to find the best insurance program that will suit your needs and budget
