If you are a practicing doctor within Australia, then you are required to obtain valid indemnity insurance in order to practice with your medical license. Although certain doctors practice under the radar without insurance; the penalties should they ever be taken to court can often be career-ending. Depending on your place of work and speciality, you may be required to obtain specific aspects of an insurance policy. For example, if you are subject to a case involving costs over $20 million, you will require a placement within an Exceptional Award Scheme and so on.
Although these cases are considered quite rare, they do take place and can often lead to financial bankruptcy if a doctor isn’t correctly covered. Obtaining personal insurance won’t just protect you financially; it can also keep your surgery and services operating without interruption. Although many doctors work privately, there are others that are employed by private establishments.
When this is the case, doctors are required to be insured by the establishment or organization’s indemnity policy. Even if doctors and GPs operate in their own time and perform call out services, there is always the risk that a treatment or therapy may go wrong. If this happens, a patient can often suffer with damage or even a fatality. This is why indemnity cover is so important as it will pay any costs associated with the event and provide the doctor with a means of financial support.
If you currently operate a surgery or practice, then it’s vital to insure your entire premises too, particularly if your practice will involve surgeries. What this means is that should anything untoward take place that results in a medical case being undertaken by a patient, your practice will be insured against loss and damage and you’ll have the financial support of your insurers as a priority and then the Department of Health in Australia as a secondary supporter.
More info at http://richardtjiong.com.au/