Long-time readers of our Bulletin will know that for some time we have been writing about the growing importance of medical business owners protecting their business entity via professional indemnity insurance. MIGA offers this type of product to members and manages claims that arise in this area. Unfortunately, we also see situations where a business should have had this cover in place. Recognition of the insurance issues facing medical businesses has been slow to develop.

That said, following the June renewal period, it seems to us that situation may have changed. During the June renewal period we were pleased to receive a record number of requests for quotations from medical businesses seeking professional indemnity insurance cover for their business entity.

It was interesting to note that these requests came from over 20 different medical specialty areas including:

  • General Practice – Non Procedural and Procedural
  • Orthopaedics
  • Multidisciplinary practices
  • Obstetrics & Gynaecology – just to name a few!

It seems that business owners across the medical spectrum are finally seeing that the professional risks in medical practice extend beyond the services delivered by doctors. This is particularly the case where staff and nursing services are shared, in multi-disciplinary practices where insurance covers can differ between health professionals and where paid services are provided by the practice staff (appointment taking, handling/recording test results and provision of equipment).

In our experience, medical businesses tend to each have their own unique circumstances which create or contribute to risk. MIGA’s Healthcare Professional Indemnity insurance can protect your medical business and we encourage you to call us to discuss how your business operates and better understand the insurance risks at play. To learn more you can also download our free e-book, “Professional indemnity insurance for healthcare businesses – Why it should be on your radar” at www.miga.com.au/insuring-with-us/healthcare, or call us on 1800 777 156.

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