All business types face various forms of risks, but arguably the medical and allied health sectors face more risks than most.
There are numerous forms of insurance that a business in the medical sector will have to consider. Some of them are common to all business types, whilst others are unique to the medical sector.
In this guide we will be concentrating solely on public liability insurance, however our network of insurance experts can assist with all forms of insurance used in the medical sector.
What Is Public Liability Cover?
Public liability is one of the most important forms of insurance that any business can have.
The cover is designed to protect your business against financial costs that result from property damage or personal injury being suffered by another person as a result of your business activities.
A public liability policy can cover you for incidents caused by your staff as well as by your equipment and premises.
What Does It Cover?
Property damage and personal injury are the two main events covered by a public liability policy. For the medical sector, generally it is personal injury which is the more common claim.
Personal injury can be as a result of an accidental injury caused directly by a staff member, or it could be something as simple as a patient or visitor slipping on liquids or another obstruction within your premises.
Generally your business will be liable for any financial damages suffered in such an incident, but with the right public liability insurance you can rely on the insurance company to take care of things whilst you get on with the business.
How Much Do I Need?
Public liability policies are generally available in amounts of $5, $10 and $20 million. How much you need will depend on your business and its own needs and objectives.
The best way to determine how much cover you need is to speak with an insurance adviser who specialises in the medical sector, and specifically in the type of business that you run.
How Much Does It Cost?
The cost of public liability insurance will depend on a number of different factors.
The size of your business or practice will have a major influence on your premium. This can be looked at in terms of the number of staff and contractors (including doctors and other medical professionals) as well as the turnover of the business.
Also impacting upon the cost will be the type of work that is being conducted. For example a GP clinic may have a different premium compared to a day surgery or a dentistry practice.
Getting a Quote
Before you start looking for quotes on public liability cover for your medical practice or business, it is important to understand exactly what you need.
There are plenty of risks involved in running a business within the medical and allied health sectors. Whilst many of these risks can be managed with insurance, it is important to have the right types of insurance in place for the system to work.
The best option is to speak with an insurance adviser or broker who specialises in the medical sector. Here at Public Liability Insurance Australia we have access to such professionals and can assist with your needs.
For more information or to obtain a quote please complete our online quote or enquiry forms.