Every profession means there are certain risks a person is exposed to, and this is also the case with medical practitioners. Taking this into account, every medical practitioner is advised to abide by the Australian laws and go through the process of registration. This of course is connected with the Australian Health Practitioner Registration Agency (AHPRA), and one of the primary requirements for doctors, or any health care practitioners and students for that matter, is that they hold a medical indemnity policy, something that’s part of the Medical Indemnity Act 2003.
The reason for this is this sort of profession requires utmost care and dedication to patients and solving their health issues, which means there’s a higher risk of mistakes, with high consequences. Getting indemnity medical insurance more specifically is bound to be your cover as much as that of the patient, so making this step is more than necessary as it proves to give both the security and support for proper medical practice, covering defence costs that could come as a result of errors, omissions or acts done throughout the healthcare.
Even if you’re employed in a hospital, and your employer has provided you with medical indemnity coverage, it doesn’t mean it’s one that fully protects you in different situations, which is why it’s best to resort to your own full indemnity medical insurance. To be able to get the proper coverage, it’s best you stick to the insurers as appointed by the AHPRA, so you can have your peace of mind you get your money’s worth, with the help of professionals who have years of experience in the field.
Medical indemnity providers approved by the Medical Board of Australia are: TEGO (backed by Berkshire Hathaway Specialty Insurance Company), Avant, MDA National Limited, MIPS (Medical Indemnity Protection Society), MIGA (Medical Insurance Australia Group), and Guild Insurance Limited. As for the assessment for coverage, don’t expect your insurance premium to be determined by your peers’ performance, but rather your own experience and qualifications.
Have in mind when you decide to get this insurance, you don’t just ensure your reputation is intact, but also protect yourself from false claims, and you ensure any practice you’ve taken in the past. Working with an insurance professional would give you the chance to get the full coverage tailored to you, and services you provide. This goes to show just how great of a financial and protective step this actually is.