Given the high-risk nature associated with the profession, doctors typically need more insurance cover than professionals in other industries.
Are you a doctor or planning to become one? Insurance for doctors is something that is required of you according to professional standards.
What your basic insurance requirements, the kind of cover you need and the amount you need varies widely. Much depends on your personal situation and the area you end up practicing in.
Why Doctors Need Insurance Cover
All practicing medical professionals are required to have some kind of insurance. Doctors have a higher risk of liability since their work directly affects people’s lives and health.
As a doctor, someone could sue you because of an undesirable outcome. This would not only affect your career, but it would also impact your personal wealth.
In short, insurance is essential for you to practice legally and safely as a doctor.
What Kind of Insurance Cover for Doctors Is Out There?
There may come a point in your career when someone accuses you of professional negligence. To protect yourself before that happens, you need Medical Indemnity and/or Medical Malpractice insurance.
Medical Indemnity focuses on providing personal protection in the event of legal action against you. It also protects your patients if something goes wrong. You need this personal protection even if you’re employed at a large practice. Your employer may not provide sufficient coverage to protect you personally in the event of a mishap.
Medical Malpractice insurance is for the protection of the institution you work for. It’s often a separate insurance policy that your hospital may require of you.
Do You Have Enough Insurance Cover?
Most indemnity insurance plans provide coverage of $20 million. This meets the national standard. But the coverage, fees and deductibles vary between insurers and plans.
Personal Insurance
It’s crucial to avoid being underinsured personally, too.
Income protection should be top priority – if you’re injured and unable to work, income protection insurance ensures that your livelihood will be protected.
Then there’s life insurance. This ensures that your loved ones will be looked after you were to unfortunately pass away.
There’s other insurances for medical professionals to consider too.
Need some advice about your insurances and want help getting the best possible deal?
Talk to the experienced medical accounting Nitschke Nancarrow team, who have spent years helping medical pros keep finances under control and successfully build and protect their wealth.
Contact Nitschke Nancarrow managing partner Kym Nitschke for a free initial discussion about your situation. Call us on (08) 8379 9950 or send me an email.
– Kym Nitschke
The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
Taxation, legal and other matters referred to on this website are of a general nature only and are based on Nitschke Nancarrow’s interpretation of laws existing at the time and should not be relied upon in place of appropriate professional advice. Those laws may change from time to time.
Nitschke Nancarrow specialises in accounting, tax and financial advice for superannuation. Contact us now for a no obligations discussion about your needs.
