Doctors in Australia are required by law to have medical indemnity insurance. This type of insurance protects them from financial losses if they are sued for medical malpractice. There are five national medical indemnity insurers for doctors in Australia:
- Berkshire Hathaway Specialty Insurance (distributed by Tego Insurance)
- MDA National
- Medical Insurance Group Australia (MIGA)
- Medical Indemnity Protection Society (MIPS)
These insurers offer a variety of policies with different levels of coverage. The amount of coverage that a doctor needs will depend on their specialty, the level of risk associated with their practice, and their personal circumstances.
In addition to medical indemnity insurance, doctors in Australia may also want to consider purchasing other types of insurance, such as:
- Personal health insurance: This type of insurance covers the cost of medical treatment for the doctor and their family.
- Business interruption insurance: This type of insurance protects the doctor’s income if they are unable to work due to an illness or injury.
- Life insurance: This type of insurance provides financial security for the doctor’s family in the event of their death.
The cost of insurance for doctors in Australia can vary widely depending on the type of insurance, the level of coverage,and the doctor’s individual circumstances. However, it is important for doctors to have adequate insurance coverage in order to protect themselves from financial losses.
Here are some additional things to keep in mind when choosing insurance for doctors in Australia:
- Shop around: Get quotes from several different insurers before making a decision.
- Read the fine print: Make sure you understand the terms and conditions of your policy before you buy it.
- Consider your needs: Choose a policy that provides the level of coverage that you need.
- Update your policy regularly: As your circumstances change, you may need to update your insurance policy.
I hope this information is helpful. Please let me know if you have any other questions.