28th March, 2017

Why should I use an insurance broker?

As a medical professional your reputation is important – why trust anyone but a specialist to protect it?

Medical Indemnity insurance is extremely complex and often confusing for anyone without specialist insurance knowledge. It should therefore be managed by a qualified insurance expert.

For many years Medical Defense Organizations (MDOs) have enjoyed a monopoly within the Australian Medical Indemnity insurance market, over time becoming complacent with their lack of competition. Due to a recent ground-breaking decision by the Australian government, a new provider has entered the market giving doctors the option to use a broker when placing their Medical Indemnity insurance.

A qualified insurance broker is an industry expert who understands the complexities of insurance covers and the numerous options available. Such is their knowledge that they can even customise policies to best suit your needs. As a broker, their legal responsibility is to look after you, the client, rather than the insurance companies. With access to multiple insurers, they can often find you not only the best policy – but at the right price.

A professional broker will take time to understand your unique circumstances and talk you through both the risks you face and your insurance requirements. The service standards they offer you – and the protections in place to ensure you are treated in an open and honest way – are set out in the Insurance Brokers Code of Practice.

There are advantages of appointing a broker to manage your Medical Indemnity insurance. Brokers ensure that your policy is underwritten based on your individual experience so that you are not penalised by the claims incurred by other doctors in your specialty, often resulting in significant savings. Brokers will also negotiate policy terms, premiums, and manage any claims that arise from start to finish on your behalf. Brokers are also continuously evolving and developing their industry knowledge, exploring innovative new markets to benefit clients, giving you freedom of choice and security when it comes to Medical Indemnity.

At Professional Essentials, not only are we insurance professionals, but we have been servicing medical and health professionals (including doctors, dentists, nurses and the like) for over 15 years. We are therefore well-equipped to assist you, with a solid understanding of the medical profession and the risks you face every day.

Your dedicated Account Manager at Professional Essentials can not only assist you with your Medical Indemnity and practice insurance, but they can also present you with competitive policies for your other insurance needs, including home and contents, car and investment property insurance. That way, you need only deal with one person for all of your insurance requirements.

Contact Professional Essentials today for more information.

Author: Murray Bruce