Why should I use an insurance broker?

//Why should I use an insurance broker?

Why should I use an insurance broker?

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

Medical Indemnity insurance can be confusing for anyone who does not hold insurance qualifications, which is why it should be managed by an insurance specialist.

For decades Medical Defense Organizations (MDOs) have enjoyed a monopoly in 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 more than just a “middle man”. They are industry experts whose priority and legal obligation is to represent your interests at all times. Their role includes helping you understand your unique risks and insurance needs, and to find the cover that suits you in the ever changing insurance market. More simply put – the role of an insurance broker is to work for you. 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 penalized 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.

Professional Essentials are not only insurance professionals, we also have 15 years of experience servicing health and medical professionals such as doctors and dentists. We understand the medical profession and the risks you face every day as a doctor. We represent you, our client, not the insurers.
Not only can Professional Essentials provide you with competitive options for your Medical Indemnity insurance, your dedicated Account Manager can also look after your other insurance policies, including practice insurance, home and contents, motor and any investment properties that you own, giving you one contact for all of your insurance needs.

Contact Professional Essentials today to see how easy it is to make the change.

2017-11-09T10:16:56+00:00 March 28th, 2017|