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theprivatepractice.com.au
Key risk area
Common risks
1
Medical risks
ˇ Civilclaimsallegingmedicalnegligenceagainstdoctors.
ˇ Civilclaimsallegingmedicalnegligenceagainstthepractice
entity and/or practice staff.
ˇ Related`medico'risksi.e.medicalboardinvestigations,
coronial, Medicare audits, etc.
2
Practice premises &
business risks
ˇ Patientandvisitorslips/trips(publicliability).
ˇ Productrisks(particularlywhereyouarethemanufactureror
importer).
ˇ Physicallossordamagetopremises,fit-out,ITequipment,
plate glass, etc.
ˇ Machinery/electronicbreakdown(andspoilageofvaccinesor
othercold-storagegoods).
ˇ Businessinterruptioncover(lossofrevenueandincreased
costs following physical loss, say from a fire or water damage
that prevents or reduces trading, or requires you to rent
temporarypremises).
3
Management &
employment issues
ˇ Responsibilitiesasadirectororofficerofthecompany.
ˇ Employmentpracticesliability(discrimination,
unfairdismissal,etc).
ˇ Crime(employeetheft).
ˇ Statutoryfinesandpenalties(e.g.OH&Sfine).
ˇ Taxaudits.
ˇ Injurytoworkers(Workers'Compensation)
4
Cyber risks
ˇ Agrowingareaofrisk.Policiesarenowavailabletocover
forexamplecyberextortion(includingcoststomanagethe
eventaswellasanylossofrevenue)andthird-partyliability
(i.e.privacyclaimsresultingfromabreachofpatientprivacy
followingacyberevent).
5
Other risks which may
require cover
ˇ Businesstravel.
ˇ Businessmotorvehicles.
ˇ Fit-outorconstructionofpremises(contractworksinsurance).
ˇ Transitinsuranceorgoodsawayfromthepracticepremises.
ˇ +Others.