MANAGEMENT LIABILITY INSURANCE FOR PRACTICE OWNERS
Management Liability Insurance Basics
Management Liability Insurance serves as a safety net, safeguarding both individuals and the company from legal claims stemming from management decisions. This coverage extends to claims against the company itself and directly against its directors and officers. It can provide essential support for legal fees, settlements, and any compensation the company may be obligated to pay.
While insurer policies may vary, a comprehensive Management Liability Insurance policy typically includes coverage for various risks associated with operating a company under the Corporations Act. These often include Employment Practices Liability, Workplace Health and Safety Investigation Defense Costs, Fidelity and Theft Risks, Fines and Penalties, Tax Audit Expenses, Directors and Officers Risks, and in some cases, Unintentional Insolvent Trading or Intellectual Property Breaches.
Learn more about this essential insurance cover for healthcare clinic business owners by downloading our Management Liability product sheet.
CYBER LIABILITY INSURANCE FOR HEALTHCARE PRACTICES
Data Breach and Cyber Liability Insurance Explained
Healthcare practices often store sensitive data electronically, making them highly vulnerable to cyber attacks. Data breaches can disrupt operations, damage patient trust, and lead to significant financial losses. A quality Cyber Liability insurance policy is essential for protecting your practice against these risks. By safeguarding patient privacy, mitigating financial losses, and maintaining your reputation, this insurance provides crucial protection and peace of mind for healthcare businesses.
Cyber liability insurance typically covers data breach costs, third-party liability, business interruption, cyber extortion, fines, media liability, and sometimes even tangible IT assets like computers.
Learn more about this essential insurance cover for healthcare clinics by downloading our Cyber Liability product sheet.
PROFESSIONAL INDEMNITY FOR HEALTHCARE PRACTICES
Professional Indemnity (PI) Insurance: A Must-Have for Healthcare Practices
PI insurance is a crucial safeguard for healthcare practices. It protects against legal costs and potential damages arising from malpractice or negligence claims. This coverage is essential given the potential for errors by employed non-clinical and clinical staff, who play a key role in patient care.
The key elements of a comprehensive Practice PI policy typically cover:
- Legal Defense: Costs of defending against malpractice claims.
- Damage Payments: Settlements or judgments awarded to patients.
- Privacy Breaches: Data breaches and misuse of confidential information.
- Investigations: Costs related to regulatory inquiries.
- Fraud and Dishonest: claims arising from fraudulent or dishonest acts committed by employees
Learn more about this essential insurance cover for healthcare clinics by downloading our Practice PI product sheet