You may have heard about Professional Indemnity (PI) insurance. However, do you know what it responds to? And should you consider this insurance cover as an allied health assistant (AHA)?
In this article, AHANA's insurance partner, BMS, explains what Professional Indemnity insurance is, and the benefits of having your own cover.
As with any occupation, there are risks. Even the most diligent AHAs can make mistakes or be the subject of a complaint. How would you respond if a claim was made against you?
If you work as an AHA, your day-to-day work activities may vary greatly; with a range of different patients, in various settings, including patient homes, clinics and/or hospitals.
Risks may include:
So, what can you do to protect yourself should you face a complaint or a claim? Ensuring you have comprehensive insurance cover could help protect you.
Professional Indemnity (PI) Insurance protects you against allegations or claims of financial loss due to injury or damages that have resulted from a negligent act, error, omission, malpractice, or breach of duty that has arisen out of your professional duty. PI protects you by ensuring that your legal defence is coordinated and paid for if a claim is made against you. Your PI also covers the cost of patient compensation or damages.
In simpler terms? If while working within your scope of practice a claim is made against you relating to:
Your cover can assist you in managing the allegation or claim made against you. Cover can also assist with costs of patient damages or legal defence costs.
While it is not mandatory to hold insurance as an AHA, your employer's insurance policy may not cover all aspects of your work. In the event a dispute occurs between you and your employer, your employer's policy may act toward protecting your employer more.
Choosing your own cover can offer peace of mind, flexibility, and control. If you switch between employers, having your own insurance enables you to maintain cover while you transition from one workplace to another. If you work as a sole trader, having your own insurance policy can also help to ensure you're covered while contracting. If you have a business name, you may also need additional Entity insurance to protect you. Contact BMS at ahana@bmsgroup.com to learn more.
As an AHANA member, you have exclusive access to the AHANA member insurance program. This program offers Professional Indemnity insurance via BMS. For more information, speak to the BMS team at ahana@bmsgroup.com, or visit the AHANA website.
Disclaimer: You must be a current AHANA member to be eligible for the AHANA member insurance program. If your membership ceases you will not be offered renewal when your policy expires. In arranging this insurance for our members AHANA is acting as a distributor of BMS Risk Solutions Pty Ltd (BMS) AFSL 461594, ABN 45161187980. This is general advice only and BMS has not considered whether it was suitable for your particular objectives, needs or financial situation. Please read the Policy Wording and the BMS Terms of Engagement which contains the Financial Services Guide before making a decision about purchasing this policy. AHANA may receive a percentage of the commission paid to BMS by the insurer and/or a fee per policy.
