Professional indemnity insurance for podiatrists

After working hard to build up your business, the financial setback of a legal claim against you is probably the last thing you need. Worse still, such an event could require you to close for business until the matter is resolved. Far from being a position without available protection, such an instance can be met by professional indemnity insurance, which safeguards specialists from financial loss and injury or damage arising from a mistake or failure. Personal assets can be protected in the event of a claim and, most importantly, professional workers are able to continue working in order to ensure the survival of their business.

A podiatrist’s specific professional liability cover

Professional indemnity insurance protects a qualified, registered podiatrist against civil liability resulting from the provision of services. This involves an agreement or arrangement for discretionary indemnity in respect of that liability. The profession of podiatry demands that each potential practicing specialist obtains adequate indemnity insurance meeting the minimum terms and conditions (set by the Podiatrists Registration Board in each particular territory).

As a condition of registration, a podiatrist must hold professional indemnity insurance, be covered by the insurance, or referred to in a current policy. Specific guidelines state that professional indemnity insurance is mandatory, that podiatrists will not practice until the appropriate insurance is in place and that podiatrist ensure that they are always covered by an approved level of professional indemnity insurance.

Other podiatry insurance

If a podiatrist is concerned about personal injury (or a debilitating condition) that may prevent them from working, they should also ask their insurance broker about disability podiatry insurance, which protects the individual specialist where general business insurance may omit cover. The National Insurance Brokers Association (NIBA) can help you to find a qualified broker in your area. Should a psychological condition develop as a result of financial or legal stress, professional indemnity insurance will not cover a professional’s health, so this will need to be considered in addition to third-party injury and third-party property damage.

A number of specific policies and options are available for podiatrists, with cover ranging up to AU$10 million, depending on the terms of the policy. Seek the advice of a specialist, qualified broker, preferably with experience in advising podiatrists, and ensure that your policy meets the specific needs of your business.

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