Doctors Insurance Australia

Being a medical doctor isn’t generally considered a risky occupation in the same way that underground mining or deep sea diving might be, but there are still some very serious risks to consider.

Workplace Risks

Aside from an accidental slip or fall, doctors are generally not exposed to musculoskeletal injuries in the workplace, but that doesn’t mean you aren’t exposed to potentially life changing and even life threatening risks.

As a doctor, due to the very nature of your work you are exposed to a huge range of diseases, infections and other nasty conditions. These can be transmitted via needle stick injuries, splash back, blood and even bone dust inhalation.

You could be forgiven for thinking that any life insurance or income protection policy recommended to a medical doctor would cover these risks, but in truth there are only a handful of the large insurance companies that cover all of the specific risks that medical doctors face.

These incidents may not be as visually spectacular as the types of events that may occur on manual worksites, but make no mistake, they can be far more devastating to a doctor’s quality of life and ability to earn an income.

For any doctor looking to protect themselves financially via life insurance and income protection insurance, it is imperative that you obtain a policy which will cover the specific risks that you face on a daily basis.

The best way to achieve this is to use a financial planner or insurance adviser who knows the medical industry and can match a policy to your occupation, your budget, and of course your own unique and personal needs and objectives.

Risks outside of the workplace

Whilst doctors face some very unique risks in the workplace, you are also exposed to greater risks outside of the workplace due to reliance you place on certain abilities.

If an office worker was to break his or her hand, or worse was to completely lose the use of that hand, he or she could more than likely continue in their current occupation without losing any ability to earn their income.

But for a surgeon, a broker hand will put them out of action for a period of time, and losing use of the hand completely would likely result in their inability to perform surgery in the same way ever again.

Of course the surgeon still has a huge amount of knowledge and experience and will still have a lot to offer, but without being able to perform surgery they may find that their earning capacity is severely impacted.

The same outcome could be applied to any number of injuries or conditions, such as reduced vision or any other form of impairment that impacts on your fine motor skills.

When it comes to income protection and TPD insurance (total and disability insurance) it is vital to have a policy which will give you the maximum protection. For income protection this comes down to the differences in policy definitions between the insurance companies.

For TPD insurance it also comes down to the differences in general policy definitions between the insurers, but also down to the specific definition selected – ‘own occupation’ or ‘any occupation’.

Let’s look at the example of the surgeon who lost the use of one of his hands.

With an ‘any occupation’ TPD policy the surgeon’s claim would be declined and they’d be told that they could still work in a role that didn’t require use of the hand, such as consulting, university lecturing, hospital administrations etc.

With an ‘own occupation’ TPD insurance policy however, if the surgeon could no longer work as a surgeon, then the claim would be paid. As we can see, the difference between having an own or any occupation policy can be huge.

Having the right policy with the right options is important for any worker, but for a medical doctor the risk of not having the perfect policy is huge and can have major impacts on your financial security.

We always recommend using the services of a financial adviser who specialises in insurance for doctors. Not just one who claims to have a few doctor clients, but one who really knows and understands the industry.

If you would like to speak to a specialist about your life insurance, income protection, TPD or trauma insurance, please give us a call or complete our easy online quote request.