If a key member of your clinical team got sick or injured, the costs to your practice could be significant. And these costs could become harder and harder to cover if your colleague was absent for an extended period. That’s why you need Practice Overhead’s insurance.
These are just some of the potential costs you might find yourself struggling to cover when a key member of your team is off sick:
- Staff salaries
- Ongoing mortgage/rent costs
- Ongoing business loans/lease agreements
- Hiring a locum
- Ongoing commitments to NHS contract
Some practices think that because they have Income Protection Insurance or Permanent Health Insurance, they are automatically covered for these costs.
It can come as a shock to discover that they’re not.
Both Income Protection and Permanent Health are important insurances in their own right but they are there to cover the insured doctor’s loss of personal income, rather than compensating the practice for its loss.