What is Practice Overheads and Locum Cover?
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.
All Med Pro Practice Overhead’s Cover pays benefits to your practice so it can continue to meet all of its financial commitments until you can return to work. It allows you to run your practice as normal and maintain your income levels, providing continuity for your clients and peace of mind for you.
Normally, the policy covers the individuals insured (your key members of staff) for up to 52 weeks. However, we can arrange for your insurance to run for longer or shorter periods, if required.
The standard policy includes Temporary Total Disablement claims. If required, we can also incorporate:
- Temporary Partial Disablement Cover
- Permanent Total Disablement Cover
- Accidental Death Cover
All Med Pro Practice Overheads cover is unlike other insurance providers because it is not age rated. Our premiums do not increase as you age, unlike most other policies on the market. Instead they are based on the deferred period, the benefit amount and the claims history of the individual insured.
Having a longer excess period can reduce your annual insurance premium., however you may prefer the security of a short excess period. All Med Pro Practice Overheads cover can be tailored to your individual circumstances. The minimum excess period for accident claims is nil days and for sickness claims it is 14 days.