We have welcomed in 2019, and as we start the new year, it has traditionally become a time to reflect on our goals for the year ahead. These could be personal or business related, but will often include saving money. As part of this, you should review your current insurance policies – see if your needs have changed, check your renewal dates and see where you can save money.
Save money – get organised
Practice owners, self-employed and employed healthcare practitioners will have varying needs. However, the principles are the same. To achieve your goals and save money in 2019, you need to get organised.
It’s good practice to have a thorough review of all your business and personal goals, and the start of the year is often a good time for this. It is often when we are motivated to make improvements and want to start afresh. When reviewing your finances, make sure that you think about your insurance cover as well.
Here are some tips to help you save money in 2019.
Know what cover you have – It is important to have your policy details and paperwork filed so you can easily find them. This will help you get organised at each renewal date. You should also know what level of cover you have and regularly review if it is right for you. It is also essential to keep your insurer informed of changes that might affect your policy to ensure it stays valid.
Know your renewal dates – It pays to shop around at each renewal date so knowing when it is coming up is useful to give you plenty of time to check policies and prices. New customers usually get better deals than loyal ones and policy prices can get more expensive if you leave switching to the last minute.
Consider where you can reduce premiums – Adjusting your policy excess, checking you don’t have ‘extras’ included in your policy that you don’t need, and even carefully choosing the right month to renew your cover are all great tips to reducing your insurance premiums.
Beware of under and over insurance – If your level of cover for any of your insurance policies is not a true representation of your assets, then in the event of a claim your insurer could reduce your claim by the percentage you are under insured. This would mean you are out of pocket. On the other hand, being over insured will mean that you will pay a higher premium for cover you don’t need. Furthermore, if you have more than one insurance policy that covers the same thing, you will be paying more in premiums than necessary. After all, you can’t claim on more than one policy for the same item.
Work with a trusted broker – If all of this sounds very time consuming and hard work that you don’t need in your busy professional and home life, then choose a specialist broker to help you.
If you are looking for a specialist broker to help you through your insurance review, contact us at All Med Pro. With decades of experience, our brokers understand your profession and can help you find the right level of cover at the right price.
For peace of mind that you and your business reputation are protected, contact All Med Pro for all your insurance needs.
T: 0203 757 6950 (Medical Enquiries)
T: 01793 820 100 (Commercial Enquiries)
F: 0203 757 6951
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