To get the right Practice or Surgery Insurance, you need a broker with specialist skills and experience. At All Med Pro, we work closely with medical and dental professionals to get them the right level of cover, always ensuring the best customer service experience.
Your practice insurance
Practice Insurance includes a ‘package of policies’ for medical and dental premises. This includes Employers Liability Insurance which is a legal requirement. Some of the areas covered are:
- Buildings or Tenants Improvements Cover
- Practice Contents Cover
- Public & Employers Liability Insurance
- Legal Expenses Insurance
- Walk-in Theft Cover
- Computers Cover
- Loss of Gross Revenue / Business Interruption
- Money Insurance
You can tailor your insurance options and additional policies available include:
- Terrorism Cover
- Cyber Liability Insurance, and
- Key-Person / Locum Cover, as well as things like
- Full Equipment Breakdown Cover.
What to consider when choosing your practice insurance
When considering what insurance your practice needs, here are a few helpful pointers.
1. Public and Employers Liability Insurance – These insure against potential incidents, such as injury to employees, as well any visitors to your practice premises. If there was a law suit, the relevant cover would fund legal fees and compensation. Scenarios you can cover include breach of data protection regulations, employee disputes, tax investigations and criminal lawsuits.
2. Buildings and Contents Cover – It is important to get the level of cover right as if you need to claim, for example to rebuild your whole practice following a fire, you do not want to be underinsured. On the other hand, over insuring will mean you inflate your premium. You can discuss this with your broker who will be able to advise you on what to include, and value. However, it is your responsibility to decide the building’s and contents’ true worth. Your broker can also help you identify the difference between what’s included under the buildings and contents policies.
If you don’t own your building, Tenants Improvements Cover insures you for changes made throughout your tenancy agreement, such as new flooring or premises reconfiguration.
3. Loss of revenue – If you suffer a loss of income and additional costs resulting from being unable to use your premises for business purposes, you might be able to claim under your Loss of Gross Revenue policy. Expenses to consider when choosing your level of cover include rent, rates, salaries and overtime costs.
You can vary what options you cover as well as the indemnity period, which is how long the policy pays out for after business interruption – and should be how long you consider that your practice needs to return to business as usual
4. Extra levels of protection – With new technology, globalisation and tight practice budgets, there are now extra risks that you can insure yourself against.
We have a new Cyber Insurance policy specifically designed with practices in mind and our Key-Person / Locum Cover gives additional benefits over the standard NHS medical practice cost of temporary GP cover support.
5. Documents and information required – When discussing your insurance policy with your broker, you should be prepared with some information and documents to hand, such as average monthly revenue, inventory of practice stock/contents, property rebuild value and your disaster recovery plan.