It is likely that one of your business goals for 2018 is to increase profit. It might also be that your personal goal is to have more money to spend! One way to do this is to save money in other areas, such as your insurances.
As a healthcare professional or practice owner, you will likely have quite a few home and business areas that need insuring and we recommend that you carry out a regular insurance review to make sure you are sufficiently covered and not paying too much for your cover.
Do you renew your insurances regularly enough?
Businesses often don’t find time to review their insurance policies and requirements, with a report by insurer RSA finding that only 54% of SMEs have carried out this task in the last 12 months.
So, if you are one of the 46% who has not reviewed their insurances, now is the time to take a look at your professional and home life to see where you are underinsured or where you can save money.
Don’t forget to consider these areas at your next renewal period.
If your policies do not cover you for the true value of your assets, you risk losing a lot of money if you need to claim. You may think that increasing your insurance is not saving money, but if you need to claim and find you are not insured, the implications are far worse. Consider if staffing has changed, if you’ve bought new equipment or have new premises. Also think about Cyber liability. On a personal note, under valuing your home contents is one of the most common underinsurance issues.
You also don’t want to over insure your assets as this is a waste of money. Have you checked your policy for medical equipment you no longer have or perhaps you have estimated revenue at a higher value than reality? Do you need all the added extras you’re paying for? Being over insured will likely mean you are paying a higher premium for no benefit.
Often new customers are offered better deals than existing ones. Shop around at each renewal period to find the best policy for your situation, at the best price. Often terms and conditions change or vary between insurers so it is important to check your cover has not been updated and you are covered for what you think you are. Read our article on switching providers.
Work with a broker
Build a relationship with a reliable broker who will get to know you and your business and will be able to explain some of the insurance jargon so you don’t have to waste time comparing the terms and conditions of each policy. They can also often help with your personal insurances as well. A good broker can save you money (and time) which you can invest in your business, spend on you and your family, or simply save.
At All Med Pro, we work in partnership with medical, dental and veterinary professionals to provide the right cover for all their needs – from business to personal lives.
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