Even if it doesn’t yet feel like it, spring is officially here and it is the time when people traditionally plan to spring clean their homes, and their finances. However, it can be hard to keep admin tasks under control, which can take its toll and lead to jobs mounting up.
Changing Insurance Company is Number 10 on the “Life Admin Task List”
As lives get busier, many urgent jobs get left later and later, which could be costing you money.
According to a study, adults complete 109 admin each year, and have four outstanding important tasks to complete at any one time – often missing deadlines.
Number 10 on the list of life admin tasks is changing your insurance company.
Practice owners, as well as medical and dental professionals, often struggle to find the time to manage their portfolio of insurances.
In fact, according to research by RSA, 46% of SMEs did not review their policies in 2017 – which could lead to a number of practical issues including under or over insurance.
It’s time to review your insurance policies
There are a number of things you can do to help make sure you minimise the cost of your insurances. If you miss renewal deadlines you risk either over paying on your premium, or not being insured at all. Here are a few tips to make sure you are not paying over the top for your insurance.
- Switch providers regularly. At each renewal period, don’t just accept your new premium. You should shop around for a few comparison quotes as it has been proven that changing insurance companies saves money.
- Review your policies. Busy medical professionals and practice owners often don’t get the chance to review their level of cover, but it is essential to making sure you are fully insured. Some things to check include your excess, clauses around what is and is not covered and your level of cover for claims. You do not want to be under or over insured.
- Benefit from having all your policies with one provider. Often you can get a discount for having more than one insurance with a provider. You should consider what insurances you need and which provider has the best overall cover for you to see if you can save money. Remember, not all insurers will have the best cover for each insurance you require – it is better to have the right policy rather than the cheapest.
- Work with a broker. You can find the right policy at the best price by working in partnership with a broker. They can help you choose the level of cover you need, along with the right excess. They can also ask you the right questions to help you ensure you don’t have unnecessary, duplicate cover which increases your premium with no extra benefit.
At All Med Pro we understand that medical and dental professionals and practice owners are busy and don’t always have time to review their insurances. However, it is an essential part of cost management. Working with us could save you money, so if you want to assess your policies contact us to discuss your circumstances.