News

Insurance for Medical Practices and Practitioners

11th December 2017 By Sophie Knight

If you are in a the medical sphere at the level of practitioner, you may want to take out insurance for your medical practice. Running a medical practice or health centre is pretty unique in it’s challenges and unlike most businesses. In addition, the insurances in this sphere possess finer details, compared to ‘traditional’ insurances, in a similar way that a second charge mortgage differs in detail from a first charge, ‘traditional’ mortgage.

Taking out practice insurance will provide cover for your equipment, walk in theft and reinstatement of medical records. You can get this type of insurance which is designed specifically for doctors, dentists and other medical practitioners.

As a side note, as in the case of everyday financial products such as a residential mortgage or car insurance, be sure to compare different policies and providers against each other before taking one out (source: SPF Private Clients). A certain policy may cover different things, things that you may or may not need. You must also consider the value that you will be paying to the things that are covered and the benefits – you may be able to receive the same service for cheaper elsewhere.

Practice Insurance

doctors

If you run a dental practice or a doctors practice, you can get specific insurance. Insurance for your practice is absolutely necessary, especially considering how expensive the equipment needed for both of these practices is.

It is true that you will rely on the good working order of specialist tools for dental work. Likewise, for all the equipment needed to perform check-ups and tests in a doctors surgery. Having insurance can put your mind at ease by making sure that any breakdowns are dealt with quickly and therefore not damage the profit of your business.

A sample of the type of thing your insurance may cover:

  • Insurance for autoclaves, dental chairs, x-ray machines, compressors and electronic equipment, covering accidental damage explosion, collapse, breakdown, patient beds, Ophthalmoscope, Otoscope, Reflex Hammer, Stethoscope and more

  • Absence cover for key persons

  • Computers and content cover

  • Stock cover

  • Theft, which includes walk-in theft

  • Accident cover for employees

  • Employer and public liability insurance

  • Business Interruption cover for costs incurred and lost revenue

  • Jury service cover, for every member of staff you employ

  • Cover for employee dishonesty

  • Legal expenses and accountancy fees; including abuse, legal dispute or tax investigation using your own accountant

  • All risks for equipment out of the premises

  • Any signs, lamps and nameplates are covered

  • Optional cover for Loss Adjuster service

  • A 24 hour, 365 days-a-year claims line

  • £100 excess on most your of claims

The above list is a sample and include things that you should preference when you look and shop around for medical insurance for your practice or as a practitioner.

Flexibility and benefits

Since the challenges faced by those running a medical practice, there are plenty of specific insurance providers and policies just for this. This way you won’t have to take out a standard business insurance policy.

Many providers offer you to select your own cover limits so that you are not unnecessarily paying extra. This would not necessarily be offered under a standard business policy.

Liability Cover for Medical Professionals

liability

Medical professional liability insurance is a policy which protects physicians as well as other health care professionals against from the liability associated with accidental wrongful practices which result in bodily harm, medical expenses, property damage and legal support in lawsuits that may be proposed as a result of any of these.

If a policy does not include this, you should consider looking elsewhere as it may come in handy one day.

If you are wanting to take out medical or life insurance, compare the policies available right here. Make an enquiry with us today!