Locum insurance ‘roulette’ anyone?
Here at Practice Cover, we see everyone from those who are completely unprotected and vulnerable to those who are too loyal to a current provider to notice they’re paying way over-the-odds for cover.
Which category do you fall into?
- Haven’t got locum insurance and don’t ‘need’ it– Some professionals (especially GPs) we talk to say they don’t need insurance because they’ve never been ill. Oddly though, when questioned, they say they have life insurance even though they’ve never been dead – which makes our point. It makes sense to take out cover before you need it. We quoted for two clients recently, both of whom got ill while still considering whether they ‘really needed’ cover. One was diagnosed with breast cancer and another fell and broke his ankle.
Both needed time off work and neither had any insurance in place.
- Haven’t got locum insurance but know they need it– Procrastination will leave you unprotected when the unfortunate happens.
Talk to us about setting your own excess periods so that you can control your premiums but do it before it’s too late!
- Have locum insurance but are loyal to their current provider– Some doctors stick doggedly to their old, established provider and pay ever-increasing premiums instead of making sure they’re getting top-quality cover at the best price. We were recently able to save a practice in Cornwall a massive 50% on their premiums.
We were able to offer cover for £6,500 instead of the £12,000 they usually paid with their old insurer. And we’re underwritten by Lloyds.
- Have locum insurance and are receptive to alternative quotes– These are the professionals that make the best savings. We recently quoted for Dr X who had been offered a renewal premium of around £2,000 by his old provider.
By comparison, the highest premium on our 'best level of cover’ package is £937. He came over to us.
There’s no need to gamble when it comes to protecting your practice. With Practice Cover, a tax deductible premium of as little as £1,300 a year will pay out £2,500 a week (following a 4 week deferment period) for up to 52 weeks. You don’t have to spend the money on a locum either – spend it on whatever you need to keep your practice running smoothly.
We’re also offering a price freeze– so currently you pay 2010 prices for 2014 levels of cover. Time to give us a call?
The opinions presented in this blog are solely those of the author on behalf of Practice Cover Limited and they do not constitute individual advice.