What to look for when choosing a locum insurance policy
In a nutshell:
- How long will the policy pay out for?
- How much cover do I need?
- When will it start paying?
- Are there any restrictions on what I can do with the money?
- Can I buy a policy on my own or does it have to be through my practice?
- What if I have pre-existing medical conditions?
- What if I’m over 70?
- If our practice buys a group policy will the younger lives end up subsidising the older lives?
Making an informed choice
Locum insurance is a specialist form of insurance so you should always talk to a specialist company with extensive experience of working with medical and dental practices. Practice Cover Ltd exists to provide practices with locum and/or overheads insurance and to support Independent Financial Advisers with their medical and dental clients. We know what we’re talking about.
Be aware of what exactly is covered
Locum insurance policies should cover you against being unable to do your job. Make sure that’s what your policy does.
Some policies only pay out if you employ a locum and not if the practice decides to cover any absence in-house. Make sure you know what you want to cover and what you are paying for.
Permanent cover
Decide whether you need permanent cover –some practices do and some practices don’t. See our blog which looks into this further: “Locum insurance and continuity of cover ... to have or not to have?”
Insuring support staff
Did you know that you can insure the Practice Manager, nurses and other staff, giving you the means to meet their sick pay if they can’t work?
How long does it take to set up a policy?
We ask each person to provide their medical history and this can be done over the phone, taking about 5 minutes.
Our underwriters then assess the information given and we are usually able to offer an underwriting decision within 24 hours. No medical reports, no delays. More than 84% of clients have been accepted on standard terms*.
If you'd like to discuss this in more detail, just call 0800 028 5633.
*as at 12th June 2012
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.
