What’s this:  

Staff Costs ...Rent, Service Charges ... Rates & Water  ... Other Premises Expenses  ... Heat, Light and Power ... Printing, Postage and Stationery ... Telephone ... Computer Expenses/ Software Maintenance & Support/Internet Expenses ... Professional Fees ... Insurance premiums ... Equipment Hire and Maintenance ... Laundry and Cleaning ... Bank Charges ... Depreciation ... Bad Debts ... Loan Interest ...

It’s a long list that will look familiar to any dentist running his or her own business.  It’s the costs that have to be met, month in, month out to keep the business going.

Many dentists will have an element of Income Protection and, of course, keeping their family fed and housed in the event of their ill-health will be most dentists’ priority. But how many know that, over and above their IP arrangements, they can also insure up to 100% of their business overheads?

For up to a year, the dentist’s proportion of the overheads can be paid – up to a maximum of £3,000 a week – if the dentist is off work due to ill health (or having to do jury service or being suspended from practising).   

Overheads insurance means the dentist’s business can keep going in his or her absence: the bills won’t pile up and the staff will be paid.  When the dentist has recovered, he or she will have a business to go back to and if ill-health means it would make sense to give up work altogether, the decision to sell the business doesn’t have to be rushed.

As claim payments are limited to a maximum of 52 weeks, overheads insurance is far cheaper than IP. A dentist wanting to insure overheads of £1,000 a week, with a 4 week deferment period, would pay less than £500 a year.  And you can claim tax relief to reduce the cost even further.  

It’s not just dentists.  The same considerations apply to any fee-earning business owner: vets, opticians, accountants, architects ...

For a quotation, call (freephone) 0800 028 5633 or 023 8051 3286.

 Author: Lynda Cox, April  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.

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