The professional medical industry has received a much needed boost thanks to the announcement that Pracice Cover will not increase locum insurance premiums next year.
The news comes just one month after the Government increased the standard rate of insurance premium tax by more than 50%.
Lynda Cox, Director at Practice Cover, which works directly with clients and third-party insurance brokers and IFAs stated: “The industry has taken a real blow with the sudden increase in IPT which will cause many businesses to revisit their insurance budgeting. At Practice Cover we have designed our insurance products in-house and year on year they perform extremely well. This has helped us to position the business at the forefront of the locum insurance sector.
“This has contributed to our underwriters’ confidence to agree the same rates for the sixth year running which is a phenomenal achievement in this current marketplace. Our customers know they can rely on a quality product and service that is cost efficient and, importantly, will not yoyo in price despite what is happening in the industry or even if they have already made a claim.
“Not only can they renew at the same premium, we apply no claims discount that can reduce their outlay.”
The Southampton-based business specialises in financially protecting GPs, dentists, vets, opticians and allied health professionals should they suffer an illness or accident, with the added service of tailoring packages to cover jury service, suspension, maternity or paternity leave.
Partnering with Alpha Underwriting, a market-leading underwriting agency that specialises in placing accident, health and travel insurance at Lloyd’s, Practice Cover expects their confirmation of static rates to attract more IFA business, which already accounts for more than 50% of their premium income.