A surgery insurance policy gives busy doctors the financial and mental freedom needed to keep their practice in a great shape. The number of things involved in a modern day practice is high and the equipment expensive, all of which needs maintenance and contingency planning for smooth sailing. A surgery insurance policy protects the physical contents and premises of a practice. It is also varied enough to provide the doctors with a cover in case of a physical assault, as well as handle the liabilities caused by third party claims.
Following are some of the things to keep in mind when looking for a
doctors’ surgery insurance package:
What does the policy cover?
In general, a surgery insurance policy provides cover for contents of a surgery; for practice money; for deterioration of drugs and vaccines; for medical bags; for specialist and general equipment; and for theft and physical assault.
Also included are loss recovery claims handling service; employer’s liability; public/products’ liability; fidelity guarantee; and legal expenses. Additional benefits (which come in the form of extras) include a cover for IT equipment breakdown, engineering breakdown, and for interruption of business affecting your income. There is also a provision for protection from terror-related events.
You need to determine for yourself which of the above covers will benefit you the most, and work with your insurance provider to design a policy best suited to your needs.
The extent of the cover and payment options
What is the maximum coverage you can procure under the policy? It is crucial to have the right amount of insurance, or it will defeat the point of having any. What is the duration of this coverage? Is it enough? Are the premiums well spread out? These read like one question after the other, but are important to ask.
Does your insurance provider have any interest-free schemes for initial payments? Any discounts available? How can you pay the premiums? Debit card standing orders are perhaps the easiest way to make a payment, and your insurance provider should be fine with that.
Flexibility
Different practices have different needs. Does the package allow you to tailor itself to your needs to your satisfaction? You don’t want to be paying premiums for that which you don’t think you will need much in the future. If, for instance, your practice is based in Skipton, you might not need terrorism insurance, as opposed to if you were based in London.
Shop around for different policies and weigh them against each other. This is no light matter; you want the best policy for your practice to put your mind at ease. Reach out to a consultant in case you need more information than available on the Internet (initial consultations are usually free of charge).