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Locum Insurance: The Show Must Go On!

locum-insuranceWhy it’s the Sensible Option

Locum insurance is, of course, optional. However, when you start to look at the consequences of not having the correct cover, it starts to become apparent that it really is the sensible solution. That is, if you want your business to continue operating as normal in the event of unplanned absences, which unfortunately do occur.


The views expressed in this article are specifically those of LocumPlan.


Group Practice Locum Insurance Makes Sense

From the practice point of view, a locum insurance policy makes perfect commercial sense. In the event that one a key personnel is absent, then the business must continue. The show must go on!

Where the absence is due to a holiday, then adequate cover will usually have been arranged in advance. What about an unplanned absence though?

An unplanned absence could be due to an accident or sickness, a family emergency, or even Jury service.

Events like these can leave your practice seriously under-resourced, which not only has an effect on operations but on your income and profit as well, if that absent person is a fee-earner.

The good news is that most unplanned absences can be covered by Locum Insurance cover, not all, but most.

Therefore, taking precautions to protect your business continuity seems the sensible option, given the alternative.


Protect yourself as an individual too

If your practice doesn’t offer a group locum insurance policy then it is highly worthwhile to consider taking out your own cover. At least consider taking a policy that protects the amount of drawings you take each month.

This is largely because in the event of your own unplanned absence, you as the individual in question may well be liable for the costs of your own replacement.

Do you know how much it would cost to source and implement your own replacement? Assess this fact to see whether paying a small monthly premium is of value to you.


It’s possible to claim back tax too

The tax benefits of a locum insurance policy are attractive too. Premiums on eligible locum insurance contracts are tax deductible as trading expenses.

Furthermore, upon a claim, benefits paid out are treated as trading receipts, but can be offset against the cost of a replacement, for instance, or many other related business costs.


Making a claim

So, what about claims? The acid test is whether the policy pay out when a claim for an insured event occurs?

Our experience with LocumPlan at least, is yes. Typically, following the submission of a claim, there is a requirement to the policy holder to provide evidence of the situation, however every effort is made for the administration experience to be as simple and pain-free as possible.

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