For damage liability
Some dental and medical professionals will insure themselves for the costs of appointing a locum in their absence. However, some practice owners choose to invest in a group policy to cover all associates and key members of staff at the practice. Having locum insurance in place protects your personal and practice reputation and avoids patient appointments being cancelled due to lack of human resources.
Lack of hands on deck
If a member of the team is unexpectedly off work due to sickness or an unforeseen emergency, it can cause significant problems for the daily operations of the practice and put a strain on the rest of the staff, not to mention, cause upset to patients if appointments need to be rescheduled.
Clearly, at times, staff absence can’t be avoided, and short-term or one-offs can usually be managed within the exiting staff framework.
However, Locum Insurance will help give peace of mind that if key members of the team are unable to work, then a weekly sum of money will be paid by the policy to “buy-in” the services of a locum doctor, dentist, practice manager, nurse, or whoever you need cover for.
The benefits of a group policy
It is wise for dental and medical professionals to insure themselves against absence with an individual locum insurance policy, however, in reality, some never get around to doing it. Also, the admin for the practice can get difficult with everyone signed up to different policies.
A group policy can save time in organisation and implementation and it can also work out more cost effective due to discounts for the number of people insured.
A group policy can also cover against things like jury service and compassionate leave, which come up from time to time and can also disrupt the regular practice operations.
Choosing a policy
There are a choice of policies that could be suitable:
- Annually renewable policies – the policy is re-written every time there is a claim
- Continuity policies – these policies are not re-written following claims, so multiple claims of the same nature, or for the same person, can be made under the same policy.
Practice owners may opt for an Annually Renewable locum insurance policy, as it is generally the cheaper of the two options, however, there is also a risk that future claims may not be approved if a claim is made repeatedly for the the same person. Here, the insurance underwriter has the reins in their hands as they can refuse to provide cover for certain people, or certain conditions, if they so choose.
A Continuity policy protects against this as the policy runs into future years regardless of claims made. Whilst typically it is a more expensive option, policies can still be cost effective, and, let’s not forget the value.
Which is the best choice for your practice will depend on your requirements and your business approach.
Dental & Medical Financial Services work with expert insurance providers who can calculate a quote for your group practice insurance today. Get in contact with our team and we can connect you.
Tel: 01403 780 770