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Why you need to review your surgery insurance regularly

Shane Stack explains why surgery insurance should be reviewed on a regular basis in another of our series on financial MOTs

Shane Stack explains why surgery insurance should be reviewed on a regular basis in another of our series on financial MOTs

Like any financial arrangement, your surgery insurance should be checked regularly, preferably every year.

You must know what your surgery insurance should cover.

Most policies will typically provide the following covers as standard:

• Contents Insurance

• Practice petty cash

• Doctors Bags

• Signs and Nameplates

• Equipment Hired, Leased or Borrowed

• Employers Liability

• Public/Products Liability

You may also wish to consider the following:

• Buildings Insurance (including cover against subsidence)

• Deterioration of Refrigerated Drugs/Vaccines

• Consequential Loss (Business Interruption)

• Failure of Public Utilities

• Legal Expenses (including HMRC investigations/V.A.T. disputes)

• Assault by Thieves or Violent Patients

• Fidelity Guarantee (Fraud or Theft by Employee)

• Terrorism Insurance

• Extended Personal Injury

• Computer Breakdown

• Engineering Breakdown

• Electrical and/or Engineering Inspection Service

What your insurance won't typically cover is:

• Wear and Tear

• Deliberate Acts (loss or damage arising from a deliberate act by you or your partners)

• Loss of Market Value (loss or damage caused by a decrease of market value beyond the cost of repair or replacement)

• War and Terrorism (unless specifically added)

There is usually an excess (the first part of a claim that is not covered) which can vary depending upon the different covers.

As most Practice Managers/GP's are not insurance experts, you should choose a Broker with specialist knowledge in this field.

The broker will be able to discuss your requirements expertly with you and recommend a contract that best suits your specific circumstances.

You should ensure that your cover is relevant to the practice's current circumstances. And as the practice evolves so should your insurance.

When you make any alterations, or buy new equipment, you should contact your Broker to review your policy and make the necessary changes.

For example, if you are having an extension built or the practice is being renovated, you may need to extend your public liability insurance.

The cost of cover is important but like most things in life you get what you pay for. So concentrate on making sure the practice, your staff and patients are comprehensively covered.

Many Insurers will give a discount for additional security such as a burglar alarm and/or smoke alarm that is connected to a central monitoring station.

Like most insurances of this type the main factors that influence the premium are location (i.e. local crime rate /proximity to a water course/area prone to subsidence), claims history, and security (i.e. does it have a NACOSS installed and maintained alarm/CCTV/deadlocks to all exterior doors etc).

If you choose to have any optional extras that are available under a plan then of course you will pay more for these.

Shane Stack is a partner at Medical Money Management, specialist Independent Financial Advisors to the Medical Profession and a Director of Medical Money Management (GIB)Ltd

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