strategies is to seek advice from
an insurance broker. Insurance is
complex, particularly for medical
practices, and a broker can help you
identify your key risks and then put in
place an insurance program to protect
your assets and liabilities.
· Whatdoyouseeasmymajorrisks?
· Whatstrategiesdoyourecommend
sector and what are your
qualifications and experience?
paid commission from the insurer
and/or the broker may charge you a
fee for their advice and placement of
the policies.
· Personal service: A single point of
(rather than call centres or
dealing online).
advice based on your circumstances,
and as brokers access multiple
insurers, they will find the right
policies at the most competitive
premiums (if you deal with an
insurer direct, they can only sell you
if there is a more suitable product
available from another insurer).
you time and money they will get
to know your business and do the
running around for you. They should
be part of your extended support
team, along with your lawyers,
accountants and financial planners.
to ensure the insurer lives up to
their promise to pay valid claims.
medical practice hold? No two
practices are the same, so the
insurances needed will depend on
the individual circumstances of the
practice. When I meet with clients to
understand their business, I talk about
the `Five insurance pillars' to consider
as a starting point. These are:
1. Medical Indemnity Doctor
2. Medical Indemnity Practice entity
3. Business Package (including
interruption and other covers)
5. Workers' Compensation
insurance cover. I have also only
focused on key business risks and not
`personal' risks (such as life insurance,
income protection, trauma/total
and permanent disability, and other
policies to cover key persons).