subject: Illness proof your practice – click to quote [print this page] Illness proof your practice click to quote
As a healthcare professional, you are more than aware of the extent to which people can be injured and do get sick. The affect of this on businesses can be extremely serious. The unpredictability of staff being absent due to illness or injury is why these eventualities are so hard to plan for. Dental Practices also have the added complication of requiring staff with specialist qualifications, knowledge and experience, who are generally hard to replace at short notice.
One way to cater for this is through Dental Practice Overheads Insurance. These policies are designed to provide financial relief for practices, should staff be absent due to sickness or injury. As a BDA member, you have the benefit of such a policy at your doorstep through your membership benefits provider BDA Plus.
Now sourcing such products has become a little easier, with the launch of BDA Plus' instant online quote facility, available at lloydwhytedental.com. Allowing you to receive insurance quotations at any time convenient to you, through a simple quotation process.
What is Dental Practice Overheads Insurance?
As with any insurance cover, Practice Overheads Insurance is designed to provide protection against a risk. In this case, this is the risk that a member of your team may suffer from an illness or injury and be subsequently unable to work.
Cover from BDA Plus is not just available for partners and dentists, but can be extended to include other key members of staff such as dental nurses, hygienists or practice managers. It is up to you to decide which of your staff are critical to the smooth running of your practice, and whom you would struggle without.
What to look out for
It's important to check each different policy in detail. Some will only reimburse the actual cost involved in employing a locum dentist or other applicable replacement for the period of absence. Others may only cover overhead costs. The implication here is that the benefits are limited for this purpose, regardless of how you feel the funds would be best spent.
BDA Plus recognises that, more often than not, the practice could benefit more from money being used in other ways such as overtime, sick pay, loan payments or general overheads. Our policy therefore allows benefits paid following a claim to be used entirely at your discretion.
What cover will I need?
The cover provided will vary greatly depending on the policy and provider you choose. You should ensure that your policy is medically underwritten, and that you are fully aware of any exclusions which may apply. Some policies will automatically exclude any pre-existing conditions the named individuals suffer from, which are those present at the time of arranging your policy. This means absenteeism due to the recurrence of an old ailment may not be covered under the policy. Stress is one of the most common reasons for staff absence from work in the UK, whereas this is also a common area of exclusion amongst policies. You should ensure your policy includes cover for stress and depression related conditions.
Dental Practice Overheads Insurance from BDA Plus is medically underwritten, on a case-by-case basis. This means cover is tailored to the people at your practice, taking the individual needs of the practice into account.
These types of policies are essentially designed for absence due to accident or illness, but BDA Plus also provide cover to include such events as pregnancy, maternity and paternity benefit, and periods of bereavement or jury service. You also have the option for the policy to provide a lump sum in the case of the accidental death or permanent disablement of a member of your team.
Options to reduce your premiums
The deferment period of a Practice Overheads Insurance policy is the length of time before benefits will be paid, following a staff member being absent. Similar to a voluntary excess on a car insurance policy, your choice will have an affect on the premium you pay. The longer the deferment period, the cheaper your policy is likely to be.
BDA Plus can provide advice when selecting your deferment period, to ensure this accurately reflects your situation. A lengthy deferment period could put your practice under financial strain before benefits are paid, whilst a deferment period which is too short will result in a higher than necessary premium.
Why quote online?
The launch of our new online quote facility means BDA members can find out how little protection such as this can cost, simply by filling in an online form at your convenience. This quote facility can be found at lloydwhytedental.com.
In order to be effective, an insurance policy must be arranged in accordance with your individual needs. This is why BDA Plus are still on hand to provide specialist advice to BDA members. As the appointed provider of insurance services to the BDA, and part of your membership benefits, BDA Plus advisers are specifically experienced in the individual needs of dentists and dental practices. To discuss Practice Overheads Insurance, or any other way we can assist you regarding insurances or financial planning, call 0845 130 1366 to speak to an adviser.
