BUSINESS
Insurance
FINDING THE RIGHT INSURANCE FOR YOUR PRACTICE Claire Squire of Balens Specialist Insurance Brokers, provides a guide to the main types of insurance policy to protect your business…
T
HINKING about business insurance
What is the limit of indemnity provided by the
It’s there to protect you, but its benefits will only
probably isn’t your favourite business
policy and is this sufficient for your requirements? Is
really be tested at the time of need. Time spent
activity. Whether you’re starting out
this limit for any one claim, or a limit for all claims
considering different eventualities and ensuring
or a seasoned professional, some
that may be made against you during the year?
that your policy will cover these, will hopefully
time spent on the disciplines of risk management
Is Products Liability cover included? This is
and insurance could save you considerable
important as you could be held legally liable for
heartache, inconvenience and financial loss if
the sale of a defective product that causes injury
something goes wrong.
or harm to a third party.
ensure full peace of mind should the worst occur.
OTHER INSURANCE OPTIONS TO CONSIDER
Will the policy include cover where you are
There is insufficient space in this short article
be daunting. It is therefore advisable to seek
trading under a separate business name, Sole
to explore all insurances that you may require,
professional guidance at every stage of your
Proprietorship or Limited Company status?
but in brief we would suggest the following be
The complexities of insurance can often
business development to ensure that you are
What will happen after you stop practicing?
considered:
getting the right cover for your own particular
Will the policy still be in place or will you need
circumstances. The following is a brief guide to
to purchase additional run-off cover to protect
ALL RISKS COVER – for items you take with
some of the insurance policies to consider.
yourself from any late discovered claims?
you such as mobile equipment and laptops.
PROFESSIONAL LIABILITY INSURANCE As an individual practitioner or business owner, you can be held legally liable for loss or damage to other people’s property, injury, harm or financial loss alleged to have been caused to your clients, patients or other parties. As such you may require a Professional Liability insurance policy. Good quality cover will include Professional Liability and Public Liability as standard, but what else should you look out for? Professional indemnity policies provide cover for advice given in your capacity as a professional.
This insurance may be of particular interest to
It is important to check the policy wording to see what you will actually be covered for, as some policies, whilst the premium may be lower, may not offer adequate protection in the event of a claim
You may also require cover for any treatments you
You can see there are many
provide that could result in a third party suffering
considerations. It is
physical harm. It’s also worth checking if the
important to check the
policy also covers mental anguish.
policy wording to see
Does the policy include cover for the use of
what you will actually
manual or electrical equipment used as part of
be covered for, as
your profession?
some policies, whilst
Will the policy extend to cover you for other therapies or activities that you are qualified in? Does the policy cover you for breach of confidentiality, financial loss and Good Samaritan Acts?
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the premium may be lower, may not offer adequate protection in the event of a claim. Your insurance is like a safety net.
therapists who travel to various locations as part of their job. EMPLOYERS LIABILITY INSURANCE – this is (with a few minor exceptions) a legal requirement if you have anyone working for you, including in a voluntary capacity. CLINIC OR CONTINGENT INSURANCE – This insurance will cover the business name and any claims that are directed towards this. This cover can also include Professional Liability insurance for named employees. STOCK AND CONTENTS INSURANCE – Take care to value your stock and contents. It’s important not to under-insure as claims may be proportionately reduced if you do. BUILDINGS INSURANCE – this should be considered
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