As a GP with a practice to protect, you are well aware of the need to have reliable insurance cover for every eventuality.
But we all know that finding the right provider, the right mix of cover and the right price can be a difficult and time- consuming task.
In terms of cover, surgery policies often come as packages. You can break down what you need to insure into various categories and one of the most important will be the 'material risks' - basically, the buildings and contents.
As well as risks such as fire, theft and subsidence, you will want to cover internal and external glass, computer equipment, drugs, documents, professional and personal effects, money, and so on. The list is huge and some items will also need cover while in transit.
Another essential is to cover your legal liability - as an employer and to the public you serve, including products that you supply or recommend.
And you need to think about what would happen if the surgery burnt down or even if your computers failed for a day - how could you still operate and what loss of income would you face?
The incidence of staff assault is also becoming a greater risk, so you will want to cover that, plus have access to a legal helpline that you can turn to 24-hours a day, seven days a week.
This is just a summary of the risks you will need to cover, and it is not always easy to compare like for like between the many companies vying for your business. When you throw price into the mix, it is even more difficult.
Of course, cost is important, but best price does not necessarily mean best value. One thing to understand is how insurers arrive at premiums.
Essentially, they look at how likely it is that you will need to make a particular claim and, if you do, how much is it likely to cost. They work this out using claims, crime levels, environmental statistics and so on.
Your location is, of course, an important factor in the premium you will pay. If your surgery is in an area likely to flood, then your policy will be more expensive to cover that eventuality.
Poor security, a history of claims, or inadequate health and safety measures will also adversely affect the cost of your insurance. Conversely, there are things you can do, such as improving security, to help reduce the risk of a claim and lower your premium.
On top of all that, you will find that some policies have lower premiums but large excesses, or give discounts with 'conditions' that could leave you exposed in the event of a claim.
All of these variables mean that searching for the right product, price and insurance provider, is not going to be easy.
In the past, you will probably have shopped around for what looked like the best deal, and perhaps you go through the same process every year.
Well, GP newspaper is now aiming to make the whole task much less painful. We are launching an insurance scheme, created for the readers of GP.
We have been supporting the business needs of general practice since 1963.
And this new service to readers combines our in-depth knowledge of running a practice with the insurance expertise of a top specialist broker, using a panel of the biggest UK insurers.
With GP Insurance, you can rest assured that your practice is dealing with people who know what they are talking about and, just as importantly, what you are talking about.
Using a panel of providers, including Norwich Union, the UK's largest business insurer, our team will guide you through the quote process and help with risk assessment. We have negotiated a straightforward, flexible and competitive scheme, which includes all the cover necessary for comprehensive protection.
In future editions of GP we will be offering more advice about insurance and show how we can help take away the pain from the process.
In the meantime, all you have to do to obtain an exclusive GP Insurance quote, or more information, is talk to one of our friendly, professional operators on 0845 683 0834.
What does GP insurance cover?
Our new GP Insurance package has been tailored specifically to the needs of GP surgeries around the UK and includes:
Loss or damage to:
- Buildings, including all internal and external glass.
- General surgery contents such as stock, furnishings and electrical equipment.
- Computer equipment.
- Personal effects, clothing and pedal cycles.
- Refrigerated/non-refrigerated drugs.
- Medical bag.
- Documents and computer records.
- Exhibition equipment.
- Public and products - to protect for your legal liability to other people should you cause injury or damage.
- Employers - to protect for your legal liability to employees for death or bodily injury whilst in your employ.
The financial effects of your normal working practice being disrupted as a result of a claim, for instance, for fire:
- Loss of income.
- Increased cost of working.
- Reinstatement of data.
- Book debts - to cover the cost of tracing money owed to the practice following loss or damage to records.
Loss of money:
- In business hours in transit, and overnight in a safe.
- Personal accident (assault).
- Goods in transit.
- Legal expenses, including free 24-hour business advice services.
To request a quote, call 0845 683 0834 or go to www.healthcarerepublic.com/gpinsurance