Find the right insurance policy

The scenario

Laura, practice owner

“I am a new business owner, currently preparing my paperwork before opening the doors to my first High Street practice. I’m a bit confused as to what type of insurance I need. Some people said I needed specialty insurance designed specifically for the healthcare industry, while others suggested retail. Could you advise me on a solution? »

The board

William King – business development manager with AOP insurance affinity partner, Lloyd & Whyte

Setting up your own High Street practice is exciting, but it can also be a source of worry about arranging the most appropriate cover for you, your staff and your patients.

While it might seem simpler to go online and get a “ready-made” retail policy, you could be exposing yourself to coverage gaps or being underinsured. Sometimes the quick and easy solution isn’t always the right one.

That’s why talking to healthcare insurance experts like us will pay dividends and ensure you have the optimal coverage to meet your needs.

How do you know what type of insurance you need?

Online providers will ask you what items of cover you want to include, e.g. liability, employers liability, content, etc. You may not realize the importance of every aspect of coverage and omitting one could leave you exposed. A tailored, tailored AOP-approved healthcare professional policy can help you make an informed decision.

Sometimes the quick and easy solution isn’t always the right one

For example, I had a client who didn’t have legal expense coverage because they believed the employer’s liability would cover them for any potential employee disputes or wrongful termination claims. It wasn’t until they made a claim that they realized they needed legal expense coverage for these incidents to be insured, and so were left without coverage.

Advice on sums insured and risk management

Underinsurance is an essential aspect to avoid. Often there is confusion around the market value of items rather than the new value, as well as ignorance of the amount of “normal” cover from an optician’s practice. Although we cannot tell you precisely what the sums will be insured, we can have conversations to help establish this.

Retail or health policies

Sometimes a “store” policy has been designed for retail units rather than specifically for an optical practice. Although there are hundreds of policy variations, it is impossible to compare them all. Here are examples of key differences to watch out for:

  • Limits to glass coverage – some policies will not be enough to cover the storefront of an optometrist
  • Equipment failure – opticians and optometrists depend on certain specialist equipment, so if a key piece of equipment fails and causes the practice to close or operate at reduced capacity, this may not be covered.

With tonometers costing between £3,000 and £10,000 and keratometers as low as £2,000, for example, protecting these valuable assets makes sense. Moving parts like ophthalmoscopes can cost you between £500 and £1000 and should be covered if removed from the premises.

Experienced Claims Team

Not only do you get accurate and helpful advice when setting up the policy through a specialist, but when it comes to making a claim, our in-house claims team have brilliant experience when it comes to help calculate the potential loss of income following a practice fire, for example. . Our goal is to make the entire claims process as easy as possible.

Guidance on additional applicable policies

Relying solely on a traditional “commercial” policy can expose you to areas you may not consider, such as cyber insurance, directors and officers insurance, and entity insurance. A qualified and specialist insurance adviser like Lloyd & Whyte can help you explain these policies and how they would apply to your situation.

Relying solely on a traditional “commercial” policy can expose you to areas you may not consider, such as cyber insurance, directors and officers insurance, and entity insurance.

We offer free trade assurance reviews to AOP members. We review your policies, identify gaps and make practical recommendations to better protect your business. Contact us for expert financial advice, including pension and retirement planning advice, plus exclusive rates on essential home, travel and practice insurance.

Lloyd & Whyte (Financial Services) Ltd are authorized and regulated by the Financial Conduct Authority. Lloyd & Whyte Ltd is registered in England under number 03686765. Lloyd & Whyte (Financial Services) Ltd is registered in England under number 02092560. Registered office: Affinity House, Bindon Road, Taunton, Somerset, TA2 6AA.

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