Risk applies just as much to your business or professional circumstances, as it does to your personal savings or investments.

Working with us means that you’ll benefit from informed advice, specific to the medical and dental professions. 

Medical and dental practices may want to protect key staff or associates within their practice – perhaps the salaried GP, practice manager, nurse practitioner or associate dentist, without whom the practice will not function properly or will financially suffer.

There are four elements to consider when assessing the risks that might impact you professionally:

  • Risk avoidance   (choosing to refrain from certain treatments for example)
  • Risk reduction    (building in safety measures, such as making appropriate capital investment to reflect any change in clinical requirements, or employing an additional appropriately qualified member of the team)
  • Risk transfer       (taking our specifically relevant insurance cover)
  • Risk acceptance (choosing to proceed with a decision on the full understanding of the risks posed)

Shareholder / Partnership Protection can provide a fixed sum should a key individual be unable to continue to work. The benefit will be designed to cover the practice’s expenses in meeting any emergency costs, recruiting a replacement partner or employee, and protecting the future of the business. 

If a shareholder were to pass away, cover can also be arranged to provide a lump sum to the practice, sufficient to pay to the estate of the deceased the sum required to purchase the shareholding in the practice. This enables control of their practice to adjust without any longer term delay and can provide an additional benefit to the individual’s family.

Practice Insurance – covers key practice expenses if a partner or associate were unable to work due to accident or illness for prolonged period of time.

Locum and Practice Expenses offers a way of covering the costs of hiring a GP locum or temporary member of staff, in the event of a citation for jury service or unplanned absence, perhaps due to a family emergency or bereavement. It can also be arranged to cover adoption leave. 

If you are a GP in England, Scotland or Wales, you may think the recent changes to the NHS contract for GPs will provide sufficient reimbursement if you need to hire a locum, but it may cover only part of your costs. We can work with you to assess your preferred risk threshold and recommend suitable supplementary cover, if you think this is appropriate.

Remember, if your objectives or capacity for potential losses change, for any reason, let us know immediately.

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  • Institute of Financial Services
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