A standard package provides cover for ‘All Risks’ on Surgery Contents, Business Interruption, Employer’s Liability, Public/Products Liability, Glass, Legal Expenses, Money and Assault.
Employers Liability Insurance - If you employ anyone other than yourself and your immediate relatives, policy cover is a legal obligation under the Employers’ Liability (Compulsory Insurance) Act 1969.
Public Liability Insurance - Public liability is a business insurance policy which provides cover against injury or damages claims. Such claims can arise if your patients or members of the public come to your practice. If they should suffer personal injuries or damages to their property whilst on your premises, you might well find yourself faced with a claim against you.
Business Interruption Insurance - One of the most vital covers within your insurance portfolio. This cover will provide financial compensation for the loss of gross income incurred following a loss. The sum insured should represent your total anticipated gross income over the indemnity period you have chosen. When calculating your sum insured, it is important to consider the anticipated growth of the business over both the policy period and indemnity period. When doing this, bare in mind that it is possible for a worst case scenario loss to occur on the last day of that period of insurance.
Things to consider - You will need to consider the total value of the contents, computers, laptops, stock and fixtures and fittings within the practice, which will need to be included within this policy. This can take some time to review, however it is vital that this is considered when purchasing the practice as well as being reviewed regularly to ensure you are not underinsured in the event of a total loss.
If you are looking to purchase the buildings it is very likely that a term of your loan or mortgage is to insure the buildings and note the interest of the finance provider. The practice insurance policy can also incorporate this cover and the sum insured must be based on the rebuild value of the buildings rather than the market value at the time. You are often provided with a valuation report at the time of a purchase which should state the rebuild costs.