Locum insurance is not just for the cost of a locum
The name Locum Insurance is a bit misleading. This cover is also known as Business Overhead Insurance and that is exactly what it is for. It is Income Protection in the name of your business, rather than the individual policyholder. You can protect your business should a key practitioner be unable to work for extended periods of time. Typically the practice owner or manager buys this insurance to cover the costs incurred by employing a locum.
Locum insurance is similar to an Income Protection policy, as it will provide financial assistance when it’s needed most, but they are two different types of cover. With Locum Insurance, instead of providing the individual with financial assistance, payments would be made to the business, giving you control over how the money is best utilised following an absence of a key member of staff.
Less admin
We offer a benefit-driven Locum Insurance policy; it requires no medical examination and pays out a pre-agreed amount to the practice, without the need for receipts or proof of spend, which can be a tedious and time-consuming process. The policy is taken out in the business name on an annually renewable basis. You can choose how much cover you want, and when you want it to kick in.
This differs from an indemnified policy, which would only cover evidenced costs incurred, leaving your business vulnerable to paying for insurance that doesn’t respond as expected at the point of claim.
Flexibility
The cost of locum insurance could be an affordable and robust option for your practice. Locum insurance is there to help with financial costs such as paying for locum cover, overtime or company sick pay, and is paid directly to the business.
In the event of a claim, you can use the money however you see fit to help keep the business running and you won’t need to prove what the money has been spent on, giving you the freedom and peace of mind that you can get your business back on track if a problem arises.
