ProPractices can ensure that its clients risk are optimally managed delivered by our preferred panel of insurance brokers and partners:
Surgery insurance
Surgery insurance is often likened to a buildings and contents cover, protecting the business premises and contents. However, there are a number of further protections, some of which are a legal requirement of the practice.
Propractices can search by competitive surgery insurance quote, which will include – Practice Premises, Contents, Loss of Fees, Employers Liability, Public Liability.
Partner Protection
Partners or expense sharing co-principals should seriously consider “partnership life cover”, for the protection of their financial dependants and to avoid costly disputes. If a fellow practice partner/director dies, their practice share is often left to a surviving spouse or named beneficiary. The surviving partner(s)/ director then has a new non-practising partner/ director and can be faced with the need to purchase the remaining share. This often involves raising finance, which can be problematic.
Partnership life cover provides the surviving dental partner(s) with the funds to purchase the remaining share from the deceased’s estate or spouse. Propractices recommend a ‘cross-option agreement’ to ensure the option to purchase is available to the surviving dental partner(s) and the option to sell is available to the new-non dental partner or estate.
Although the concept is relatively simple, the tax planning trust arrangements have to be correct to give adequate protection and beneficial tax treatment. Levels of cover should be regularly reviewed and can include Critical Illness cover.
Practice overhead insurance
Practice overheads insurance (often referred to as locum cover) is designed to cover the overheads of the business if you are unable to work due to an accident or sickness. As you will be aware there is a significant amount of overheads with the business which will not cease if you are unable to work, such as wages, bank loans and utilities. As such this forms part of your crucial protection planning.
Although you may be protected with a personal income protection plan, these are designed for your personal earnings which are totally separate area of cover. Without practice overheads insurance you may find that your income protection policy cover will be eaten up by the business costs rather than your personal mortgages and personal expenditure requirements.