If you’re a practising physician, it’s highly likely that at some time, due to accident, injury or illness, you’ll need to engage a locum to work in your practise until you’re well enough to return. Hiring a locum is sometimes costly; therefore, the smart thing to do is have insurance cover which takes care of the expense. The following material deals with the usual FAQ’s concerning locum cover and why it needs to be contained in your surgery insurance.
Q. What does locum insurance entail?
A. Locum insurance is a kind of cover, renewed per annum, that is intended to cover the expense of hiring a locum if a major member of a medical facility is not capable of working. The policy normally will make a weekly benefit payment to the member until they are back at work. In addition, there have been circumstances under which locum insurance has paid out daily benefits when an important associate of the practice was called upon to be on a jury. The benefit can be received for as many as 31 days. Some policies pay a lump sum benefit if the insured person dies or becomes permanently disabled. Non-medical members of the practise also can be included in locum cover, and the benefit paid usually is a percentage of their gross weekly wage — for example, 75%.
Q. What are the typical amounts insured under locum cover?
A. Each member of the practise, medical or non-medical, can be insured for a weekly amount that ranges from a few hundred to a few thousand pounds per week — for example, £500 to £5000.
Q. What all does locum insurance cover?
A. Locum cover typically encompasses accidents occurring anywhere in the world, as well as illness occurring anywhere in the world.
Q. How long is the benefit is paid?
A. The total amount that is insured will be paid through out the complete time that the insured is incapacitated (in the short term) from attending their job or for a maximum time period spelled out in the policy (normally 52 weeks). The payments will no longer be paid out as soon as the person goes back to work.
Q. What if a locum cannot be found?
A. In the event that a locum is not located, a number of polices will disburse a weekly total which equals the insured weekly sum or the gross weekly earnings of the person who’s out.
Q. What is the longevity of a locum insurance policy?
A. Generally, locum insurance renews on an annual basis. At this time, it’s a good idea to review your cover, and see if any adjustments need to be made.
Q. Is there an age cap on surgery insurance?
A. For the most part, insurance can be obtained by workers at the practise who fall within the ages of 18 to 65. If they furnish more medical data, there is a possibility that those over 65 years of age could qualify for cover.
Q. Do taxes have to be paid on locum insurance?
A. There are circumstances under which tax relief is available for premiums, as they are counted as business debts. Make sure to ask your insurer for the complete facts.
Surgery insurance, particularly, locum cover, is an important aspect of a profitable practice.