You may or nor may not remember, but in the last budget there was another attack on insurance premiums from the Chancellor of the Exchequer. Not as you may wish from the insurers, unfortunately the increase is for all policy holders on the standard rate of Insurance Premium Tax. We first saw it increase from 6% to 9.5% and now it will increase to 10% from the 1st October 2016.
If you are looking to take out a policy now would be a good time to achieve that little extra saving. At MIC we always try and mitigate the increases imposed upon our clients as best we can on policies such as Locum Insurance or your mandatory Surgery Insurance and Medical Indemnity cover.
Whether it is being used when comparing Locum Insurance or Surgery Insurancequotations it is so misleading. I will bet that when you see this word your initial thought is that what is being compared is a true comparison and up to date. WRONG – What it does mean is that the person/company who is using the “LATEST “policy wording or definitions which could be light years away from what is currently being used.
Why is it done? One explanation that I have recently seen is “to help you to make an informed judgement”. Where is it used? Usually when comparing Locum Insurance products. The reason? My bet is to kill off competition.
I must admit I find it difficult to understand what is going through the sales persons mind when they are using such a tactic. It is misleading and could cost the person/practice £000s
It becomes a little better when the comparison is made when using the details from the policy document that the client may have. But still this is not 100% accurate. At Medical Insurance Consultants we reassess the cover that we offer and the premiums that we charge for Locum Insurance at least once a year.
We are proud to announce that the MIC Surgery Insurance policyhas been awarded a 5 Star rating by Defaqto, the independent financial rating company. This rating confirms to our clients that the cover we offer is at the top of the pile, backed up with excellent customer support and advice.
Over 80 golfers made the MIC sponsored Golf Day at the Salisbury and West Wilts Golf Club and helped to raise over £3000.
The money raised went to supporting the Weldmar Hospicecare Trust and Julia’s House Childrens Hospice.
Although the weather was terrible – wet, windy and cold all participants completed their round of golf and a good day was had by all!
If you are a client of MIC for Locum Insurance, Surgery Insurance or any of our Medical Liability products and would like to take part in next years event please get in touch and we can put your name down.
Our Policy Director Simon Downing is currently the Ask The Expert on Insurance for Management In Practice and he would welcome any questions from our clients. He has recently submitted his responses to questions asked and could see that there is a definite focus on Surgery Insurance cover. Mainly, how to ensure they have the correct level of cover and to pay as little as possible for it.
There is no simple method or magic answer to adequate insurance cover. We as a broker ask the questions that give enough information for us to provide a quotation, as no one wants to be on the phone for ages or completing a confusing and lengthy proposal form. We aim to simplify the process as much as possible, but there is heavy reliance upon being provided with accurate information. If you are in doubt of your level of cover pick up the phone or send an email and ask, because if we can’t help we will be able to point you in the right direction.