Top 5 things to look for in a good Locum Insurance policy
1.) Premium.
I thought I would put the most obvious one first! Yes it is important to have a competitive premium but this should not be at the expense of the quality of cover especially as there are some policies out there we would NOT recommend as an independent advice company. The best way to find out if your premium is competitive is to get several premiums from different companies or go to an Independent Financial Advisor like ourselves.
2.) Permanency of cover.
Some policies claim to be ‘Permanent’ or claim to have ‘Continuation Options’. The main point here is there should be a clause within the agreement that states clearly that if a claim is made on the policy then that individual can still be insured at renewal. The terms and conditions for this vary from policy to policy so it is extremely important that this is the most scrutinised clause in any policy document.
3.) Financial strength of insurer.
It is important not to be confused by the broker or brand name and look at the underlying insurer of the policy. This will be detailed in your policy document. Ultimately these are the companies who are going to pay out on any claims. A key concern here would be claims history and financial strength of that company.
4.) Extra charges
As a company we do not charge an ‘admin fee’ for amendments during the policy however others do. It is important to note that a locum policy (especially a group one) will need amending quite frequently. It is false economy therefore to go with a company who is going to charge every time an amendment needs doing.
5.) Policy extras.
Most policies now have extra cover built in. Some of this is not always necessary but cover for ‘Suspension’ and ‘Jury Service’ is extremely desirable. Some policies now cover things such as paternity cover and personal injury. It is therefore good to know what ‘extra’ are included. Equally sometimes by removing unnecessary cover it can reduce the premium.
Chris Dixon Director
www.gplocuminsurance.com
