Practice Index Approved Supplier

gplocuminsurance

  • This has year has probably shown the highest rates of volatility in investments we have seen for the last 10 years. Volatility is the ‘degree of a trading price series as measured by the standard deviation of logarithmic returns’ which translated into ‘Yorkshire’ is how much your investments go up and down! Many existing clients are obviously concerned about the effects of Brexit next year however the markets this year have largely been affected by US companies (especially the technology companies) and the ‘bond’ market.

  • Imagine you have just been offered a great premium for your practice's group locum and you are just about to switch providers . Just before you do you notice something in the small print called a 'pre-existing condition clause'. Most companies now cover themselves with a pre-existing condition clause. This usually means that regardless of who is covered if they have been off work for 5-10 days (varies on provider) for a 'pre-existing condition' then they are not covered for a set period of time.

    Now initially this doesn’t seem too bad (depending on time scales) but then let’s consider that recently a competitor has released a policy with a THREE year pre-existing condition clause! However what if you have a bunch of really healthy Doctors and Professionals who haven't been off for the last 3 years? What does it matter then? Well it does, and it’s something I call the pre-existing 'spin cycle'. Let me ask a question, who are the most expensive people to cover for?  I believe it is the individuals who are off with a recurring condition. This could be stress, back or even something like a trapped nerve. Those pesky reoccurring illness's that just won’t go away and makes it challenging for a practice manager to cover as you never know when they are going to strike! To illustrate my point let’s look at this example:

  • 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.