By Lisbeth Duhon
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. Engaging a locum can be expensive, so it's wise to carry insurance cover that will handle the cost. Here are some typical questions and answers about locum cover, and why you should include it in your surgery insurance.
Q. What is locum insurance?
A. Locum insurance is a type of annually renewable cover that's designed to meet the costs of engaging a locum when a key member of a medical practise is unable to work. The policy usually pays a weekly benefit until the member returns. In some cases, locum insurance also will pay a daily benefit if one of the principals for the practise is summoned for jury service. This benefit may be paid for up to 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 is included in insurance cover for locums?
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 sum insured will be paid for the duration of the time the insured person is temporarily unable to work, or for a maximum period specified in the policy, usually 52 weeks. Payments cease when the person returns to work.
Q. What if a locum cannot be found?
A. If a locum cannot be found, many policies will pay a weekly sum equal to the insured weekly amount or the absent person's gross weekly wage.
Q. How long is the term 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 limit on locum cover for surgery insurance?
A. Typically, insurance is available for members of the practise between the ages of 18 and 65. It is possible to include persons over age 65, but additional medical information usually is required.
Q. Are there tax implications related to locum insurance?
A. In some cases, tax relief regarding the premiums may be available, because they are considered a business expense. Do check with your insurer for full details.
Surgery insurance, especially locum cover, is an essential component of a successful practise.
Always remember to obtain the right surgery insurance for your practise. To get some expert advise in the UK on practice cover and surgery insurance make sure to check out the Locum Plan website.
Article Source: https://EzineArticles.com/expert/Lisbeth_Duhon/1012799
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