Business Overheads Insurance with MIAB

Business Overheads Insurance with MIAB

Written by Edward Farthing, Specialist Business Overheads Insurance Adviser

An inevitable challenge business owners face is their absence, or that of staff members, for a lengthy period of time. 

Covering the related costs is an unwelcome burden, but a solution that’s increasing in popularity is Business Overheads Insurance - a way of protecting your business during an unplanned period of absence, whether this be sickness, accident, or through other means such as jury service.

The policy covers the costs of fixed overheads, as well as hiring Locums, temporary staff or overtime by existing staff. With a fixed weekly payment, the business benefits from a robust safety net and gives you peace of mind to continue trading without concerns about the financial impact the absence may have.

If you are an NHS practice with a UDA commitment, the policy enables you to fulfil your contract through maintaining sufficient staffing to cover the agreed daily Units.

When considering Business Overheads Insurance, there are some points to remember:

  • Ensure as many eventualities as possible are covered, especially specialised covers such as maternity, paternity, suspension while under investigation and revalidation.
  • Check for compassionate leave cover. Being secure in the knowledge you could take time away from your business to be by the bedside of a sick relative is an essential lifeline but often overlooked.

MIAB understands that customers don’t fit generic policy templates, so policies are sold on an ‘advised’ basis: Advisers explore your Overheads requirements to design a policy shaped to meet your needs. They’ll let you choose the most suitable cover limits, so you don’t pay extra for cover you may not need. 

As a broker, MIAB offers a choice of providers and plans to suit all budgets and requirements, with policies underwritten by leading insurers and Lloyd's of London syndicates. 

"Thank you MIAB for providing me with a very competitive quote for Insurance for our Owner/Dentist at Roseville Dental. I found the "why choose us" statements very helpful and to the point.
With your knowledge answering my questions and prompt response emails and telephone calls, the whole process was very straightforward."

- Julie Walters, Practice Manager, Roseville Dental Practice

Expert Advisers

Each Specialist Insurance Adviser focuses on a specific product, so you’ll always speak to an expert about your cover.

For example, Specialist Insurance Adviser Trudy Hewitson, has previously worked as a Practice Manager in a mixed dental practice, and holds the Certificate in Insurance from the Chartered Insurance Institute (Cert CII), the recognised industry body, giving her a strong combination of sector and insurance knowledge.

Dental Experts

“Working with dentists for many years as the approved supplier of insurance services to DBG, Dental Directory and the LDC Buying Group, MIAB currently insure around 800 dental practices and professionals in the UK for both commercial and personal protection,” said Robert Lynch. "We’re proud that we can support customers by delivering the best possible products and advice for their needs in a personal, impartial and expert way."

Find out more about how Business Overheads Insurance can protect your business

Please visit MIAB’s dedicated Business Overheads webpage, or contact Business Overheads Adviser, Edward Farthing, on 01438 730210 or edward.farthing@miab.co.uk.

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