Dental Business Overheads Insurance – it’s a no brainer
Business Overheads Insurance is designed to cover the cost of the overheads associated with the absence of principles, partners and associates.
This means covering individually-portioned fixed business overheads, from rent and utilities to hiring Locums or covering the costs of those extra hours worked by existing staff. By having a policy such as Business Overheads in place, you’re protecting your practice from the risk of a drop in income due to an unforeseen absence, whether this be long or short-term.
There are two significant reasons why dental practices should considering taking out this policy. MIAB Director, Andrew North, explains further.
Contributes to the smooth running of your business
Firstly, a modern dental practice needs to provide an efficient, responsive and convenient service in order to retain existing, and to acquire new, customers, particularly those who pay privately.
Service disruption for any length of time not only interferes with cash-flow, but it threatens the loyalty of your customers. And in NHS practices, the cover allows you to fulfil the UDA requirements detailed in your contract. This is likely to be particularly important in respect of single-handed practices, where internal cover may not be available.
Cover for increased health risks
The second reason concerns the intrinsic physical risks of practicing dentistry. It is commonly accepted that throughout the industry, a major cause of absence from work is back pain. There are few occupations where the stress and strains on the musculoskeletal are as pronounced and constant as they are in dentistry.
The problems associated with strained posture and musculoskeletal complications in general are well documented, and reported to get worse with age. For example, in 2010 Brown et al conducted a study into the reasons for dentists to retire early (specifically in regards to ill health). Of the dentists surveyed, 55% answered that they suffered from back pain, ultimately forcing them to stop working. It seems silly therefore to ignore the real threat posed by them.
Of course there are various techniques which can be adopted to alleviate postural problems, such as the clinician’s height and angle relative to the patient, a good technique in close-support work is the use of a Bamback saddle seat, and of course regular exercise to improve flexibility and core strength.
However, it is notoriously difficult to shake off habitual postures and over-ride well practiced muscle-memory routines, which means most dental practitioners continue to be exposed to this occupational hazard.
Our experience is that more dental practices are choosing to protect themselves from the threat of unanticipated staff absence and the effect it has on their service levels and finances. However, we also acknowledge that actually being able to engage a dentist in conversation during their working day is understandably difficult.
Our suggestion therefore is to take the opportunity at your convenience to call our Specialist Business Overheads Insurance Adviser, Edward Farthing on 01438 870718 for a no-obligation chat about the costs and benefits of Overheads Insurance.
Alternatively, you can read our insightful article, and read for yourself how we can support you. You may be pleasantly surprised.