Emily Tyler, Commercial Development Manager at MIAB explains that optometrists often enquire as to what Practice Insurance actually entails, what it covers and how much does it cost.
“This is a topic that we get asked about a lot, particularly at 100% Optical. Many practice owners are unclear as to what it covers and why it is important to get a bespoke policy, specifically tailored to the healthcare sector”.
The Practice Insurance we can offer is tuned to the needs of your profession, being specifically designed for optometrists. It covers a number of elements, including:
Contents
- Covers theft, accidental damage, and malicious damage of property belonging to your practice
- Cover for contents temporarily removed from the practice
- Computer systems (standard cover £50,000)
- Cover for stock, up to contents sum insured
- Equipment breakdown cover
- Low standard excess for most claims
Buildings
- Covers structural damage to the property
- Covers accidental damage, break in or vandalism, including glass and fixed sanitaryware
- Covers damage due to events such as fire, flood, storm or subsidence
Theft or damage of cash and cheques
- Money in premises or in transit during business hours (up to £10,000)
- Money out of hours while kept in a locked safe (up to £10,000)
Added support
Business interruption
- Loss of income covered when you are forced to stop trading due to an insured peril such as fire, flood, storm damage, or failure of public utilities
- Increased cost of working included, giving you the opportunity to reclaim the costs incurred to continue operating from a new location
Legal expenses
- Legal expenses, up to £250,000 per event
- Cost of preparing a legal defence, including employment disputes, criminal prosecution, data protection, debt recovery or tax investigations
- Also includes employee absence relating to jury service
Liability cover
- Damage to third-party property or injury to members of the public
- Employer’s liability, up to £10 million
- Public & Products Liability up to £10 million
- Bodily injury or disease sustained by an employee while at work
Costs
In terms of what you can expect to pay, premiums will vary on a variety of different rating factors and be tailored to each individual client, so everyone pays a commensurate amount to their own circumstances.
Factors such as buildings and contents values, business turnover, geography and claims experience are all rating factors that will be taken into account to provide an accurate premium for each client.
Booking a complimentary appointment with an adviser at MIAB will allow us to review your requirements, in order to provide appropriate advice on your insurance needs.
Why chose MIAB?
Trusted expertise
MIAB provide a wide range of bespoke commercial insurance for opticians and have done so for decades.
Our specialist and knowledgeable advisers understand the healthcare sector and can discuss your specific needs in simple terms without the jargon.
Get a quick review to make sure that you are protected properly.
Book an appointment here
Call us: 01438 730210
Find out more: https://miab.co.uk/opticians/
MIAB is a trading style of Lloyd & Whyte Ltd who are authorised and regulated by the Financial Conduct Authority under register number 306077.Lloyd & Whyte Ltd registered in England No. 03686765. Registered office: Affinity House, Bindon Road, Taunton, Somerset, TA2 6AA
