Safeguard your business from significant and unexpected costs
Finding funds to cover your ongoing fixed expenses or the cost of securing a replacement when an ill or injured member of the team is unable to work, can put a strain on practice finances.
The Wesleyan Professional Expenses Plan for Practices could help safeguard your business against your significant costs or the unexpected costs of having to employ a locum so you can manage costs more effectively.
Keep generating revenue for your business
Regardless of the number of clients you have, the practice's fixed expenses such as your rent, insurance and heating must still be paid even if a key individual is not able to work. The plan can cover fixed expenses or help the practice pay for a locum who can continue to generate revenue.
Protect the reputation of your practice
Having to rearrange or, worse still, cancel appointments with your clients or patients because someone has become ill or has an injury that stops them from working, could be upsetting as well as inconvenient. For some, it can be difficult to find new clients or patients, let alone trying to keep them. It can take just a few discontented patients or clients to damage your reputation, which may have taken time and effort to build.
The plan enables you to cover the costs of paying a locum or someone else to carry out the absent person's normal duties, allowing you to provide a continuous service with little or no disruption.
Tailored for your business
You decide which individuals are to be covered. There are also options to suspend or reduce cover to take account of breaks in their career, for example through maternity or paternity leave.
Choose when you want the benefit payments to start
At the start of the plan, you can decide when we start paying the practice that best suits your business requirements. Assuming we're able to accept the claim, we can pay out after zero, four, eight, 13 or 26 weeks.
There is no limit to the number of claims the practice can make. Each claim will be considered in line with the plan's terms and conditions, but a claim would not be refused just because a previous claim had been made. What's more, making a claim will not affect the premiums you pay in the future.
Potential to enjoy tax relief on the premiums
Premiums are normally treated as a business expense, so the practice can deduct them from profits before calculating tax. This means tax is paid on a lower amount. Note, however that if the employee being insured owns a significant share of the business, HM Revenue & Customs (HMRC) may not allow tax relief on the premiums. You should check this with your local inspector of taxes.
Continue to meet NHS or other contractual commitments
Hitting targets can be difficult at the best of times, but a lack of resource due to the illness or injury of a vital team member can make it an even greater challenge. The plan can enable resources to be put in place so the practice can continue to meet its contractual agreements.