This plan is designed to be taken out by a practice that is a limited company, LLP, PLC or Scottish Partnership. Where single-handed practitioners, or partners in an ordinary partnership wish to insure themselves, we have a separate plan called the Professional Expenses Plan
for that purpose.Protect your business
What would happen to your practice if one of your most valuable and influential people suddenly couldn't work due to illness or injury?
Not only would you be concerned for that person's welfare, you would still have the responsibility of continuing to run your business effectively and efficiently. Regardless of the number of clients or patients you have, you still need to cover the fixed costs of your business.
You may even need to find a replacement in order to continue to provide a service for your clients. However locum costs can easily mount up and put pressure on your business's finances.
Even if you are a GP practice, and are able to get reimbursed for the locum costs from the NHS, the payment is unlikely to cover the costs in full, leaving your business with a significant bill that has to be paid.
Your profitability as well as your reputation could be seriously affected if you struggle to meet your clients' or patients' needs.
This is where the Wesleyan Professional Expenses Plan for Practices can help your business.What is the Wesleyan Professional Expenses Plan for Practices?
The Wesleyan Professional Expenses Plan for Practices provides a regular monthly payment to your practice if a valued member of the team becomes ill or suffers an injury that stops them from working. You can use it to cover either:
How can the plan benefit you and your business?
- a proportion of the ongoing fixed costs of running your practice or firm, or
- the costs of paying a locum or someone else to carry out the individual's normal duties.
The Wesleyan Professional Expenses Plan for Practices has a number of benefits. For example, it means that you don't have to find additional finance to cover your fixed expenses, to pay a locum or to make additional payments to your existing staff to help you continue to run the business.
With the help of your Wesleyan Financial Services Consultant, you can structure the plan to suit the needs of your business. At the start of the plan, you decide:
- the amount of cover you need
- how soon you want us to pay the practice after your team member becomes unable to work
- how long you want the benefit to be paid for, either 26 or 52 weeks
- how long you want the cover to last, the plan end age