What protection does Practice Insurance provide for optometrists?

Optometrist

James Pearce, Head of Commercial Development at Lloyd & Whyte 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:

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 Lloyd & Whyte will allow us to review your requirements, in order to provide appropriate advice on your insurance needs.

Why Lloyd & Whyte?

Trusted expertise

Lloyd & Whyte is the AOP’s partner for insurance services. We have over 20 years of experience advising healthcare professionals in areas of insurance protection. The insurance that Lloyd & Whyte provides is bespoke, and focused on your profession. It is fully chartered, a status awarded to organisations able to prove a sincere commitment to professionalism and service.