An emerging trend in the short-term insurance sector is to offer insurance covers tailored to specific business sectors. These products make it easier for insurance brokers to structure appropriate covers for their clients, says Pieter Erasmus: Head of Ma
Momentum Short-term Insurance (STI) has designed a commercial product to cater for the specific short-term insurance needs of medical professionals such as general practitioners, specialists, physiotherapists, biokineticists and dentists, among others. The product is specifically aimed at the medical industry and offers optional covers and unique bonus benefits to differentiate it from the broader commercial insurance market.
Covering specific risks
As a broker servicing the medical industry you can offer flexible accidental damage and theft covers to your clients. Accident damage cover can be quoted on the risk or risks that best suit your client’s needs. Contents, stock, buildings, electronic equipment and business interruption can be separately specified and selected to reduce the monthly premium.
Theft covers can be structured according to your client’s specific needs too. Momentum STI offers full or limited theft cover for the equipment used by a practice, as well as stock items stored at your client’s place of business.
In addition to the standard covers, this specialised product covers risks that are specific to medical professionals. Under the all risk items section your client can purchase cover for loss and damage to items such as medical bags and other medical equipment when on the road or at home.
Compensating for lost data
Another useful addition to the policy cover is that for loss of documents & x-ray records, which can be covered as part of the contents value. The reinstatement of digitally scanned patient records will further be covered as part of the electronic equipment cover.
Loss of Income
Business interruption cover is critical for your medical industry clients. This cover compensates for financial loss suffered following the interruption of business due to unforeseen events. Your client’s professional body subscription fees can be covered by including the amount as part of fixed expenses. And business interruption cover can be extended to cover accidental damage and theft incidents too! An included bonus benefit is cover for the loss of professional fees incurred in the event that your client is summonsed to appear in court.
Machinery breakdown
A vital component of a medical professional’s business is equipment, such as x-ray machines. Under this product you can cover the loss or damage caused by mechanical, electrical or electronic breakdown. If the breakdown is likely to reduce your client’s turnover, the loss can be covered under the business interruption section.
Bonus benefits (included with contents cover at no extra cost) include the replacement of locks and keys following a burglary, theft of a patient’s personal possessions while at your client’s premises and the cost of an ambulance in the event of emergency assistance.
Additional cover and benefits can be added to fit your clients’ needs. Public liability cover is available to protect practices against liability claims, while buildings cover can be taken out to cover the entire building, or permanent fixtures and fittings for tenants. Vehicles (company and privately owned) can also be covered under the product.
Tailored for medical professionals
Employer’s liability cover protects your client’s practice against damages and injury liable to an employee and employee dishonesty cover protects the practice’s insured property against theft by an employee. You should however note that professional indemnity cover is excluded on this product. Your client will have to take this cover separately through their relevant professional body.
Short-term insurance products tailored to business sector needs are beneficial to insurance brokers. Momentum Short-term Insurance's conversion ratio is high, with almost half of quotes converted to sales. Medical professionals rate this tailor-made product for the competitive benefits and rates it offers.
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