Wesleyan Financial Services explains why insurance, income protection and critical illness cover are crucial when transitioning from NHS to private dentistry.
Transitioning from NHS to private practice is exciting, but it comes with new responsibilities and risks.
While the potential rewards of private practice are clear — greater autonomy, increased income potential, and the freedom to provide patient care on your terms — the safety net of the NHS reduces or disappears entirely. Stepping into private practice without proper financial protection could leave you open to risks and complications.
Just like a well-planned treatment plan protects a patient’s long-term oral health, a solid financial protection strategy can safeguard your practice, your income, and your peace of mind.
Here’s why practice insurance, income protection, and critical illness cover could be essential for dentists making this career shift:
Income protection – the foundation of your financial health
While NHS dentists benefit from a degree of sick pay and support, private practice dentists need to create their own safety net. Income protection works like a dental filling — it ensures you’re not left exposed when life takes an unexpected turn.
Iain Stevenson, head of dental at Wesleyan Financial Services, explains why income protection is vital for dentists moving to private practice:
‘Moving to private practice means taking on greater responsibility for your financial wellbeing. An income protection plan tailored to dentists can provide peace of mind, knowing that you’ll have a regular income if you’re unable to work due to illness or injury. The right policy will take into account your specific earnings and career path, helping to ensure that you’re not left financially vulnerable.’
If you were suddenly unable to work due to an injury to your hand or a stress-related condition, how long could you manage without an income? For many dentists, the answer is not very long. Income protection provides a regular payout — usually a percentage of your income — to help keep you financially stable until you’re able to return to work.
This is especially important for dentists because your ability to work is directly tied to your physical health. A back problem or repetitive strain injury could mean months out of work — and without income protection, you’d be relying on your savings or personal resources to get by. Income protection ensures you have a steady stream of income to meet life’s expenses.
Critical illness cover – your emergency treatment plan
Critical illness cover is like an emergency safety net – you hope you never have to use it, but when you do, it can feel like a lifeline.
A serious diagnosis could mean an extended time away from work or even the end of your clinical career. While income protection provides ongoing financial support, critical illness cover delivers a lump sum payment if you’re diagnosed with a pre-defined condition like cancer, heart disease or a stroke.
Iain Stevenson adds: ‘Critical illness cover is often overlooked, but it can provide a vital financial cushion if you’re faced with a life-changing diagnosis. For dentists in private practice, this kind of cover ensures that you have the financial support you need to focus on recovery without worrying about your financial obligations.’
Receiving a critical illness payout could help cover the cost of medical treatments, adaptations to your home, or simply allow you to take time off to focus on recovery without the added stress of financial instability.
Keep in mind that not all illnesses are eligible for a claim. In some cases, you may need to experience permanent symptoms to qualify for a payout.
Filling the gaps in your practice protection
When you’re moving from NHS to private, it can be a good time to review your practice insurance policy and whether it’s fit for purpose. You are already going through great change, so taking the time to secure your financial safety net helps provide peace of mind during your transition.
Think of practice insurance like the enamel on a tooth. Without that protective layer, any tooth – or practice – is at risk of external damage. Moving to private practice means taking on the responsibility of protecting not just your professional reputation, but also the bricks and mortar of your business.
Kabir Ahmed, commercial insurance manager at Wesleyan Financial Services, highlights why tailored practice insurance is essential:
‘Transitioning from NHS to private can expose you to new risks. Comprehensive practice insurance is essential to protect not only your premises and equipment but also your professional reputation.
‘Dental practices often have a unique business structure, where the practice itself is a separate entity from the commercial property it operates in. As a result, you may require a combination of policies to ensure comprehensive protection.’
Imagine a scenario where a patient slips and injures themselves in your waiting room, or a flood damages your dental chairs and equipment. Without comprehensive insurance, you could find yourself facing significant repair costs, lost income, and potential legal claims.
A well-constructed practice insurance policy should cover the essentials – from protecting your property and equipment to shielding you from claims of negligence or malpractice. The right insurance ensures that, even if the unexpected happens, you can keep your practice running smoothly.
Speak to the specialists
Making the transition from NHS to private practice is a bit like performing a complex multi-stage dental procedure. It requires careful planning and the right tools. Just as you wouldn’t attempt a difficult extraction without the right instruments and a clear treatment plan, stepping into private practice without proper financial protection could be a risky move.
Comprehensive practice insurance, income protection, and critical illness cover could be the essential components of a well-rounded protection strategy. They safeguard not only your personal financial security but also your business and professional reputation.
If you’re considering the move to private practice, now might be the time to take control of your financial security.
Speak to a dental specialist financial adviser at Wesleyan Financial Services to ensure you have the right protection in place – so you can focus on building a successful private practice with confidence. Visit wesleyan.co.uk/dental or call 0808 149 9416.
Please note: Charges may apply. You will not be charged until you have agreed to the services you require and the associated costs. Learn more at www.wesleyan.co.uk/charges.
Wesleyan Financial Services is a broker and insurance products are provided by a number of selected insurers.
This article is sponsored by Wesleyan Financial Services.
