Setting up in business is never easy but when vital insurance cover proves difficult to source, or is too highly priced to make it affordable, the process is all the more challenging.
This was the dilemma facing Wendy Boag of First Peek Baby Scanning when starting her family business in 2009. First Peek offers parents souvenir scans of their unborn baby via clinic appointments and Wendy required failsafe medical malpractice insurance as part of her offer.
“As a professional sonographer working in what is an increasingly litigious climate, I wanted to reassure customers by offering the added security of this insurance cover,” she explained.
“Souvenir scans are not medical scans – they don’t require consultant or midwife backup and are not conducted before the 20-week anomaly scan. Nevertheless there is still a small risk that someone might try and hold me liable over some diagnostic issue.”
Yet cover for this important feature of her business proved impossible to source at an affordable price. The Society of Radiographers, of which Wendy is a member, do not provide cover for souvenir scanning; other insurers could only offer inappropriate blanket medical liability insurance at premiums which were totally out-of-reach of a small family business. Some even refused to quote at all.
With the prospect of her business failing before it had even started, an internet search brought Macbeth Chartered Insurance Brokers to Wendy’s attention and she asked for their help.
The Macbeth solution
- Sourced an insurance provider from a maintained roster of specialist schemes offered by a wide range of insurers, wholesale brokers and Lloyd’s syndicates.
- Secured sensibly priced cover at an annual premium of £1800 compared to previous quotes of as much as £12,000.
- Provided single point of contact to manage the whole process, from original enquiry to start of cover.
“Without resolving this issue, First Peek would never have got going,” said Wendy Eoag. “So using Macbeth has been fundamental in getting us established.
“I found them easy and helpful to deal with especially after being turned away so many times before. Being able to speak consistently with the same contact, and build a professional relationship, has been a huge plus, too.”
Update (March 2016)
Since this article was written in 2009, the market for insuring sonographers and companies that are undertaking 3D/4D baby scans for souvenirs/bonding purposes has changed with minimum premiums for new businesses increasing to at least £10,000.
*Information Correct as of 3rd May 2018