In day-to-day life, business and personal, we will often insure against the consequences of an undesirable event. Of course, we hope never to need to claim, whether it be for an accident, loss or theft of a valuable item, serious illness or death. It’s never nice to think about the circumstances which may necessitate a claim but having insurance gives peace of mind and will take away the likely financial pressure brought about by an already intensely difficult and sometimes tragic situation.
There is a worrying irony then that many practices, though run successfully by two or more dentists, often for several years, are often technically operating under the sole name of one principal. Consider then if that principal had to cease practising due to illness, death or simply chose to pursue other opportunities, and perhaps left the practice with little or no notice. It could be that any contracts, technically in the name of that sole principal, are removed or no longer valid, thus putting the future of the practice and the livelihoods of all the staff at risk. Thinking “that would never happen to us” and putting it to the back of your mind as a job for tomorrow is naturally very tempting with such a ‘doomsday scenario’ and what appear to be more urgent and immediate demands on your time. Nevertheless, a degree of protection against such an eventuality can be acquired. After all, why put off until tomorrow what you should do today?
Transferring a contract is to create a nominal partnership will involve contacting CQC and NHS England, so isn’t an overnight process, and will require the CQC registration to be updated. Additionally, if you are entering into partnership with a non-family member it’s advisable to engage a specialist dental lawyer to ensure your personal interests are secured. Of course, there’s a cost to the process (approximately £2,000 + VAT) but it’s a one-off process that can give protection and peace of mind for all in the practice for several years or more.
If you would like more information on how you can move your contract into a partnership, please contact us.
