for Allied Health, Fitness, Mental Health and Medical Professionals
Whether you specialize in acupuncture or optometry, your healthcare business provides a valuable service to your community. And in order for your business to run effectively, you rely on healthcare equipment and supplies to perform your work. But what happens if a tornado destroys your office? When natural disasters, fires, or criminal activity strike your healthcare business, you need help fast.
For healthcare professionals, Property Insurance offers the assistance you need in a time of crisis. This coverage allows you to make the necessary repairs to your office, replace your equipment, and still make payroll.
Read on to learn how Property Insurance for healthcare professionals keeps your business safe, even in the face of adversity.
How Property Insurance Works
Healthcare Professionals: How Property Insurance Works for You
When you're a healthcare professional in need of new medical equipment, operable office space, or supplies, every day your doors stay closed means another day you can't treat your patients. Property Insurance can help your business get back on its feet and back in working condition when something goes wrong. This coverage provides funds to cover damaged, stolen, or lost property, and can protect your business space, equipment, medical supplies, and other business assets, up to the limits of your policy. From natural disasters to theft and vandalism, Property Insurance can cover a range of property damage risks.
As you shop for the property coverage that makes sense for your business, you'll notice the option of insuring your property at its current value or its replacement value. The difference is simple. Purchasing coverage at your property's current value can save you some money in the short term, but you may also receive smaller payouts in the event of a claim. When you insure your property at its replacement value, you will have the funds to quickly replace your property (regardless of its depreciation) in the event of a covered claim.
You may also consider purchasing a Business Owner's Policy or BOP, a policy that bundles Property Insurance with General Liability Insurance to give your business a broad scope of coverage. If your healthcare business is considered low-risk and meets certain other criteria, you can usually purchase this coverage at a discounted rate. Talk to an insureon agent to see if your business is eligible for this policy and if it meets your business protection needs.
Key Details About Your Property Insurance
When you work with insureon, you can tailor your Property Insurance policy to meet the needs of your healthcare practice. These unique coverages safeguard your assets, including funding for medical equipment and business interruption insurance to help your business survive unpredictable setbacks.
To give you an idea of what your Property Insurance policy may include, take a look at the following types of coverage, and be sure to ask your insureon agent which options are appropriate for your practice.
Medical Equipment Coverage for Healthcare Professionals
Medical, fitness, therapy, and dental equipment are essential components of most healthcare practices. Without functional equipment, your healthcare facility may have to close down business until it can be replaced. This translates into lost appointments and missed opportunities to help your patients when they need your services.
Fortunately, medical and healthcare equipment coverage protects the equipment in your office from power surges and mechanical breakdown, and can cover computer equipment, phone systems, video systems, and medical equipment such as digital x-rays, CT scans, MRIs, and more.
Building Coverage for Healthcare Businesses
If you rent your office space, your landlord will likely require that you have some kind of building coverage included in your business insurance plan. If you own your office space, this coverage can protect your business should a tornado or fire destroy your building by providing you with the funds to repair or relocate, up to your policy limits. This coverage also protects the building's contents, including your supplies, furnishings, fixtures, and office equipment.
Business Interruption Coverage for Healthcare Professionals
During the restoration period for your healthcare practice, your business could experience lost earnings due to property loss or damage. That's why business interruption coverage protects your business income should your business be halted due to a covered claim. Depending on your insurance carrier, this coverage may reimburse you for up to 12 months for your actual loss of business income associated with a covered property loss at your insured location. This translates into funds you can use to pay employee wages, rent, taxes, and more, depending on your policy. Ask your insureon agent about details concerning business interruption insurance for your healthcare business.
Tailored Business Protection
Tailored Business Protection for Healthcare Professionals
Our Healthcare Specialist agents at insureon know how hard you work to grow your practice and that every day your doors stay closed is an unwelcome disruption for you and the patients you serve. That's why we create custom policies that protect against the unique risks and concerns your specific business may face. To begin coverage that helps your business survive in times of crisis, contact our business insurance experts today. We'll help you find a policy that fits your business protection needs.