BUSINESS INSURANCE – WHAT SHOULD I HAVE?
Any business that has property needs to insure against loss of the property as a result of theft, fire, wind, flood or some other catastrophe. All your medical equipment, and administrative, equipment, supplies and furniture should be inventoried (take pictures) and a policy covering all should be purchased. You may need a special rider for charts (and replacement) and computers. If you have charts stored off site, inquire if they are covered under your office policy, especially if they are stored in your basement.
In addition to the property coverage, you need to have liability coverage in case a patient falls and slips in your office, or slips in the common area of the building and sues everyone listed on the directory.
Some companies offer insurance against employee theft as well as business continuation. Business continuation coverage will pay for your staff’s time while they set up your office if you have to move because of fire or another reason your present office is unavailable.
Additional coverage to consider is Business Interruption coverage. This generally covers the loss of revenue resulting from an adverse advent, such as a storm, flood, or other catastrophe.
Finally, you probably have car insurance and homeowner’s insurance. But what happens if you are in an accident and are sued for an amount that exceeds your coverage. In this case you need an “umbrella” policy that covers almost everything.
Check with your Insurance Broker for full details and your individual practice coverage needs.