If you run a business connected to the medical field in any way, then you know how important it is to keep things running smoothly. That’s especially true in today’s world where health care businesses are stressed beyond their normal limits. Regardless of the nature of service or care you provide, you have to keep your doors open.
Still, like all businesses, health care providers face property damage risks, many of which are unavoidable or unpreventable. The key is to get your business back on its feet without a significant financial loss, and quality commercial property insurance will be there to assist you. Consider the best ways to ensure your benefits work to your advantage.
Protect Your Building’s Structure
If you own the building where your company is located, then you must insure the structure on your own property insurance. However, if you lease the space from a landlord or property management company, then the landlord will provide the requisite benefits.
When getting property insurance for an owned building, discuss the unique features of your facility with your agent. You want your coverage to match the value of your property as closely as possible, and to protect you against the property damage risks that are most likely to strike your area.
Get Coverage for Company Equipment
Any health care business is going to use medical equipment of some sort, which is often both unique and worth huge sums of money. Therefore, it needs to be appropriately insured.
In some cases, you might lease your equipment, rather than owning it outright. However, even under these circumstances, you might be required to still insure these items based on the terms of your contract. Under all circumstances, you must insure the equipment that you own outright.
Items to insure might include medical equipment, furnishings, supplies inventories, computer systems and similar property that belongs to the business. Consider the following when choosing your coverage:
Estimate the value of your equipment. In a total loss, how much would it cost to replace it all?
Determine how much inventory you keep on hand. Consider medications as inventory, as well.
When insuring computer systems, make sure your policy can help you replace both hardware and software lost to different hazards. Additionally, consider investing in cyber security insurance, which can help you cover costs related to different
Look at your computer systems. Most medical providers should have quality business insurance to protect their computer systems. Consider additional cyber security coverage to help you recover data or repair systems affected by catastrophic losses, like cyber theft.
The last word when it comes to commercial property insurance is that you want to be able to replace your belongings if they are completely destroyed in a disastrous occurrence. Your policy will be the financial assistance that will help you through your recovery under the circumstances, so it’s imperative to work with your agent to get the benefits that are best for your property, uniquely.