This is a ‘package’ of covers designed to cover many of the risks found within the rooms.
Every practice who owns or leases rooms should hold a business package policy.
The policy comes in a number of sections. Each section can be turned on/off as required. Sections include:
- Property (Building, contents, stock)
- Business Interruption
- Public & Products Liability
- Portable equipment outside of the premises
- Breakdown of machinery, computer equipment and electronic equipment
- Deterioration of stock, restoration of data
- Tax Probe
Below are Questions and Answers. Please contact us if you would like to discuss, or request a quote
You also need to be aware many leases contain ‘indemnities’ making you liable for damage to the building – for example where a patient maliciously damages the rooms. You may not be liable at law for this, however you may be contractually liability. Again, please send us your lease and we can identify these issues and ensure you have a policy that protects you.
If you are reliant on your rooms to generate revenue, then you should have business interruption. Conversely, if you are a specialist and rent sessional rooms at a number of locations, you may not need business interruption cover as you can easily shift Monday’s patients to another of your sessional suites.
It’s important to understand your different risks in lost revenue. For example:
- Loss of revenue as a result of an accident to a key person = income protection
- Loss of revenue as a result of a cyber-attack shutting down your systems = cyber insurance
- Loss of revenue as a result of breakdown of key equipment or systems – specialist equipment breakdown policy.
- Loss of revenue as the practice or key doctor loses their registration, or credentialing at a key hospital = not insurable!
We recommend you go to our risk management page and think about your lost revenue risk in terms of set up a Risk Register to identify and manage your revenue risks.
Ensure you abide by any fire regulations and have in place fire extinguishers and blankets as required. If you are leasing the rooms usually the landlord is responsible to maintain and test the fire requirements, but they will pass this cost onto you as an outgoing. Ensure you understand your obligations.