The right insurance coverage is essential to protect your
healthcare practice from unexpected business interruptions.
However, healthcare professionals often don't have the time or
experience to navigate the complex insurance process alone —
leaving their practice vulnerable to emergencies.
To keep your insurance up to date, plan for increases from inflation and identify gaps where you might be overpaying or not paying enough. If you need support determining the right levels of insurance for your practice, an advisor can guide you through the process to give you the time you need to focus on your patients.
You deal with urgent health concerns all the time in your medical or dental practice. But have you considered what would happen if an accident or emergency impacted your ability to operate?
Insurance isn't top of mind for many practice owners. Patient care understandably consumes most of your attention and you may not have the time to navigate the complex insurance process.
However, incidents such as property damage, equipment failure, and cyber attacks can happen to anyone. The right insurance coverage is essential to protect your livelihood and recover after an emergency affects your business.
Why the right insurance matters
The right coverage is essential to protect your practice from unanticipated business interruptions, which can result in significant losses to the livelihood of both you and your employees without the right insurance policy in place.
But although you are an expert in your field, you may not have the time or experience to navigate the insurance process alone.
A qualified advisor can help ensure you have the right insurance policy to ensure your practice survives an insurance event. They'll stay onside with lenders and ensure you have the appropriate coverage to make repairs, restore your systems, and get your practice back up and running quickly.
What to consider when you update your insurance
Your insurance needs change frequently, from the amounts required to the assets you protect. An advisor can guide you through the insurance process to ensure you have the right policies to protect you before a loss, and help you use your coverage if a loss does occur. They can also help you set the proper insurance values to save money — both now and in the future.
The following considerations are key for healthcare professionals looking to update their policies:
Plan for inflation
Costs have increased across every industry, and this increase will impact your insurance coverage. The policy you took out previously might have covered your payroll, lease, and more in the event of an unexpected business interruption. However, it may no longer be enough to cover your losses due to rising costs.
Have a plan in place to review your policy and consider if it still provides enough coverage to protect you when you need it most. Work with an insurance advisor to develop a plan on how to do so.
Identify your gaps
When you update your insurance, it is important determine where you may have too much coverage that will never be used — or where you may not be fully protected in the event of an emergency.
Ensure your coverage wordings and amounts are correct for your practice, as you may be either paying too much for coverage that will not be used or paying too little and will not have enough to recover after a loss.
The consequences when you don't have enough coverage to re-establish your practice after an emergency can be severe. Your business may have to shut down if your insurance policy only provides a portion of the necessary recovery amounts. Similarly, you may not have enough coverage to assist your patients in a cyber-incident should they have their personally identifiable information stolen.
How to get the most from your insurance
No two practices are the same. The type of coverage that your colleague has for their practice might not be the right fit for you. A skilled insurance advisor can work with you to create a customized solution that meets the unique needs of your practice.
Planning before a loss
An insurance advisor will ensure you have the right coverage to fully protect your practice after a loss occurs. They will also look at your financial statements and revenues to develop an insurance model that works best for you. Having the right coverage will make sure your practice is protected — even on your worst day.
Support after a loss
When a loss occurs, an insurance advisor will assist you to prepare your insurance claim while you focus on getting your practice back up and running. The right advisor will stay by your side until the end of the process to help you get what you need to re-establish your practice.
What are the next steps?
Contact an MNP Insurance Advisory expert for more information if you need help determining the right level of insurance for your healthcare practice.
Our advisors will work with you to determine the appropriate levels of insurance for your business. We'll focus on making sure your practice is protected from unexpected business interruptions to give you the time you need to care for your patients.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.