Do you have an insurance policy that protects your business from the possible debilitating effects of being temporarily put out of action? Running a vet practice is not just about insuring your property, stock, and equipment; you have to take into consideration the loss of gross profit or revenue if your business is interrupted.
You will be surprised with the high number of Australian veterinary clinics and animal hospitals that do not have business interruption insurance. If your insurance policy is triggered by malicious damage, burglary, or fire, the operations of your veterinary clinic will most likely halt (definitely reduce whilst your energy is focused elsewhere) and you will have plenty of lost hours. Are you willing to take the risk of cutting your business’ profitability for a few days, weeks, or even months?
While repairing the physical damage often brings in huge costs in an insurance claim, the business interruption element can actually be greater. Business interruption insurance covers your loss of profits during the interruption period caused by specific events that you are insured for. Your commercial expenses will continue even if your income halts, so coverage with business interruption insurance in Sunshine Coast actually helps you avoid doubling your losses.
Aside from business interruption insurance, you need to think about the special needs of your veterinary practice when deliberating on insurance coverage. Most insurance brokers are not familiar with the specialised exposure of your services; you have to be on the lookout for policies that can really be applied to your line of business.
Make sure to choose a practice insurance that covers cold chain supply interruption that includes vaccine stock to protect your hefty supplies of inoculation substances. In the liability and property sections, find provisions for adequate care, control limits, and custody for the animals of your clients. Since you are dealing with medical records, make sure to include coverage for the Breach of Privacy Act or Cybercrime exposure and liability.
Finding the right Sunshine Coast Insurance doesn’t have to be a daunting task. There are insurance brokers, such as Insuring theProduct that can help you combine your current Risk Management program with a customised Vet Practice Insurance Program. This way, you can have the peace of mind that your veterinary practice is protected.
(Source: Why business interruption insurance matters, dynamicbusiness.com.au)