Holiday Hours and Business Interruption Insurance: What Physicians Need to Know
‘Tis the much awaited, holiday season! As we all embark on our favorite time of the year, it’s time to re-adjust our working hours, however, it’s also important to keep unexpected risks in mind – especially when it comes to business interruptions. Because let’s be honest, it’s the holiday season for everyone! Which means, a reduced inflow of patients.
How awesome would it be if our revenue losses were covered to protect our practice against unforeseen events? Well, there is! Business Interruption Insurance covers any lost income during any events that can cause office closure. It also covers your fixed expenses such as rent, utilities, and even employee wages – this allows you and your practice to remain financially stable, covering all your essentials – no matter the downtime.
As discussed earlier, holiday hours can reduce the inflow of patients. If you do not have business interruption coverage in place, this festive season could lead to a severe financial strain. Let’s not forget weather-related issues, power outages, or even equipment malfunction which could keep your office shut longer than you anticipated.
To prepare, ensure that your business interruption policy exists AND aligns with your practice’s needs, and does include the varying changes in patient inflow and holiday-related schedule changes. Winter weather can also cause temporary closure, it would be a good idea for you to ensure that you are covered for lost revenue as well. You would save yourself against heavy financial strains.
In the end, you just need to ensure that your holiday season is well spent – and is peaceful, because the holiday season is about you spending quality time with your family, and a safety net like insurance can ENSURE that. Don’t let unforeseen events or weather disruptions create inconvenience for you – protect yourself better so you can enjoy the holidays better!
Feel free to get in touch with us if you’re not adequately covered for the season, we always have your back.
For expert advice, contact Shayne Bevilacqua at Professional Liability Insurance Group.
Call or Text us at +1 (877) PLIG – 123, That’s (877) 754 – 4123.
