Business Income Coverage for Healthcare Practices – Hartford Video

Video Courtesy of The Hartford: Business Income Coverage for Healthcare Practices



The day to day challenges of running a healthcare practice are increasingly complex and costly and with margins growing thinner any interruption in business can be a hard pill to swallow.  Lost income due to an unexpected event that forces a medical practice to close its doors today may be enough to prevent it from reopening tomorrow.


The Hartford developed business income coverage options specifically designed for healthcare practices.  So how does business income coverage actually work?  Take a look at this illustrative scenario.  A lighting storm strikes Dr. Edwards healthcare practice building, knocking the power out for five days.  Appointments have to be canceled, which means lost income due to canceled exams, canceled x-rays, canceled MRIs, costing Dr. Edwards healthcare practice a lost of net business income of $4,000 each day on average for five full days.  That’s a loss of $20,000.


Fortunately, Dr. Edwards purchased an optional healthcare endorsement to his business owners policy containing enhanced business income coverage designed for healthcare practices.  As a result, The Hartford paid Dr. Edwards $4,000 a day.  He received $20,000 to cover his lost income and incurred no out of pocket expenses making it possible for Dr. Edwards to re-open his practice and avoid a potentially devastating loss.


That’s the advantage of having business income coverage designed for medical professionals.  Unlike most business income coverages that require lots of paperwork to document the loss, The Hartford’s coverage provides options that require minimal or no paperwork at all, saving time, hassles and headaches.  It covers lost income due to canceled appointments.  And unlike other standard coverages, that coverage won’t be reduced if canceled appointments are rescheduled later on.  What’s more, we give healthcare practices greater flexibility in choosing coverage options that fit their unique needs.  The daily average limit option replaces the practices’ average daily income for the first 10 days after a loss.  Or the practice can choose a fixed daily limit covering their business for up to $500 a day.  And our third option covers practices for actual loss sustained.  The Hartford’s business income coverage is protecting medical professionals and their practices from losses due to unexpected interruptions in their business.  Business income tailored for healthcare practices is an increasingly important optional healthcare endorsement that every medical professional and facility should consider.


Contact us to learn more.  The Hartford, helping small businesses prepare, protect, prevail… so they can play on.


As independent agents, The Hartford is one of the markets RISKPRO Insurance Agency is directly appointed with to obtain quotes for our clients.  There is no additional cost added to the policy for using an independent agent and your premiums are likely to be lower due to our experience and negotiation on your behalf.  The other benefit to using an independent agent is our access to many different insurance markets.  So if by chance The Hartford is not the best fit for your business, we will work with other insurance companies to help you find coverage to meet your specific insurance needs.