at Medical and General
Risk Solutions.
Practice course on risk management
commented: "I've got business expenses
insurance, so I think I'm fully covered, aren't
I?" As explained below, the answer to the
question is, "You're partly covered!"
different people. Commonly, `business
expenses insurance' is a policy attached to an
income-protection contract. This insurance
covers your fixed business expenses should
a claim be triggered by an accident or illness
that prevents you from working.
property or business-package policy. Under
this policy type, the insurer covers the
business's loss of revenue when it is unable
to trade due to an `insured peril', such as a
fire or storm damage.
probative, such as lost revenue suffered due
to cancellation or suspension of your medical
registration. Hence, good risk management
should always be practised, and insurance
viewed as a final layer of protection.
or business package policy
clinic, specialist rooms or day surgery are
function. In the case of a single-site GP clinic
or a day surgery, the business would likely
grind to a complete halt in the event of a
major fire or storm damage, and the practice
would likely face the choice of:
· Closing down the practice and waiting
trading asap.
same financial position it would have enjoyed
but for the loss of the aforementioned fire
or storm. There are numerous `moving parts'
to consider when reviewing the need for BI
cover, and due to the complexity of both
individual circumstances and the policy
cover, the following is only a brief summary
of some of the things to consider:
of a disaster?
would intend to do in the event of, say, the
premises burning down, and then match the
BI cover to suit your strategy, referred to in
risk management as a Business Continuity
Plan (BCP). The practice that intends to find
new rental premises quickly will require a
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