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one of the other locations he rented,
so he was confident he did not need BI cover.
He may have still benefited from holding
`Additional Increased Cost of Working' cover,
as, for example, it could be used to pay the
costs of hiring transport for patients that
had to travel further to see him.
What other types of insurance can cover
lost revenue from different risks?
There is also cover available for other types
of lost revenue caused by different triggers,
including:
· Cyber risks: A hacker manages to
break into your server and delete,
tamper with or demand a ransom. This
may result in lost revenue (as it can
be difficult to trade without patient
records) and additional IT costs.
· Electronic or machinery breakdown:
The air-conditioning breaks down in
the middle of summer and patients
avoid the premises due to the heatwave,
resulting in a loss of revenue.
WHERE TO START
Firstly, don't try to do this yourself!
You wouldn't do your own taxes and would
instead use an experienced accountant.
Insurance is the same, so engage an
insurance broker who has experience in the
medical sector and have them complete a
review of your particular circumstances.
The broker should be able to recommend
a suitable policy structure and will be able to
source the most appropriate cover for you.
The broker works for you, so their duty is to
you, not to the insurers, who will simply sell
you the product they have on the shelf.
If you have any questions or need advice on your insurances, please contact Chris
Mariani on 02 9905 7005, 0419 017 011 or
chris@mgrs.com.au for an obligation-free
discussion and review.
DISCLAIMER: Medical & General Risk Solutions is a Corporate Authorised
Representative of Insurance Advisernet Australia Pty Limited, Australian Financial Services
Licence No 240549, ABN 15 003 886 687. Authorised Representative No 436893.
Chris Mariani, Authorised Representative No 434578
The information provided in this article is of a general nature and does not take into
account your objectives, financial situation or need. Please refer to the relevant Product
Disclosure Statement before purchasing any insurance product.