Medicine is a very technologically-advanced field. By using multiple forms of equipment, doctors can diagnose, isolate and cure illnesses better than ever. Nonetheless, as technology continues to advance, so do its costs.
If you have this equipment in your medical practice, what would you do if something were to happen to it? You might not be able to see patients. You might have to pay to repair or even replace the system. In each of these scenarios, the practice might lose money. However, there are ways you can lessen the financial blow of equipment damage. One way to do so is by buying equipment breakdown insurance.
What’s Equipment Breakdown Insurance?
The equipment in your office might include x-ray machines, computer systems, surgical equipment and more. Each piece will come with a price tag, and it is usually not cheap. For example, a sonogram or x-ray machine today may cost well over $50,000. The cumulative costs of your equipment might range well into the millions of dollars.
If something damages your equipment, you might struggle to repair or replace it. Not many businesses want to shell out six-figure sums due to equipment damage. That’s where equipment breakdown coverage can come in handy. You may only have to shell out little to no funds in the end.
Let’s say a fire damages your x-ray machine. The costs to replace this machinery can often be extremely high. You might also not be able to see patients while you make repairs. This means lost money. This insurance can help businesses repair or replace damage to their machinery. It might also cover labor costs, the cost to replace spoiled stock and even income losses due to lack of operations.
Does it Cover Medical Equipment?
Traditionally, breakdown insurance might cover HVAC systems, computers, phone lines and more. However, you likely have much more specialty equipment in your practice. The good news is that coverage can also protect many pieces of medical equipment, too.
When you enroll in business insurance, tell your insurer about your equipment. They will help you get breakdown coverage to protect the value of most or all of the items in your business. Remember, you will likely need higher limits due to the costs of machinery. Make sure your policy will extend coverage to all machinery in your office. If it doesn’t, you might have to look to different avenues to insure certain items.
As always, the best way to prevent machinery damage is through care and maintenance. Always use your machinery and take care of it. If you don’t, your neglect might lead to a denied insurance claim. With the appropriate knowledge and use, you can keep your machinery safe and maximize your insurance coverage.