Practice Interruption Insurance: Who Qualifies and What You Get
Learn how practice owners can protect their fixed costs if they are forced to temporarily close their business.
This insurance is designed to cover your fixed business costs if your professional practice has to close temporarily.
Who it's for
This scheme is for practice owners who need to protect their business against unexpected downtime.
What you get
If your practice is forced to shut down for a period of time, this coverage helps pay for your ongoing fixed costs so the business remains financially stable while you are unable to operate.
What it costs you
You will pay annual premiums to a private insurance provider. The exact cost depends on the size of your practice and the total value of your equipment.
The catch to know
You must check your policy carefully regarding pandemics. Most standard plans exclude closures caused by pandemics unless you pay extra to include that specific coverage.
How to apply
- Evaluate the total value of your practice equipment and your monthly fixed costs.
- Contact private insurance providers to request quotes based on your specific practice size.
- Compare different plans to ensure essential risks are covered.
- Review the fine print regarding pandemic exclusions before signing a contract.