b'5: What should I know if I am about toongoing expenses. Business interruptionquestion is that all your coverageswhether for start a buildout in my new location? Thiscoverage is defined by the length of theEPLI or Data Breach, will need to be reviewed is a big question that may exceed the scopeinterruption and has a standard per day limit.and commensurately adjusted to cover multiple of this article (but well get you started herelocations, multiple employees, and increased anyway). At a minimum, you should workLets say one of your locations is closedpotential for data breaches.with an insurance professional to assess howbecause of a water damage restoration and extensive the plans are for your buildout.you know you will be impacted for a week.9: What does my umbrella policy cover? Depending on the extent of your buildout, youOften, coverage is designed with a standardOn a commercial policy, your umbrella policy may need whats called a Builders Riskdaily monetary limit. If the coverage iscovers your general liability. An umbrella provides policy. Talk to your builder or contractor abouttriggered by a covered loss, the doctor canan extra layer of liability protection to help pay the coverage, and if they dont provide it, thenuse the standard daily benefit amount at theirfor costs that exceed certain liability policy limits. your insurance professional may be able todiscretion for what they needwhether itsPurchasing additional umbrella coverage for help you obtain coverage.rent, or salaries, or anything else.General Liability may prevent you from having out of pocket expenses if your claim exceeds your Are you making cosmetic changes to theLets say you have an actual sustainedliability policy limits.space, or structural ones? Will your spaceloss, and one of your locations would be be vacant for more than 30 days?Will theclosed for a longer period. The insurance10: Should I keep all my insurance with one construction take longer than 90 days?Thesecompany may require you to provide priorcarrier? It really depends. Sometimes people are some of the triggers that may alert you toyear profit and loss statements and otherhave offices in different states, and there are consider Builders Risk as opposed to a BOP.financial documentation to assess yourdifferent coverage limits for different states. We reimbursement needs.work with our business owner clients to find If youre planning a buildout and need tothe right fit for them. From an administrative secure Builders Risk coverage you will wantThe key take-away here, though, is that forstandpoint, reasons to consider keeping it all under to have separate General Liability coverage.business interruption to be triggered in aone carrier would be to streamline billing and the Builders Risk does not include General LiabilityBOP policywhether its for a single locationpotential claims process. That said, your optimal like a BOP does, so you will need a separateor for multiple locationstheir needs to berisk mitigation should drive the choice of carrier, GL policy until your practice opens at whicha covered loss that is preventing you fromnot necessarily the ease of administration. time you will secure BOP coverage.having your office open to see patients.Review your coverage annually with an What we want to emphasize here is that a7: What about Workers Compensation?experienced insurance specialist. Managing BOP covers property and general liabilityHow is it impacted in a situation wheremultiple locations can get complicated. Its once the construction is completed, while theI have multiple office locations? If allimportant to sit down once a year with your Builders Risk covers property during the buildyour locations are owned by one businessinsurance professional and review your coverages. out and does not include General Liabilityentity, then you are covered by one workersHow much would it cost to rebuild your space in coverage. Make sure you get experiencedcompensation policy. Remember, yourthe event of a total loss? What new equipment advice around this. workers compensation coverage is ahave you added this year? Should you consider an separate policy from the BOP. umbrella policy? Does it make sense to consolidate 6: How does business interruption workcertain policies under one carrier? for multiple locations, and is that coveredBy the way, if you are adding locations and by my BOP? Business interruption, just likeadding doctors, keep in mind that employeesAll these questions can be answered within the any other insurance coverage, requires a(even doctors) will be included in workerscontext of a comprehensive review to adjust your qualifying event to kick into action. Within acompensation because it is based on payrollcoverages accordingly and put you in a better BOP, a covered loss would be an event thataudits.Owners and officers can electposition in the event of a loss.involves physical damage.to be excluded from coverage. Often the determining factor is whether the doctorsAbout Treloar & HeiselOne example would be if a building washealth insurance would cover any injuries destroyed due to a tornado. In this case, BOPthey sustain at work or if these types ofTreloar & Heisel, an EPIC Company, is a would provide coverage to rebuild the building,instances would not be covered.financial services provider to dental and medical funds to purchase replacement equipment, andprofessionals across the country. Our insurance would include a provision providing coverage8: What about other coverages likeand wealth management divisions assist thousands for financial loss due to the inability to practiceEPLI (Employment Practices Liabilityof clients from residency through retirement. We in the physical location under the businessInsurance), Data Breach, and Cyberstrive to deliver the highest level of service with interruption section of the policy. CoverageInsurance? How are those affected?custom-tailored advice and a strong national expenses may include staff salaries and otherAny time your business expands, so doesnetwork. Visit us at www.treloaronline.com.your risk exposure. The short answer to this AAP Periospectives| 25'