Short answer - Everyone! Whether you own the building in which you practice or lease the building, Business Interruption, also referred to as Business Income Insurance, is an important part of protecting your dental practice.

Business Interruption coverage protects you from a covered physical loss to your building location. If the building is damaged and you are unable to continue to operate at that location, Business Interruption coverage will respond to pay for the loss in revenue you incur due to an interruption in your business, caused by a covered physical loss to your building.

For example, Dr. Tooth is leasing a building at 123 Wilmot Road. She is not the only tenant in the building. She has four employees and pays $3,000 a month in rent. There was a fire at Dr. Tooth’s location which resulted in her having to close her practice for six months while the damages were repaired. Business Interruption coverage will pay for her loss of revenue for cancelling patient appointments and having to suspend treatments. She’s lost income on the patients who found alternate care due to the temporary closure of her practice. Dr. Tooth is also still required to pay her rent to reserve her office for when the building is repaired and she is up and running again at 123 Wilmot Road. This is covered under her Business Interruption coverage.

To reduce losing her patients throughout this six month closing, Dr. Tooth looks to lease a temporary location, but has to pay overtime wages to outfit the space to include all the necessary items to operate as a dental office and also has to pay expedited shipping for her two replacement Panorex machines to arrive as quickly as possible to reduce the amount of time her practice has to be closed. These are expenses she would not have incurred if the fire hadn’t happened at 123 Wilmot Road. These additional expenses are covered under the “Extra Expense” portion of Business Interruption and Extra Expense.

Even though Dr. Tooth has incurred extra expenses to temporarily practice elsewhere, overall this move has allowed her to reduce her loss of revenue during this six month timeframe.

Whether you lease or own your location, Business Interruption and Extra Expense coverage is an important part of your Businessowners policy, especially for the dental industry.

For more information call us at (877) 732-4748, or receive a quote by filling out our online Quote Form.