Property & Building
The policy for your own physical assets. The building if you own it, the fit-out if you lease it, and everything in the room. Most practices under-insure the fit-out badly, because the number they think of is what they paid, not what it costs to do again.
The claim that actually happens
A pipe fails above the treatment room
The building is the landlord's problem. The fit-out, the cabinetry, the flooring and the contents are yours. So is the income you lose while it is closed, if you bought business interruption. Many have not.
What it responds to
- Your building, if you own it
- Tenant improvements and betterments
- Contents, furniture and stock
- Business interruption, where added
- Loss of income during repair
What people assume it covers, and it does not
- Mechanical or electrical failure of your equipment, which is equipment breakdown
- Wear, gradual deterioration and maintenance
- Anything you did not declare
Who usually does not have this
Leaseholders. The assumption is that the landlord insures the space. The landlord insures the building. Everything you put in it is yours.