Many medical professionals have practices in Long Island New York, where their landlords require a minimum liability coverage limit in order to rent space to run their businesses. Such professionals take out a business insurance policy, which provides them with the General Liability coverage they require. Naturally, these business owner policies (or BOP’s) cover a multitide of exposures, including business equipment (e.g. X-ray machines, MRI equipment, office computers, etc.)
But what about those medical professionals that have no physical practice to insure? While these medical professionals do not require a BOP, they still lug around very expensive medical equipment from place to place and consequently, have fire, theft, and vandalism exposures present. Examples of such travelling medical professionals are:
-EEG Technicians
-EKG Technicians
-Chiropractors
-Ultrasound Technicians
-Audiologists
-Many more…
For these unique exposures, a special Long Island business insurance policy can be taken out where just the medical equipment will be covered. In fact, if such equipment is being financed, the loan company may even require that the owner take out an insurance policy on the equipment and indicate the loan company on the policy as the Loss Payee. For those that are not required to do this however, they may never realize the exposures they have until after they suffer a loss. With costs ranging from $15K to upwards of $60K (or more) to replace this equipment, medical professionals really need to consider protecting their livelihood, assuming they do not have the means to pay out of pocket to replace such valuable equipment.
Is your travelling business protected?