We have had many calls from our medical clients with questions related to Covid-19. Early on the most frequent question was, "Will my Business Interruption Coverage in my policy cover my lost revenue due to Covid-19?" The short answer is 'no, it will not'. Business Interruption coverage is designed to replace lost revenue related to direct physical damage to an insured premises. This includes losses such as fires, broken water lines, tornadoes, etc. These are losses that cause physical damage to your premises. Covid-19 did not cause any physical damage to your premises and so the insurance companies don't believe your closing due to the virus would be a covered cause of loss.
The next question is "Will I get a premium reduction since my office has been closed?" For our dentist and podiatrist clients that answer is 'yes'. You will receive a supplemental application at some point that will ask your date of closing as well as the date you were allowed to reopen. In addition they ask how much work you did perform on emergent cases during the period the office was basically closed. Once the information is provided you will receive a premium discount on your Professional Liability Premium only. This premium reduction may not apply if you are already practicing on a part time basis at the minimum number of hours.
Finally, as offices begin to reopen, we are asked if you will be covered if someone files a claim against you stating they contracted Covid-19 in your office. Of course, you will report that claim to our office immediately and we will get it to the insurance company. Each claim submitted will be investigated and handled based on the merits of the unique allegations in the claim.
If you are a dentist client of our office you can find additional information at www.protectorplan.com
If you are a podiatrist client of our office you can find additional information at www.coverys.com