Insurance Coverage for Water Damage Claims

If you have never experienced a water damage claim in your practice office, consider yourself lucky. Water damage claims are the most frequent and costly claims you may experience. There are many causes for this type of damage, from leaking pipes to water from another practice suite, and refrigerators or other appliances malfunctioning.

A Business Owner Policy provides you with protections for this type of loss. An insurance company may replace your carpeting, furniture, and other business personal property damaged. A remediation company may come to your location and try to remove water and repair damaged items. Your policy will provide business interruption coverage so that if you have to close or move out of your office these expenses can be covered. 

Risk Management Lessons from Litigated Cases
Get Medicine on Trial, a free publication of more than 80 litigated cases summarized by CAP's General Counsel Gordon Ownby.

What an insurance policy will not pay for are the hidden costs that involve mostly your time and the time of your employees which occur because of this type of loss:

Not being able to treat or see your patients

Rescheduling of your patients

Loss of patients to another physician

Time to replace damaged items or equipment

Time to speak to the insurance company adjusters and schedule estimators to determine the  damages

 Interruptions when damages are repaired

CAP is working with its insurance carriers to help members prevent water damage to their practices. Stay tuned for more information in the future. If you would like to inquire about getting a policy to protect your practice, please call CAP Physicians Insurance Agency at 213-619-0081 to learn more and get a quote.