Today's Veterinary Business

FEB 2018

Today’s Veterinary Business provides information and resources designed to help veterinarians and office management improve the financial performance of their practices, allowing them to increase the level of patient care and client service.

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Business PROTECT & DEFEND Protect & Defend columnist Dr. Ed Branam is veterinary and animal services program manager for Safehold Special Risk Inc., a division of USI Insurance. He serves on the American Veterinary Medical Association's Legislative Advisory Committee. To suggest a topic for a future article, email edward.branam@safehold.com. ance Program and covers up to the first $500,000 of building value. Additional coverage for high- er-value buildings can be obtained through private insurers. Recommendation: Your insurance agent should be able to provide alternative outlets for primary and excess building flood insurance, if necessary. When it comes to TIBs and a building's contents, some insurance companies include the flood peril as part of property and liability policies. Recommendation: Consider such a policy. Typically, you will find better coverage of flood and water damage at a signifi- cantly lower premium with this type of poli- cy. If such coverage is not included, shop for an individual policy. Finally, in many instances after a flood, your greatest exposure is the loss of income due to a business interrup- tion. The practice may not reopen for a significant amount of time, and even when it does, revenue likely will not return to pre- vious levels until a number of months have passed. For most veterinary practices, ongoing expenses such as lease or mortgage payments, utilities, insurance premiums, taxes and salaries could quickly bankrupt or shut down the business. Recommendation: • Look for loss-of-income coverage for "actual loss sustained." Many policies cap the loss-of-income coverage, but this likely will be insuffi- cient for your business. • Review how long your loss-of- income coverage is in place. Standard policies typically provide 30 days to 24 months of coverage. Considering that floods typically damage wide areas of residential and com- mercial property, an extended timeframe might be needed for repairs, particularly if archi- tectural or engineering assis- tance, municipality approvals, or contractors are needed. • When you reopen, patient visits and revenue likely will be significantly less. An extended period of indem- nity coverage is designed to address the income gap. Typical insurance policies provide from 30 to 365 days of coverage. The longer the coverage period, the better, especially if there is no maxi- mum limit. Don't wait until a flood occurs be- fore you figure out how to respond. Having a detailed and tested plan is essential when it comes to limit- ing the potential damage to your business and the disruption to your patients' health care. For most veterinary practices, ongoing expenses such as lease or mortgage payments, utilities, insurance premiums, taxes and salaries could quickly bankrupt or shut down the business. Develop the mastery needed to move your practice forward with hands-on, in-depth training at the NAVC Institute. MAY 20-25, 2018 • ORLANDO, FLORIDA R E G I S T E R N O W Visit NAVC.COM / Institute for more information. INSTITUTE 2018 NAVC • ABVP Examination Preparation • Applied Behavioral Medicine • Deciphering Diagnostics • Feline Medicine • Practical Dentistry: Sink Your Teeth Into It! • Practical Orthopedic Surgical Techniques • Practical Techniques in Soft Tissue Surgery SOLD OUT • Small Animal Ultrasound (Group 1) SOLD OUT • Small Animal Ultrasound (Group 2) LIMITED AVAILABILITY 2018 COURSES

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